Wealthiest Cities in the World 2026: Millionaire Rankings
Last updated: 6 July 2026
New York remains the wealthiest city on earth with 384,500 resident millionaires, ahead of the San Francisco Bay Area (342,400) and Tokyo (292,300). The ranking comes from the World's Wealthiest Cities Report published by Henley & Partners with wealth-intelligence firm New World Wealth. Below: the full top 10, the risers worth watching, Asia's two-speed story — and the tax logic that quietly explains the whole list.
How the ranking works
The headline metric is not GDP. It is the number of resident millionaires — individuals with investable, liquid wealth of USD 1 million or more. New World Wealth tracks the data; Henley & Partners published the latest edition on 8 April 2025, with figures as of December 2024. The report also counts two higher tiers: centi-millionaires (investable assets above USD 100 million) and billionaires. The distinction from GDP rankings matters. GDP measures what a city produces; millionaire counts measure the money that chooses to stay. A city can host world-class output and still leak wealth to lower-tax rivals every year — which is exactly why the two league tables diverge, and why this one is the better guide to where capital feels safe.
The world's wealthiest cities: the top 10
| Rank | City | Country | Millionaires | Billionaires | Growth 2014–2024 |
|---|---|---|---|---|---|
| 1 | New York | USA | 384,500 | 66 | +45% |
| 2 | Bay Area | USA | 342,400 | 82 | +98% |
| 3 | Tokyo | Japan | 292,300 | 18 | — |
| 4 | Singapore | Singapore | 242,400 | 30 | +62% |
| 5 | Los Angeles | USA | 220,600 | 45 | +35% |
| 6 | London | UK | 215,700 | — | −12% |
| 7 | Paris | France | 160,100 | 22 | — |
| 8 | Hong Kong | Hong Kong (China) | 154,900 | 40 | — |
| 9 | Sydney | Australia | 152,900 | — | — |
| 10 | Chicago | USA | 127,100 | 25 | — |
Growth figures show the change in millionaire numbers between 2014 and 2024; a dash means the report did not break the figure out.
What stands out in the top 10
New York: biggest, and still growing
Beyond its 384,500 millionaires, New York hosts 818 centi-millionaires and 66 billionaires — the deepest pool of top-tier wealth anywhere. A 45% decade of growth shows scale has not slowed it down.
The Bay Area: more billionaires than New York
San Francisco plus Silicon Valley counts 342,400 millionaires but has already overtaken New York where it is hardest: 82 billionaires against 66. Growth of 98% in ten years is almost entirely tech-made, and the AI cycle is widening the gap.
Tokyo: Asia's quiet giant
Tokyo's 292,300 millionaires make it Asia's largest wealth hub by a comfortable margin. Its fortune is older and stickier than America's — corporate and family wealth accumulated over decades rather than minted in one IPO cycle. Growth is slow, but the base barely moves in downturns, which is precisely what conservative capital wants.
Singapore: the family-office capital
With 242,400 millionaires and 62% growth, Singapore is Asia's wealth-management default. A 17% corporate tax rate, no capital gains tax and a mature family-office regime do the recruiting.
London: the only shrinking city in the top 10
London still counts 215,700 millionaires, but that is 12% fewer than a decade ago — the only negative number in the top 10. Rising taxes and a steady outflow of the wealthy are the reasons the report cites, and Los Angeles (220,600, +35%) has now passed it.
Hong Kong and Sydney: two kinds of resilience
Hong Kong (154,900 millionaires, 40 billionaires) leans on a two-tier profits tax of 8.25%/16.5% with no VAT and no capital gains tax. Sydney (152,900) rides skilled migration and resources wealth. Paris (160,100) stays continental Europe's number one, and Chicago (127,100) rounds out the list on derivatives-trading money.
Beyond the top 10: the cities to watch
Milan (11th, 115,000) is pulling wealthy movers with Italy's flat-tax regime. Beijing (12th, 114,300) and Shanghai (14th, 110,500) both slipped a few places. Toronto (15th, 108,400) and Houston (17th, 81,800) hold North America's flanks. The real signal sits further down: Dubai (18th, 81,200) climbed from 21st and is one of the fastest risers among major cities; Shenzhen (28th, 50,800) grew 142% in a decade and Hangzhou (35th, 32,300) 108% — among the fastest rates recorded anywhere. Moscow (40th, 30,000) lost a quarter of its millionaires in ten years.
Dubai deserves its own line. Zero personal income tax and a 9% corporate rate made the UAE the world's top net destination for migrating millionaires again in Henley's Private Wealth Migration Report 2026. Rankings are the outcome; tax systems are the cause.
What the list means for entrepreneurs and investors
Read the top 10 next to the fastest risers and the pattern is hard to miss: money settles where taxes are moderate, courts are predictable and financial infrastructure is deep. Singapore at 17%, Hong Kong from 8.25%, Dubai at 9% — against London and Moscow as the counterexamples.
The same logic applies inside the EU. If you want to hold or run assets in Europe at a defensible tax cost, start with our overview of the European countries with the lowest corporate tax rates — Cyprus, at 15% since its January 2026 reform, remains near the bottom of the EU range and pairs it with a non-dom regime that shelters dividend income. For the zero-income-tax end of the spectrum, see our list of countries with no income tax. And for country-level rather than city-level wealth, our ranking of the richest countries in the world completes the picture.
How this compares with the US-only ranking
Eleven US cities make the global top 50 — New York, the Bay Area, Los Angeles, Chicago and Houston among them. The sharper story is off the list: Scottsdale grew 125% in a decade, West Palm Beach 112% and Miami 94%, as low-tax states siphon wealth inside the country. The full US picture, city by city, is in our guide to the richest cities in the US.
FAQ
Which city has the most millionaires in the world?
New York, with 384,500 resident millionaires as of December 2024 — plus 818 centi-millionaires and 66 billionaires, both also world-leading counts.
Where does the data come from?
From the World's Wealthiest Cities Report by Henley & Partners and New World Wealth, published on 8 April 2025. It counts residents with investable liquid wealth above USD 1 million, with data as of December 2024.
Which Chinese cities rank highest?
Hong Kong is 8th (154,900), Beijing 12th (114,300), Shanghai 14th (110,500), Shenzhen 28th (50,800) and Hangzhou 35th (32,300). Shenzhen and Hangzhou posted decade growth of 142% and 108% — among the fastest worldwide.
Why is London falling?
London lost 12% of its millionaires over the decade — the only decline in the top 10. The report points to rising taxation and the departure of wealthy residents, many to Dubai, Milan or Singapore.
Which city is gaining the most migrating millionaires?
Dubai and the wider UAE, the number-one net destination for millionaire migration again in Henley's 2026 Private Wealth Migration Report — driven by zero personal income tax, safety and financial infrastructure.
Thinking about where your company — or your wealth — should be based? We help founders and investors set up EU structures in Cyprus, from incorporation to banking. Tell us your situation via the contact form and we will map the realistic options.
Data sources: Henley & Partners, World's Wealthiest Cities Report 2025 (published 8 April 2025, data as of December 2024), Forbes coverage and Henley's Private Wealth Migration Report 2026. Tax figures are as of July 2026, for information only — not tax or investment advice.
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