New York City Reigns as the World’s Hub for Millionaires

More millionaires call New York City home than anywhere else in the world, according to a report from international wealth migration specialists Henley & Partners.

The Big Apple, which has seen its high-net-worth population jump by 48% over the past decade, is home to 349,500 millionaires, 744 centi-millionaires—those with liquid investable wealth of over US$100 million—and 60 billionaires, according to the firm, which collaborated with data intelligence firm New World Wealth for the analysis.

The city also ranked as the top spot for millionaires last year.

California’s Bay Area, encompassing San Francisco and the tech-mecca of Silicon Valley, ranked second. Wealth in the Bay Area has grown at one of the fastest rates in the world, increasing its number of wealthy citizens by a sizeable 82% over the past decade. It’s now home to 305,700 millionaires, 675 centi-millionaires, and 68 billionaires.

New York and the Bay Area were among 11 areas in the U.S. on the top 50 ranking, making the country the world’s foremost hub of moneyed residents.

Across the pond, London, which ranked as the wealthiest city in the world for many years, tumbled down the ranking, and now sits in fifth place with just 227,000 millionaires, 370 centi-millionaires, and 35 billionaires, a decline of 10% over the past decade, said the report, which was released earlier this week.

Cities with the fastest growing wealth, meanwhile, can be found in China.

Shenzhen’s wealthy population is snowballing most, with their numbers surging by 140% in the last 10 years, the report said.

“Hangzhou has also experienced a massive 125% increase in its [high-net-worth] residents, and Guangzhou’s millionaires have grown by 110% over the past decade,” said Andrew Amoils, head of research at New World Wealth, in the report.

Looking ahead, when it comes to wealth growth potential over the next decade, “cities to watch include Bengaluru, India; Scottsdale, Arizona; and Ho Chi Minh City in Vietnam,” he added. “All three have enjoyed exceptional growth rates of over 100% in their resident millionaire populations over the past 10 years.”

Underpinning the growth of the world’s wealthiest cities has been the robust performance of financial markets of late, from the S&P 500 to Bitcoin, according to Juerg Steffen, CEO of Henley & Partners.

Plus, “rapid advancements in artificial intelligence, robotics, and blockchain technology have provided new opportunities for wealth creation and accumulation,” Steffen said. “Yet, even as new opportunities emerge, old risks persist. The war in Ukraine, which has seen Moscow’s millionaire population plummet by 24% to 30,300, is a stark reminder of the fragility of wealth in an uncertain and unstable world.”

U.K.-listed Intermediate Capital Group plans to sell one of Singapore’s largest independent tertiary education institutions, which could be valued at as much as 700 million Singapore dollars, equivalent to US$526 million, people familiar with the situation said.

The alternative asset management company, which acquired PSB Academy in 2018, is working with corporate advisory firm Rippledot Capital Advisers to explore options, the people said.

ICG and Rippledot declined to comment.

The U.K.-based company, which has $107.0 billion in assets under management as of the end of 2024, acquired PSB Academy from Baring Private Equity Asia for an undisclosed price.

Set up in 1964, PSB Academy currently hosts over 20,000 students each year and offers certification, diploma and degree courses. It has operations across Asia, including Indonesia, China and Sri Lanka.

The Asian education sector has become increasingly attractive to private-equity firms and strategic investors due to rapid urbanization and a fast-growing middle class that can now afford higher education for their children.

In 2021, private-equity firm KKR invested in EQuest Education Group, Vietnam’s largest private education institution. A year before, China Maple Leaf Educational Systems paid S$730.0 million to buy Canadian International School in Singapore.