Money
Map: Cities With the Most Ultra-Rich Residents
Mapped: The Cities With the Most Ultra-Rich Residents
As of 2018, there is a grand total of 198,342 ultra high net worth individuals (UHNWIs) globally with assets over US$30 million, according to the most recent edition of Knight Frank’s Wealth Report.
Although these millionaires and billionaires can be found all over the globe, the reality is that most of the world’s ultra-rich population tends to congregate in world-class cities.
Generally speaking, UHNWIs are looking to live in places that are conducive to safeguarding and growing their wealth, but that also give them access to top-end amenities that allow them to live comfortably and luxuriously.
Top 10 Cities for the Ultra-Rich
To start, we’ll look at a list of global cities, organized by expected number of UHNWIs in 2023:
Rank | City | UHNWIs (2018) | UHNWIs (2023e) | Change (%) |
---|---|---|---|---|
#1 | 🇬🇧 London | 4,944 | 6,015 | 21.7% |
#2 | 🇸🇬 Singapore | 3,598 | 4,393 | 22.1% |
#3 | 🇯🇵 Tokyo | 3,732 | 4,125 | 10.5% |
#4 | 🇺🇸 New York City | 3,378 | 3,891 | 15.2% |
#5 | 🇨🇳 Beijing | 1,673 | 2,247 | 34.3% |
#6 | 🇫🇷 Paris | 1,667 | 2,031 | 21.8% |
#7 | 🇰🇷 Seoul | 1,594 | 2,020 | 26.7% |
#8 | 🇹🇼 Taipei | 1,519 | 1,864 | 22.7% |
#9 | 🇨🇭 Zurich | 1,507 | 1,796 | 19.2% |
#10 | 🇨🇳 Shanghai | 1,263 | 1,690 | 33.8% |
London continues to top the list, with a roster of 4,944 ultra-rich residents today and the projected growth over the coming years to eclipse the 6,000 mark by 2023.
Tokyo has the second highest amount of UHNWIs today, but the city is adding them at a slower rate than other rival cities. As a result, Singapore will move into the #2 spot overall by 2023, with an expected total of 4,393 high net worth residents.
Finally, it’s worth noting that only two cities on the top 10 list are expected to see growth above a 30% clip over this five-year period. Shanghai and Beijing could be cities to watch for decades to come, as they add millionaires and billionaires at a faster rate than any of the other heavyweights.
Fastest Growing Cities
Where are the billionaire meccas of the future?
Here are the 10 cities that are expected to add UHNWIs the fastest between 2018-2023:
Rank | City | UHNWIs (2018) | UHNWIs (2023e) | Change (%) |
---|---|---|---|---|
#1 | 🇮🇳 Mumbai | 797 | 1,101 | 38.1% |
#2 | 🇮🇳 Delhi | 211 | 291 | 37.9% |
#3 | 🇵🇭 Manila | 115 | 157 | 36.5% |
#4 | 🇨🇳 Shenzhen | 527 | 708 | 34.3% |
#5 | 🇨🇳 Beijing | 1,673 | 2,247 | 34.3% |
#6 | 🇨🇳 Guangzhou | 394 | 529 | 34.3% |
#7 | 🇨🇳 Shanghai | 1,263 | 1,690 | 33.8% |
#8 | 🇮🇩 Jakarta | 401 | 529 | 31.9% |
#9 | 🇲🇾 Kuala Lumpur | 376 | 496 | 31.9% |
#10 | 🇰🇷 Seoul | 1,594 | 2,020 | 26.7% |
Not surprisingly, all 10 of these cities are located in Asia.
Two Indian cities (Delhi and Mumbai) top the list, and are likely to add nearly 40% to their ultra-rich populations over the next five years. China also has a strong showing here.
Interestingly, just missing the above top 10 were a few non-Asian cities: Auckland (#11), Madrid (#12), Munich (#13), and Nairobi (#14) are all expected to grow their UHNWI populations by roughly 25% by 2023.
Money
Charted: Which City Has the Most Billionaires in 2024?
Just two countries account for half of the top 20 cities with the most billionaires. And the majority of the other half are found in Asia.
Charted: Which Country Has the Most Billionaires in 2024?
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Some cities seem to attract the rich. Take New York City for example, which has 340,000 high-net-worth residents with investable assets of more than $1 million.
But there’s a vast difference between being a millionaire and a billionaire. So where do the richest of them all live?
Using data from the Hurun Global Rich List 2024, we rank the top 20 cities with the highest number of billionaires in 2024.
A caveat to these rich lists: sources often vary on figures and exact rankings. For example, in last year’s reports, Forbes had New York as the city with the most billionaires, while the Hurun Global Rich List placed Beijing at the top spot.
Ranked: Top 20 Cities with the Most Billionaires in 2024
The Chinese economy’s doldrums over the course of the past year have affected its ultra-wealthy residents in key cities.
Beijing, the city with the most billionaires in 2023, has not only ceded its spot to New York, but has dropped to #4, overtaken by London and Mumbai.
Rank | City | Billionaires | Rank Change YoY |
---|---|---|---|
1 | 🇺🇸 New York | 119 | +1 |
2 | 🇬🇧 London | 97 | +3 |
3 | 🇮🇳 Mumbai | 92 | +4 |
4 | 🇨🇳 Beijing | 91 | -3 |
5 | 🇨🇳 Shanghai | 87 | -2 |
6 | 🇨🇳 Shenzhen | 84 | -2 |
7 | 🇭🇰 Hong Kong | 65 | -1 |
8 | 🇷🇺 Moscow | 59 | No Change |
9 | 🇮🇳 New Delhi | 57 | +6 |
10 | 🇺🇸 San Francisco | 52 | No Change |
11 | 🇹🇭 Bangkok | 49 | +2 |
12 | 🇹🇼 Taipei | 45 | +2 |
13 | 🇫🇷 Paris | 44 | -2 |
14 | 🇨🇳 Hangzhou | 43 | -5 |
15 | 🇸🇬 Singapore | 42 | New to Top 20 |
16 | 🇨🇳 Guangzhou | 39 | -4 |
17T | 🇮🇩 Jakarta | 37 | +1 |
17T | 🇧🇷 Sao Paulo | 37 | No Change |
19T | 🇺🇸 Los Angeles | 31 | No Change |
19T | 🇰🇷 Seoul | 31 | -3 |
In fact all Chinese cities on the top 20 list have lost billionaires between 2023–24. Consequently, they’ve all lost ranking spots as well, with Hangzhou seeing the biggest slide (-5) in the top 20.
Where China lost, all other Asian cities—except Seoul—in the top 20 have gained ranks. Indian cities lead the way, with New Delhi (+6) and Mumbai (+3) having climbed the most.
At a country level, China and the U.S combine to make up half of the cities in the top 20. They are also home to about half of the world’s 3,200 billionaire population.
In other news of note: Hurun officially counts Taylor Swift as a billionaire, estimating her net worth at $1.2 billion.
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