Shenzhen, China, is the world’s fastest growing wealthiest city, according to the latest World’s Wealthiest Cities Report 2025 by Henley & Partners, published in partnership with wealth intelligence from New World Wealth.
Conversely, London and Moscow saw the biggest losses in terms of wealth and are the only two cities in Henely & Partner’s Top 50 world’s wealthiest cities for US$ millionaires to record negative growth over the past decade.
The annual report provides a comprehensive review of the world’s top 50 wealthiest cities. While Shenzhen took the top spot for millionaire growth, the US continues to dominate as a leading wealth hub, with 11 cities in the top 50.
CEO of Henley & Partners, Dr. Juerg Steffen, notes that cities that blend investment freedom with lifestyle dividends are winning the competition for mobile capital. “These urban centres share common DNA — robust legal frameworks, sophisticated financial infrastructure, and perhaps most critically, investment migration programmes that welcome global talent and capital.”
Here, we take a closer look at the world’s top cities for millionaires, including the cities with the biggest gains and losses.
World’s wealthiest cities: The fastest-growing cities for millionaires
China and the US dominate the list of the world’s top 10 fastest-growing cities for millionaires. China leads in the top two spots, with Shenzhen (142%) and Hangzhou (108%), followed by Dubai in the UAE (102%), The Bay Area (98%), Miami (94%), Washington DC (92%), and Austin in the US (90%), Guangzhou China (88%), Dallas US (85%), and coming in 10th place, Delhi India (82%).
- Shenzhen – 50,800 millionaires, 156 centi-millionaires, 22 billionaires
- Hangzhou – 32,200 millionaires, 104 centi-millionaires, 12 billionaires
- Dubai – 81,200 millionaires, 237 centi-millionaires, 20 billionaires
- The Bay Area – 342,400 millionaires, 756 centi-millionaires, 82 billionaires
- Miami – 38,000 millionaires, 180 centi-millionaires, 17 billionaires
- Washington DC – 28,900 millionaires, 97 centi-millionaires, 12 billionaires
- Austin – 32,000 millionaires, 90 centi-millionaires, 10 billionaires
- Guangzhou – 24,300 millionaires, 69 centi-millionaires, 9 billionaires
- Dallas – 72,400 millionaires, 135 centi-millionaires, 16 billionaires
- Delhi – 31,200 millionaires, 125 centi-millionaires, 16 billionaires
The biggest lOsers amongst the world’s wealthiest cities
London – down 12%
Millionaires: 6th out of 50
Centi-millionaires: 4th out of 50
Billionaires: 7th of out 50
London is a leading traditional wealth hub; however, in 2024, it dropped out of the Top 5 position to 6th place for its millionaire population. Figures from the report show that London lost more millionaires than any other city except Moscow, Russia. London lost 11,300 millionaires, 18 centi-millionaires (individuals with liquid investable wealth of US$100 million plus), and two billionaires.
Its decline of 12% over the past decade is likely due to a more hostile tax environment, including the UKs removal of the non-dom tax status, economic uncertainty, Brexit, the fall in sterling, the London Stock Exchange’s dwindling influence, and increasing competition from emerging wealth hubs.
The report states that London is now home to 215,700 millionaires, 352 centi-millionaires, and 33 billionaires.
Moscow – down 25%
Millionaires: 40th out of 50
Centi-millionaires: 30th out of 50
Billionaires: 11th of out 50
Sanction-hit Moscow’s millionaire population has dropped 25% in the past decade. The Russian city’s loss of wealthy individuals is largely due to Western sanctions and political instability, including Putin’s invasion of Ukraine. The report highlights that Moscow is now home to 30,000 millionaires, 178 centi-millionaires, and 23 billionaires.
Top 10 world’s richest cities for millionaires
The US takes the top two spots for cities with the most millionaires, with New York City coming in first with a total of 384,500 millionaires, followed by The Bay Area (San Francisco and Silicon Valley) with 342,400 millionaires. In third place is Tokyo, Japan, with 292,300 millionaires, followed by Singapore with 242,400 millionaires, Los Angeles with 220,600 millionaires, London with 215,700 millionaires, Paris with 160,100 millionaires, Hong Kong with 154,900 millionaires, Sydney with 152,900 millionaires, and Chicago with 127,100 millionaires. The US’ global dominance as a leading wealth hub and a surge in US-based clients is why, in 2023, we established our Miami office.
Top 10 wealthiest cities for centi-millionaires
For centi-millionaires, those with liquid investable wealth of US$100 million plus, the US dominates with four cities in the top 10. The US takes the lead with New York City boasting 818 centi-millionaires, The Bay Area with 756 centi-millionaires, and Los Angeles with 516 centi-millionaires. Despite dropping out of the Top 5 cities for millionaires, London takes the fourth spot for centi-millionaires with 352. In fifth place is Hong Kong with 346 centi-millionaires, followed by Singapore with 333 centi-millionaires, Beijing with 316 centi-millionaires, Chicago with 295 centi-millionaires, Shanghai with 293 centi-millionaires, and Paris with 277 centi-millionaires.
There are currently 30,450 centi-millionaires globally, and according to Henley & Partners, this highly exclusive group of ultra-wealthy individuals don’t simply accumulate capital but transform economies, drive innovation, and increasingly shape the destinations they choose to call home. Of note, research points to the fact that most companies listed on the Fortune 500, S&P, FTSE 100, and Nikkei 225 were founded by individuals who subsequently became centi-millionaires.
Our team of luxury marketers have studied the world’s richest audiences for more than a decade. You can learn more about how to market to the world’s richest individuals, including Ultra-High-Net-Worth-Individuals (those with net worth assets of more than $30 million) in our UHNW whitepaper.
While the US dominates, Asia is establishing itself as an emerging hub for centi-millionaires, while high-growth wealth centres, including Dubai and Abu Dhabi, are likely to see their centi-millionaire populations double in the next decade, challenging traditional wealth destinations.
Top 10 cities for billionaires
Again, the US leads with the top three cities for billionaires, with The Bay Area boasting 82 billionaires, New York City with 66, and Los Angeles with 45. Hong Kong comes in fourth with 40 billionaires, followed by Beijing with 38, Shanghai with 35, London with 33, Singapore with 30, Chicago with 25, and Mumbai with 25 billionaires.
There are more billionaires than ever before, with the US now home to more than 800 billionaires, followed by China. Of note is the fact that billionaires are also richer than ever, worth $12.5 trillion in liquid investable wealth. According to Henley & Partners, the UAE, the US, Singapore, Canada, and Australia are the most sought-after immigration countries for billionaires. We recently explored Canada’s growing luxury real estate market in response to increasing demand from the world’s richest individuals.
A report by Oxfam points to the fact that the wealth of the world’s billionaires grew by $2 trillion in 2024, and the world is on track to have five trillionaires within the next decade.
Future hotspots
For luxury marketers, keeping an eye on destinations that are on track to make the Top 50 world’s wealthiest cities for millionaires in the not too distant future is key. The report identifies several cities that are expected to see high growth in the next decade in centi-millionaires. These include Dubai, Abu Dhabi, Delhi, Bengaluru in India, Warsaw Poland, and Athens Greece.
Several “rising stars” destinations that are all forecast to see +100% growth in super wealthy individuals in the next decade – were also identified.
These include George Town and Seven Mile Beach in the Cayman Islands (currently home to 40 centi-millionaires), San José & Santa Ana (17 centi-millionaires) in Costa Rica, St. George’s Parish (25 centi-millionaires) and Hamilton Parish (22 centi-millionaires) in Bermuda, Monterrey (10 centi-millionaires) in Mexico, Panama City (21 centi-millionaires), South Africa’s Cape Town (34 centi-millionaires), Morocco’s Marrakesh (14 centi-millionaires), and Kenya’s Nairobi (10 centi-millionaires).
Most expensive cities in the world for real estate
Monaco
Monaco stands out as the ultimate destination for the ultra-wealthy, with an average individual wealth surpassing $20 million. It leads the world in wealth per capita and boasts the highest concentration of millionaires globally, with over 40% of its population falling into this category.
The city-state also tops the list of the world’s priciest cities, where high-end apartments ranging from 100 to 200 square meters often command prices above $38,800 per square metre. The latest Real Estate Observatory Report, published annually by Monaco Statistics, puts the average price per square metre for real estate even higher in 2024 at 51,967 euros – approximately $57,800.
In our work with some of Monaco’s leading real estate agencies, we have seen first hand Monaco’s booming luxury real estate market, with new super prime developments like Mareterra appealing to the world’s ultra-rich. To learn how we have helped some of Monaco’s leading real estate agencies, check out our portfolio.
New York
Coming in second is New York City, where prime property averages $27,500 per square metre. Following closely is Hong Kong at $26,300 per square metre and London at $24,000 per square metre. Saint-Jean-Cap-Ferrat in France secures the fifth position with prices around $21,200 per square metre, while Paris climbs to 6th place at $20,400, surpassing Sydney, which now sits just behind at $19,500 per square metre.
France
France leads in representation on this year’s list of the world’s most expensive cities and towns, featuring six locations: Paris, Saint-Jean-Cap-Ferrat, Nice, Cannes, Antibes, and Èze. The US follows with four; New York City, Los Angeles, Palm Beach, and Miami Beach. Meanwhile, Switzerland (with Geneva and Lugano) and Italy (with Portofino and Porto Cervo) each have two entries in the latest rankings.
How Relevance helps brands reach millionaires in the world’s wealthiest cities
As a leading full-service luxury marketing agency we help the world’s leading luxury brands and niche industry start-ups reach ultra-wealthy audiences globally, including high-net-worth, ultra-high-net-worth individuals, centi-millionaires, and billionaires. We boast a deep understanding of the world’s richest individuals and how to market to them, drawn on more than 15 years of luxury marketing expertise. If you would like to learn more about our luxury marketing services and how we can help your luxury brand reach millionaires in the world’s wealthiest cities, contact us today.