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May 09, 2024 at 01:02 PM
More wealthy individuals with liquid investable assets of $1 million or more live in American cities than in any other country, according to Henley & Partners’ 2024 report on the world’s richest cities, released Tuesday.
The report, which counts 11 U.S. cities in its Top 50, is based on data provided by New World Wealth, a wealth intelligence firm that systematically tracks the movements and spending habits of some 150,000 high-net-worth individuals in its in-house database. The database primarily focuses on individuals with the job titles “founder,” “chairperson,” “chief executive” and “director.”
The report’s use of the term “wealth” refers to investable wealth, including 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.
A key factor driving growth in the world’s wealthiest cities has been the strong performance of financial markets in recent years, according to Juerg Steffen, Henley & Partners’ CEO.
“The S&P 500’s 24% gain last year, along with the Nasdaq’s 43% surge and bitcoin’s staggering 155% rally, has buoyed the fortunes of wealthy investors,” he said.
Steffen noted that advancements in artificial intelligence, robotics and blockchain technology have facilitated wealth creation and accumulation. But old risks remain.
“The war in Ukraine, which has seen Moscow’s millionaire population plummet by 24% to 30,300, is a stark reminder of the fragility of wealth in an uncertain and unstable world,” he said.
On the Rise
China is coming on fast, with five mainland cities on the list, according to the report. These include Shenzhen, the world’s fastest-growing city for wealthy people, which surged by 140% in the past 10 years, and Hangzhou, whose high-net-worth population increased by 125%.
It should be noted that in its consideration of China, Henley & Partners also includes Hong Kong and Taiwan’s capital, Taipei, both of which appear on the Top 50 list.
As for cities with robust wealth growth potential over the coming decade, those to watch include Bengaluru, India; Ho Chi Minh City, Vietnam; and Scottsdale, Arizona.
“All three have enjoyed exceptional growth rates of over 100% in their resident millionaire populations over the past ten years,” Andrew Amoils, head of research at New World Wealth, said in a statement.
In the Middle East, Dubai is the wealthiest city in the region, sporting a 78% growth rate in its millionaire population since 2013. Currently ranked 21st, it is highly likely to move up the ranking of the world’s richest cities, according to the report.
Although no African or South American cities made the Top 50 list, the report identified several rising stars that could do so in the not-too-distant future. Nairobi, Kenya’s capital, now has 4,400 millionaires, a 25% increase over 10 years, driven by its thriving tech ecosystem and growing middle class.
Cape Town on South Africa’s southwest coast is home to 7,400 millionaires, a 20% increase.
See the accompanying gallery for the 15 cities with the largest millionaire populations.
Slideshow
