The international investment migration firm Henley & Partners recently released their list of the World’s Top 10 Wealthiest Cities. The organisation decided the rankings based on data provided by the wealth intelligence firm, New World Wealth.
Here is the list of world’s wealthiest cities:
- New York City (USA)
- Tokyo (Japan)
- The Bay Area (USA)
- London (UK)
- Singapore (Singapore)
- Los Angeles (USA)
- Hong Kong(SAR China)
- Beijing (China)
- Shanghai (China)
- Sydney (Australia)
Henley & Partners listed New York as the world’s wealthiest in the world with 340,000 millionaires, while two other American wealth hubs — the San Francisco Bay Area and Los Angeles were ranked third and sixth.
Tokyo, the world’s wealthiest city in the previous decade, is the second wealthiest city in the world with 290,300 millionaires. London, with its 258,000 resident HNWIs, dropped to 4th place.
Singapore, which is considered to be one of the world’s most business-friendly cities, ranked 5th with 240,100 resident millionaires. Australian city Sydney ranked 10th with 126,900 millionaires and the city, according to a press release by the firm, is projected to break into the global top 5 wealthiest cities by 2040.
Hong Kong (129,500 millionaires), Beijing (128,200), and Shanghai (127,200) were ranked 7th, 8th and 9th places, respectively. “Beijing and Shanghai have both climbed the rankings over the past decade, but Hong Kong has taken a tumble, dropping from 4th place in 2012 down to 7th place currently,’ the press release said.
India’s economic hub Mumbai was ranked 21st by the firm. According to the rankings, Mumbai has 59,400 HNWIs, 238 centi-millionaires (individuals with wealth of $100 million or more) and 29 billionaires.
Indian capital New Delhi ranked 36th with 30,200 HNWIs, 121 centi-millionaires and 16 billionaires. Meanwhile, tech and start-up Bengaluru has 8 billionaires, Hyderabad has 5 billionaires and Kolkata has 7 billionaires.
The New World Wealth firm tracks the movements and spending habits of over 150,000 high-net-worth individuals in their in-house database (with a special emphasis on individuals with over USD 10 million in investable assets). They also focus on high-net-worth individuals who have work titles like founder, chairperson, CEO and director.
Using this database, the firm assesses the city wealth breakdowns. The firm also takes into account the public prime property statistics and the number of highly priced homes in each area.
It focuses on the ‘investable wealth’, which includes property, cash and listed company holdings on high net worth individuals (HNWIs).
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