10 Cities for the Rich
Henly & Partners has released its annual World’s Wealthiest Cities Report for 2023. It gives us a rare insight into where the churn of high net worth individuals are coming from, and more importantly, where they’re going.
According to Dr. Juerg Steffen, CEO of Henley & Partners, “Wealthy families gravitate to the world’s leading and fastest growing wealth hubs for a range of different reasons including their world-class healthcare, their proximity to top-ranking universities, their socio-political stability, or their investor-friendly incentives.” In a post Covid climate Switzerland became a desirable location to move to for healthcare and lifestyle reasons, as well as it’s tasty tax incentives. Dubai, as expected, is the Middle East’s hotspot for big money individuals. There officials have put in place a UAE Residence by Investment program which gives 10 year renewable residency permits to retain talent in the country. A similar investment visa is open in the States for anyone willing to drop a million dollars into a business that generates ten local full time employees. Asia is represented by Tokyo with Singapore growing hot on Japan’s heels. A little closer to home the top ten list is rounded off by Sydney, Australia.
This year the highest concentrated growth of HNWI’s goes to Hangzhou in China that had 105% growth.
In terms of holidaying hotspots for the ultra wealthy USA, France, and Portugal are the go-tos. Miami beachfronts and the Hamptons blow up in the Summer. Paris comes as no surprise, although I’m wondering whether that will be the case this and next year. I’ve heard that the national pastime of “arson and rioting” is really in full swing recently. Behind Paris Nice comes in at second for French hotspots. Nice!
Auckland comes 38th on the list with 24,500 high net worth individuals, just above Abu Dhabi and just below Madrid. I’m sure if we dig up some hills in Queenstown we could scrounge up a couple more HNWI’s. They’re hiding out like heavily fortified potatoes down there.
10. Australia
Sydney
126,900 HNWI
184 Centi-millionaires
15 Billionaires
9. China
Shanghai
127,200 HNWI
332 Centi-millionaires
40 Billionaires
8. China
Beijing
128,200 HNWI
354 Centi-millionaires
43 Billionaires
7. Hong Kong
Hong Kong
129,500 HNWI
290 Centi-millionaires
32 Billionaires
6. USA
Los Angeles
205,400 HNWI
480 Centi-millionaires
42 Billionaires
5. Singapore
Singapore
240,100 HNWI
329 Centi-millionaires
27 Billionaires
4. UK
London
258,000 HNWI
384 Centi-millionaires
36 Billionaires
3. USA
The Bay Area
285,000 HNWI
629 Centi-millionaires
63 Billionaires
2. Japan
Tokyo
290,300 HNWI
250 Centi-millionaires
14 Billionaires
1. USA
New York City
340,000 HNWI
724 Centi-millionaires
58 Billionaires