Extra rich people with liquid investable property of $1 million or extra dwell in American cities than in some other nation, in line with Henley & Companions’ 2024 report on the world’s richest cities, launched Tuesday.
The report, which counts 11 U.S. cities in its Prime 50, relies on information supplied by New World Wealth, a wealth intelligence agency that systematically tracks the actions and spending habits of some 150,000 high-net-worth people in its in-house database. The database primarily focuses on people with the job titles “founder,” “chairperson,” “chief government” and “director.”
The report’s use of the time period “wealth” refers to investable wealth, together with property, money and listed firm holdings. Excessive-net-worth people are these with $1 million or extra in investable property. Centi-millionaires have $100 million or extra in investable property, and billionaires $1 billion or extra.
A key issue driving progress on this planet’s wealthiest cities has been the sturdy efficiency of monetary markets lately, in line with Juerg Steffen, Henley & Companions’ CEO.
“The S&P 500’s 24% acquire final 12 months, together with the Nasdaq’s 43% surge and bitcoin’s staggering 155% rally, has buoyed the fortunes of rich buyers,” he mentioned.
Steffen famous that developments in synthetic intelligence, robotics and blockchain expertise have facilitated wealth creation and accumulation. However previous dangers stay.
“The battle in Ukraine, which has seen Moscow’s millionaire inhabitants plummet by 24% to 30,300, is a stark reminder of the fragility of wealth in an unsure and unstable world,” he mentioned.
On the Rise
China is approaching quick, with 5 mainland cities on the checklist, in line with the report. These embody Shenzhen, the world’s fastest-growing metropolis for rich individuals, which surged by 140% previously 10 years, and Hangzhou, whose high-net-worth inhabitants elevated by 125%.
It needs to be famous that in its consideration of China, Henley & Companions additionally consists of Hong Kong and Taiwan’s capital, Taipei, each of which seem on the Prime 50 checklist.
As for cities with sturdy wealth progress potential over the approaching decade, these to observe embody Bengaluru, India; Ho Chi Minh Metropolis, Vietnam; and Scottsdale, Arizona.
“All three have loved distinctive progress charges of over 100% of their resident millionaire populations over the previous ten years,” Andrew Amoils, head of analysis at New World Wealth, mentioned in an announcement.
Within the Center East, Dubai is the wealthiest metropolis within the area, sporting a 78% progress charge in its millionaire inhabitants since 2013. Presently ranked twenty first, it’s extremely prone to transfer up the rating of the world’s richest cities, in line with the report.
Though no African or South American cities made the Prime 50 checklist, the report recognized a number of rising stars that would achieve this within the not-too-distant future. Nairobi, Kenya’s capital, now has 4,400 millionaires, a 25% improve over 10 years, pushed by its thriving tech ecosystem and rising center class.
Cape City on South Africa’s southwest coast is residence to 7,400 millionaires, a 20% improve.
See the accompanying gallery for the 15 cities with the biggest millionaire populations.