Six cities in the U.S. occupy spots on a new list of the top 20 cities with the most millionaires, according to the third-quarter Henley Global Citizens Report, released this week by Henley & Partners, an investment migration consultancy based in London.
The report is based on data for the first six months of 2022 from the global wealth intelligence firm New World Wealth.
Juerg Steffen, the chief executive of Henley & Partners, noted in a statement that 14 of the top 20 cities are in countries that host investment migration programs.
“Being able to relocate yourself, your family or your business to a more favorable city or have the option to choose between multiple different residences across the world is an increasingly important aspect of international wealth and legacy planning for private clients,” Steffen said.
The cities on the new list can expect competition for the top spots in the near future, according to the report. Millionaire populations of Dubai, Mumbai and Shenzhen are expected to break into the top 20 by 2030.
“Cities with strong oil and gas industries are performing especially well this year, including the likes of Riyadh, Sharjah, Luanda, Abu Dhabi, Doha, and Lagos,” Andrew Amoils, head of research at New World Wealth, said in the statement. “Others on the fastest-growing list include Lugano, a Swiss hotspot for affluent retirees; Bengaluru, the ‘Silicon Valley of India’; and Hangzhou, one of China’s most scenic cities.”
U.S. cities in Texas and Florida also performed well, with American companies increasingly moving their head offices to these states. Austin was the standout, while Houston, West Palm Beach and Miami also grew significantly.
“Cities are centers of opportunity, innovation, prosperity and culture, and leading capitals perennially attract wealthy families for numerous reasons, from business opportunities to luxury real estate, to top-tier education institutions and world-class private healthcare facilities, to cosmopolitan environments that cannot be found elsewhere,” Steffen said.
He said his firm has seen record growth this year, with an increasing number of high-net-worth investors exploring investment migration solutions that offer location fluidity and optionality, enabling them to live and conduct their businesses across a wide range of different jurisdictions and cities.
See the gallery for the 20 cities around the world with the most millionaires in 2022, according to Henley & Partners.