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Hong Kong and Beijing Feature Among the Top 10 Wealthiest Cities of 2024

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May 15, 2024 / 404 Views

Hong Kong earned a spot among the top 10 list of 2024 World’s Wealthiest Cities Report alongside other Asian cities like Beijing and Singapore. Ranked first on the list is New York City with 359,500 millionaires and 60 billionaires while taking second place is Northern California’s Bay Area Check out the top 10 World’s Wealthiest Cities of 2024 below.

The Wealthiest Cities Report is published annually by Henley & Partners in collaboration with New World Wealth. According to the analysis, New York’s millionaire population is now larger than the entire population of Orlando or Pittsburgh. The residents have amassed USD 3 trillion in wealth, which is higher than the total wealth held in most major G20 countries.

World’s Wealthiest Cities Report 2024: Key observations

2024 World’s Wealthiest Cities — image credit: Michał Ludwiczak/ Pexels

The US leads the pack, with 11 cities in the Top 50

New York’s millionaire population surged 48% over the past decade. Meanwhile, the Bay Area’s millionaire population is now 305,700, a jump of 82% in 10 years. It also has the most number of billionaire population, with 68 billionaires.

“The U.S. continues to dominate the world’s wealthiest cities due to its dominance of the global financial, tech and Entertainment sectors,” says Andrew Amoils, head of research at New World Wealth.

Tokyo and London fall down in rankings

Tokyo, which was the richest city in the world a decade ago, has suffered a 5% decline in its resident high-net-worth-individual (HNWI) population over the past ten years. It now sits at the third spot with 298,300 millionaires. Meanwhile, London, which was the wealthiest city for many years, plummeted to the 5th spot owing to Brexit, Russian sanctions and other policies that have slowed wealth migration.

China bags a spot in the top 10 for the first time

Beijing has cracked the top 10 for the first time, following a 90% increase in millionaires over the past decade to 125,600 millionaires. However, Amoils mentioned that its slowing economy and wealth flight are causing a reverse in wealth creation and the millionaire population was down 4% last year.

Hong Kong, Singapore and other Asian cities steal the spotlight

Apart from the five cities in mainland China making the list, other Asian cities including Hong Kong, Singapore and more shone brightly in the top 10.

Singapore, benefiting from the flow of wealth out of China, is at the fourth spot with a 64% growth in millionaires to 244,800 people. Hong Kong sits at the ninth spot with 143,400 millionaires. Meanwhile, Shanghai (123,400), Shenzhen (50,300), Guangzhou (24,500), and Hangzhou (31,600) have recorded a massive increase in their millionaire populations.

Cities to watch out for in the next decade

“Shenzhen is the world’s fastest-growing city for the wealthy, with its millionaire population exploding by 140% in the last ten years,” Amoils noted. Hangzhou and Guangzhou also garnered attention for their rapid growth. Talking about the cities to watch out for when it comes to wealth growth potential over the next decade, Amoils mentioned Bengaluru (India), Scottsdale (USA), and Ho Chi Minh City (Vietnam). “All three have enjoyed exceptional growth rates of over 100% in their resident millionaire populations over the past ten years,” he said.