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By 2050, 70% of the global population will live in cities, and governments will compete to attract and retain highly skilled, entrepreneurial and affluent residents to their urban centers, according to Henley & Partners’ 2023 report on the world’s wealthiest cities.

The report covers 97 cities across nine regions with the largest number of millionaires, centi-millionaires and billionaires. Of the world’s 10 wealthiest cities, seven are in countries actively welcoming foreign direct investment in return for residence or citizenship rights.

The report notes that growing numbers of global investors are taking advantage of this mechanism, securing location optionality for their families, enabling them to live and conduct their businesses across a range of jurisdictions.

The report is based on data provided by New World Wealth, a wealth intelligence firm that systematically tracks the movements and spending habits of more than 150,000 high-net-worth individuals in its in-house database. The database focuses on individuals with the job titles “founder,” “chairperson,” “chief executive” and “director.”

For purposes of the report, “wealth” refers to investable wealth, which includes property, cash and listed company holdings. High-net-worth individuals are those with $1 million or more in investable assets. Centi-millionaires have $100 million or more in investable assets, and billionaires $1 billion or more.

See the gallery for the world’s top 15 millionaire hotspots, ranked by total millionaire population, according to Henley & Partners.