Top 30 Cities in the World with Most Millionaires
In this article, we will be covering the top 30 cities in the world with most millionaires. If you want to skip our detailed analysis, you can go directly to the Top 5 Cities in the World with Most Millionaires.
Most millionaires are self-made, and have worked hard to accumulate their wealth through education as well as smart financial decisions including investing. A rise in entrepreneurship in recent years, especially including the founding of tech startups and startups in different industries, has helped to create a number of new millionaires. A rising number of individuals is investing in college degrees, which leads to better-paying jobs and more opportunities to accumulate wealth.
According to the Global Wealth Report 2022 by Credit Suisse, there were an estimated 62.5 million millionaires in the world by the end of 2021, which is 5.2 million more than where that figure stood in 2020. Moreover, the report also mentions that with 24.5 million millionaires, the US had by far the greatest number of millionaires.
A Look at Some of the World’s Richest Individuals
In one of our previous articles about the richest cities in the world, we mentioned that according to a report by McKinsey & Company which compiled all of the world's assets as of 2020, 46% of global net worth was concentrated in real estate. However, according to Forbes, the sector that produces the wealthiest people is finance and investments. The richest individual in the world of finance and investments is the legendary Warren Buffett, who is the chairman and CEO of Berkshire Hathaway Inc. (NYSE:BRK-B) and ranks among the top most wealthiest persons in the world.
On September 13, Reuters reported that Warren Buffett's Berkshire Hathaway Inc. (NYSE:BRK-B) shed part of its stake in Hewlett Packard Enterprise Company (NYSE:HPE), an investment that has been unsuccessful. SEC filings show that after the sale of about 5.5 million shares for about $158 million, Warren Buffet’s company now owns about 11.7% of Hewlett Packard Enterprise Company’s (NYSE:HPE) shares, down from 12.2% before the sales.
However, despite some unsuccessful investments over the years, Warren Buffet and Berkshire Hathaway Inc. (NYSE:BRK-B) are showing no signs of slowing down. On August 5, Berkshire Hathaway Inc. (NYSE:BRK-B) reported strong earnings for the fiscal second quarter of 2023. The company reported earnings per share (EPS) of $4.62, surpassing EPS estimates by $0.63. The company reported a revenue of $92.5 billion and outperformed revenue estimates by $11.93 billion.
Is Tech the Next Big Thing?
Without a doubt, technology is a large and growing economic sector. According to a report by MGI Research, the global tech spending market was valued at $8.51 trillion in 2022. The market is expected to grow at a compound annual growth rate (CAGR) of 7.75% during 2022-2026, pushing the market to reach around $11.47 trillion by the end of the forecasted period. Using digital advancements to support innovation and transformation, the technology market is branching out into new sectors in search of growth opportunities. Technology companies are also aiming to streamline operations and spur innovation in other industries that are in need of transformation, such as manufacturing, real estate, and retail.
The technology sector ranks high among the industries that are creating the most millionaires and high net worth individuals. According to the Forbes list of the richest people in the world, 4 of the top 10 world’s richest people hail from tech. These include Amazon.com Inc. (NASDAQ:AMZN) founder Jeff Bezos and Microsoft Corporation (NASDAQ:MSFT) founder Bill Gates.
Elon Musk, who is the founder of SpaceX and CEO of Tesla Inc. (NASDAQ:TSLA), ranks as the second wealthiest person in the world. Tesla Inc. (NASDAQ:TSLA) has frequently been called Big Tech, though it is up for debate whether the electric car maker company is a technology company or an automobile company.
Over the past few years, a number of tech companies have moved to Texas. In 2019, Amazon.com Inc. (NASDAQ:AMZN) opened a new tech hub in Houston, Texas. In 2020, Oracle Corporation (NASDAQ:ORCL) moved its corporate headquarters from Redwood City to Austin, the capital city of the US state of Texas. Apple Inc. (NASDAQ:AAPL), one of the biggest and richest tech companies in the world, is also investing in a huge campus in the same city. In 2021, Elon Musk also officially moved Tesla Inc.’s (NASDAQ:TSLA) corporate headquarters from California to Austin, Texas where the company has set up a gigafactory.
On September 19, Reuters reported that Tesla Inc. (NASDAQ:TSLA) is looking to expand its global manufacturing business, and different countries have joined the race to try to win CEO Elon Musk’s vote and secure billions in investment dollars. The report mentions that the Turkish President, Tayyip Erdogan, asked the CEO of Tesla Inc. (NASDAQ:TSLA) to set up a manufacturing plant in Turkey. On the other hand, the Wall Street Journal announced that Saudi Arabia was in early talks with Tesla Inc. (NASDAQ:TSLA) to build factories in the Kingdom. The report by Reuters also mentions that Elon Musk had previously said that the company would probably pick a location for a new factory by the end of this year.
In general, migration trends point towards Texas to become a major hub for technology innovation due to its economic boom in recent years. We may see Texas cities like Austin and Houston rank up higher in the list of the wealthiest cities in the coming years. For now, let’s take a look at the top 30 cities in the world with most millionaires.
Methodology
In this article, we have listed the top 30 cities in the world with most millionaires. To rank the cities and collect data for our list, we consulted Henley & Partners, which is the global leader in residence and citizenship by investment and also assists governments on residence and citizenship by investment policy. We used the latest reported data available in their dataset, which is the “World’s Wealthiest Cities Report 2023” by Henley & Partners. We then narrowed down our selection to rank the top 30 cities in the world with most millionaires, which are listed below in ascending order.
Top 30 Cities in the World with Most Millionaires
30. Tel Aviv - Israel
Number of Millionaires: 35,600
First up on our list of top 30 cities in the world with most millionaires is Tel Aviv, Israel. Tel Aviv is a technological and economic hub, and the country’s financial capital. The city is also home to many research and development centers, corporate offices, and the Tel Aviv Stock Exchange. As of 2023, the city of Tel Aviv has around 35,600 millionaires.
Some of the biggest companies in the world in terms of revenue include Amazon.com, Inc. (NASDAQ:AMZN), Microsoft Corporation (NASDAQ:MSFT), and Berkshire Hathaway Inc. (NYSE:BRK-B).
29. Vancouver - Canada
Number of Millionaires: 37,300
Vancouver, Canada ranks among Canada’s most dense and ethnically diverse cities. The city is known for its natural beauty and also as a popular filming location. Vancouver is also emerging as a new global tech hub. According to the latest reported data, there are about 37,300 millionaires in the city of Vancouver.
28. Miami - USA
Number of Millionaires: 38,000
Miami is the first US city in our list of top 30 cities in the world with most millionaires. Miami is home to many new businesses and ranks among the top most entrepreneurial cities in the US. Miami is also a popular vacation spot in the US, and as of 2023, the city has around 38,000 millionaires.
27. Kyoto - Japan
Number of Millionaires: 40,400
Kyoto, once the capital city of Japan, is known for its traditional Japanese culture. The city of Kyoto has emerged as a hub for clean energy, Deep Tech, and IoT startups, where the traditional and cutting-edge are coming together to spark new businesses. As of 2023, there are around 40,400 millionaires in Kyoto, Japan.
26. Boston - USA
Number of Millionaires: 41,700
Boston is the capital city of the US state of Massachusetts, and a cultural and a financial center of New England. According to the latest reported data, the city of Boston is home to around 41,700 millionaires.
25. Osaka - Japan
Number of Millionaires: 44,900
Located on the Japanese island of Honshu, Osaka is one of Japan’s largest cities. As a large port city and commercial center with about 44,900 millionaires as of 2023, the city of Osaka in Japan ranks among the top 25 cities in the world with most millionaires.
24. Shenzhen - China
Number of Millionaires: 45,700
Shenzhen is a city in China and a global center in technology, manufacturing, research, business and economics. The city of Shenzhen is a modern metropolis that links Hong Kong to China’s mainland. As of 2023, Shenzhen has around 45,700 millionaires.
23. Seattle - USA
Number of Millionaires: 50,500
Seattle, a city in the US state of Washington, is a major global tech hub where tech companies add an increasing number of jobs every year. With around 50,500 millionaires as of 2023, the city of Seattle ranks among the top cities in the world with most millionaires.
22. Rome - Italy
Number of Millionaires: 56,500
Rome, the capital city of Italy, is a major international financial, cultural, and business center in Europe. The city of Rome is known for its history, art, and breathtaking architecture. As of 2023, there are around 56,500 millionaires in Rome.
21. Mumbai - India
Number of Millionaires: 59,400
The city of Mumbai is India's main financial hub. The city houses some of the most important financial institutions such as the Bombay Stock Exchange, the National Stock Exchange as well as the Reserve Bank of India and other crucial multinational corporations. With around 59,400 millionaires as of 2023, Mumbai is the only Indian city in our list of top 30 cities in the world with most millionaires.
20. Dubai - UAE
Number of Millionaires: 68,400
Dubai is a city-state of the United Arab Emirates (UAE) and also its main business hub. Its strategic location on the world map, combined with the country’s enormous oil and natural gas reserves generate tons of business. As of 2023, there are around 68,400 millionaires in Dubai.
19. Geneva - Switzerland
Number of Millionaires: 85,800
Geneva is a beautiful city in Switzerland, which is surrounded by the Alps and Jura mountains. It is a global hub for diplomacy and banking with headquarters of Europe’s United Nations, the Red Cross, and the World Bank Group Office. As of 2023, there are around 85,800 millionaires in the city of Geneva.
18. Paris - France
Number of Millionaires: 93,000
Paris, the capital city of the business-friendly country France, is an important financial center in the region and the European leader in venture capital. With around 93,000 millionaires as of 2023, Paris ranks among some of the top cities in the world with most millionaires.
17. Melbourne - Australia
Number of Millionaires: 96,000
Melbourne is a coastal city in Australia, also considered the cultural capital of the country. Melbourne has a thriving Central Business District (CBD), offering globally competitive offices, vibrant innovation hubs, while also ranking high among the most livable cities in the world. As of 2023, there are around 96,000 millionaires in Melbourne.
16. Seoul - South Korea
Number of Millionaires: 97,000
Seoul, the capital city of South Korea, is the center of finance for the country. The city is a huge metropolis where modern skyscrapers, high-tech subways, multinational and trade corporations meet street markets, pop culture, and Buddhist temples and palaces. As of 2023, there are around 97,000 millionaires in the city of Seoul.
15. Houston - USA
Number of Millionaires: 98,500
Houston, a city in the US state of Texas, is a large metropolis extending to Galveston Bay and closely linked with the Space Center Houston. Houston is known as the world capital of space exploration as well as the world capital of the international energy industry as it dominates oil and gas exploration and production in the US. With around 98,500 millionaires as of 2023, Houston ranks among the top 15 cities in the world with most millionaires.
14. Zurich - Switzerland
Number of Millionaires: 99,300
Zurich is a large and beautiful city in Switzerland. The city is Switzerland's economic leader known worldwide for its financial district, and as a global center for banking and finance. As of 2023, there are around 99,300 millionaires in Zurich.
13. Frankfurt - Germany
Number of Millionaires: 102,200
Frankfurt is a central German city and a major financial hub that's home to the European Central Bank. The city is a trade and business center of central Germany and central Europe. With around 102,200 millionaires as of 2023, Frankfurt ranks high among the top cities in the world with most millionaires.
12. Toronto - Canada
Number of Millionaires: 105,200
Toronto, a city in Canada, is a dynamic metropolis home to soaring skyscrapers. With high concentrations of financial services company headquarters, the city of Toronto is known as Canada's business and financial capital. As of 2023, Toronto has around 105,200 millionaires.
11. Chicago - USA
Number of Millionaires: 124,000
Chicago, a city in the US state of Illinois, ranks among the most populated cities in the US. The city has a skyline punctuated by skyscrapers, but it is also known for iconic neighborhoods, amazing food, vibrant music scene, and jaw-dropping architecture. As of 2023, there are around 124,000 millionaires in Chicago.
10. Sydney - Australia
Number of Millionaires: 126,900
Sydney, the most populated city in Australia, is a leading hub of economic activity for the Asia Pacific Region. Australia's main financial and economic center, the city of Sydney with around 126,900 millionaires ranks among the top 10 cities in the world with most millionaires.
9. Shanghai - China
Number of Millionaires: 127,200
Shanghai, a city located on the coast of the East China Sea, is one of the world’s largest seaports and a major industrial and commercial center of China. According to the latest reported data, there are around 127,200 millionaires in Shanghai.
8. Beijing - China
Number of Millionaires: 128,200
Beijing, the capital city of China, houses headquarters of a number of China's largest state-owned companies. Beijing is home to a large number of Fortune Global 500 companies and with around 128,200 millionaires, the city ranks high among the top cities in the world with most millionaires.
7. Hong Kong - Hong Kong (SAR China)
Number of Millionaires: 129,500
Hong Kong is a city and a Special Administrative Region (SAR) in China. Hong Kong is well connected to Asia's key markets and known for its global trading and financial services centers in the Asia-Pacific region. As of 2023, there are around 129,500 millionaires in Hong Kong.
6. Los Angeles - USA
Number of Millionaires: 205,400
Los Angeles, the most populated city in the US state of California, is the center of the nation’s film and television industry and is famously known as the ‘Entertainment Capital of the World’. With around 205,400 millionaires as of 2023, Los Angeles ranks high among the top cities in the world with most millionaires.
Some of the most popular stocks to invest in according to hedge funds include include Amazon.com, Inc. (NASDAQ:AMZN), Microsoft Corporation (NASDAQ:MSFT), and Berkshire Hathaway Inc. (NYSE:BRK-B).
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Disclosure: None. Top 30 Cities in the World with Most Millionaires is published on Insider Monkey.