Half of the cities with the greatest number of millionaires are located in the Asia Pacific region, according to a newly published report by Henley & Partners.
Five out of the top 10 cities with the highest millionaire population are based in APAC, according to the «2024 World’s Wealthiest Cities Report» by investment immigration consultancy Henley & Partners. At 298,300 millionaires, Tokyo was the regional leader followed by Singapore (244,800), Sydney (147,000), Hong Kong (143,400) and Beijing (125,600).
Globally, New York was home to the greatest number of millionaires at 349,500.
Growth Leaders
By growth, seven of the 10 leading millionaire cities are located in APAC, including five in China and two in India. Between 2013 and 2023, Shenzhen registered the highest millionaire population growth at 140 percent to 50,300.
Other top cities in the region include Hangzhou (125 percent), Guangzhou (110 percent), Delhi (95 percent), Beijing (90 percent), Shanghai (84 percent) and Mumbai (82 percent).
Billionaire Population
In terms of the number of billionaires, US cities occupy four out of the top 10 positions. Within Asia, Beijing had the highest billionaire population at 42 followed by Shanghai (39), Hong Kong (35), Singapore (30) and Mumbai (29).
«The S&P 500’s 24 percent gain last year, along with the Nasdaq’s 43 percent surge and Bitcoin’s staggering 155 percent rally, has buoyed the fortunes of wealthy investors,» said Henley & Partners CEO Dr. Juerg Steffen. «Additionally, rapid advancements in artificial intelligence, robotics, and blockchain technology have provided new opportunities for wealth creation and accumulation.»
