This city is home to the largest number of millionaires, and it's not the one you think.
When we think of cities for the wealthy, names like Singapore, Monaco, or Dubai immediately come to mind... Yet, it's one major metropolis that surpasses them all. A study by the British consulting firm Henley & Partners has established a ranking of the cities with the highest concentration of millionaire residents.
The city that tops this list is American and is home to an impressive 384,500 millionaire residents. Among them, 818 are centennials (meaning they have a net worth of at least $100 million) and 66 are billionaires...
Neither San Francisco nor Los Angeles, the city that ranks first is New York! Fueled by Wall Street, real estate, media, luxury and a unique entrepreneurial dynamism, the "Big Apple" continues to attract and generate new fortunes.
New York thus confirms its status as the nerve center of global finance, far ahead of cities where new fortunes are rapidly emerging, such as Dubai, which climbs to 18th place in the Henley & Partners study's Top 50. Looking more closely at the Top 10, Europe is represented by two major cities, Paris and London, but their growth is slower.
- New York , USA: 384,500 millionaires (+45 % growth in the number of millionaires from 2014 to 2024)
- San Francisco Bay Area , United States: 342,400 millionaires (+98 %)
- Tokyo , Japan: 292,300 millionaires (+4 %)
- Singapore : 242,400 millionaires (+62 %)
- Los Angeles , USA: 220,600 millionaires (+35 %)
- London , United Kingdom: 215,700 millionaires (-12 %)
- Paris , France: 160,100 millionaires (+5 %)
- Hong Kong : 154,900 millionaires (+3 %)
- Sydney , Australia: 152,900 millionaires (+28 %)
- Chicago , United States: 127,100 (+24 %)
While the ranking places Paris 7th in the world, it is essential to consider the density of wealth. Although the French capital is surpassed by New York in terms of the total number of millionaires, the ratio of millionaires per capita is exceptionally high for a city of only 2.1 million inhabitants within its city limits. By comparison, New York City has 8.478 million inhabitants.
However, data from Henley & Partners confirms that the true concentration of millionaires is not found in tax havens (like Dubai or Zurich), but rather in areas with sustained economic growth. While Paris retains its status as a major economic capital of continental Europe, thanks in particular to its concentration of large luxury companies such as LVMH, Kering, and Hermès, the United States alone occupies four of the top ten spots in the ranking, proving that the American model, based on financial power (New York, Chicago) and innovation (Los Angeles and the San Francisco Bay Area, including Silicon Valley), still dominates.
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