The following major cities have experienced especially strong wealth growth over the past decade (2012 to 2023):
Note:
- The 10 wealthiest cities in the world are ranked by their number of resident millionaires.
- ‘Millionaires’ or ‘high-net-worth individuals’ refer to individuals with investable wealth of USD 1 million or more. There are approximately 15 million such individuals in the world.
- Millionaire figures are rounded to the nearest 100.
- All figures are for 31 December 2022.
Europe:
Monaco
Arguably the world’s top safe haven for the super-rich. The average wealth of a person living in Monaco exceeds USD 10 million, making it the top-ranked city in the world on a wealth per capita basis. It is also the world’s most expensive city, with apartment prices regularly exceeding USD 35,000 per square meter.
Warsaw
The financial and economic hub of Poland. Fast-growing sectors in the city include financial services, real estate, and tech.
Dublin
Home to the European headquarters of many of the world’s largest tech companies, Dublin has seen especially strong wealth growth over the past 20 years.
Americas:
Scottsdale
The jewel in the crown of the Greater Phoenix Metro, Scottsdale is home to a growing number of exclusive golf and lifestyle estates and is attracting large numbers of tech entrepreneurs from California, as well as wealthy retirees.
Austin
With its fast-growing tech sector, it has been dubbed “Silicon Hills”. Several major tech companies have moved their headquarters to Austin over the past few years, most notably Tesla and Oracle. The top-end residential market in the city has also been growing rapidly.
West Palm Beach
An increasingly popular retirement hotspot for East Coast millionaires from cities such as Boston, New York City, and Philadelphia. Furthermore, many wealthy individuals are opting to work remotely in the area post-Covid, especially those in the fund management sector.
Greenwich & Darien
These neighboring towns on Connecticut’s Gold Coast are becoming increasingly popular places of residence for fund managers, investment bankers, and wealthy financiers. Both are relatively safe towns that are favorable places in which to raise families, with good schools and large residential stands. Plus, taxes there are significantly lower than in nearby New York City.
Middle East and Africa:
Dubai
Its safe haven status and low tax rates make it a magnet for migrating millionaires from the world over. Approximately 3,500 high-net-worth individuals moved to the city in 2022 alone.
Marrakech
An increasingly popular retirement hotspot for Moroccan and European high-net-worth individuals. Marrakech is also home to flourishing luxury real estate and hotel sectors.
Kigali
The economic center of Rwanda and a burgeoning tech and financial hub. Notably, Rwanda was Africa’s fastest growing market over the past decade, both in terms of millionaire growth and overall wealth growth.
Asia Pacific:
Shenzhen
The hi-tech capital of China and home to the Shenzhen Stock Exchange — the sixth-largest stock market in the world by market cap. Several global tech giants are based in the city, including Huawei, Tencent, and ZTE.
Bengaluru
Also known as the “Garden City” and the “Silicon Valley of India”, Bengaluru has a booming tech sector.
Hangzhou
Widely regarded as one of the more scenic cities in China, Hangzhou is known for its architecture and gardens. This attracts high-net-worth individuals to live and retire in the city. Media and retail company Alibaba is based there, as are Ant Group and NetEase.
Ho Chi Minh City
Previously known as Saigon, this city is emerging as Asia’s next big millionaire hotspot. Rapidly expanding sectors include financial services, textiles, technology, electronics, telecoms, chemicals, and tourism.
