Consultancy firm Henley and Partners has ranked several cities by running through the numbers of millionaires residing in each city, as of December 31, 2022. Despite being a London-based agency, Henley did not mention any European city except London in the top 10 list.
Here are the top 10 wealthiest cities in the world as per Henley:
- New York City
- Tokyo
- The Bay Area
- London
- Singapore
- Los Angeles
- Hong Kong
- Beijing
- Shanghai
- Sydney
According to the report, New York City has topped the wealthiest cities list, followed by Tokyo, Bay Area and London. The list was dominated by cities in China and the United States. The American city has topped the list because of its flourishing financial industry and diverse economy.
City of the biggest banks, stock exchanges, financial service providers, startups, and more, New York serves as the financial capital of the world with several big tech companies using the city as their headquarters.
In the second and third spots, Tokyo and the Bay Area are listed respectively. Tokyo’s high ranking can be attributed to the fact that just like New York, it is the financial capital of Asia. Several multinational corporations like Mitsubishi and Toyota have their headquarters in the city.
The Bay Area in the third spot is known for its technology industry, with major tech companies like Apple, Google and Meta headquarters in the region. The city also has a skilled workforce, a diverse economy and high standards of living.
Bengaluru is the third most populated city in India and has been given a special mention as one of the fastest-growing cities in the Asia Pacific region. The Silicon Valley of India has several big tech companies like Microsoft, Amazon, and Flipkart as their headquarters.
Henley and Partners have released the World’s Wealthiest Cities Report 2023 which studied 97 cities across the world using data from New World Wealth.
The report counted the number of millionaires in each city and categorised them based on job titles like founder, chairperson, CEO and director. It also considered the number of expensive homes in each city.
