In Paris and Ile-de-France, every 74th resident is a millionaire.

There have been changes to the latest ranking of cities with the most millionaires in the world. The consultancy that produced it, Henley & Partners, has just published the latest version and compares the data with 2013 data.

Paris and Ile-de-France retain seventh place with 165,000 millionaire residents in 2023 out of 12.2 million inhabitants. This is 12% more than in 2013 and represents one in 74 residents. Henley & Partners defines the term “millionaire” as “a person with investable liquid wealth of one million dollars or more.”

New York has the most millionaires

New York takes first place in the ranking by a large margin from Paris. There are 349,500 millionaires in the Big Apple, or 48% more than ten years ago. Thus, one in 24 New Yorkers owns seven-figure investment wealth among its 8.26 million residents, Bloomberg notes.

“The boom in financial markets in recent years has led to the growth of the world’s wealthiest cities,” analyzes Jürg Steffen, managing director of Henley & Partners.

The San Francisco Bay Area is home to 305,700 millionaires, an increase of 82%. Singapore ranks fourth, just behind Tokyo, with 244,800 millionaires. The 64% jump from 2013 is partly due to millionaires leaving Hong Kong. The former British colony recorded a 4% loss compared to 2013.

Millionaires leaving London

Millionaires are leaving other cities in droves. This is the case in London, where leakage of 10% was recorded over 10 years. The capital of the United Kingdom, which officially left the European Union on February 1, 2020 as a result of Brexit, remains fifth in the ranking with 227,000 millionaires in 2023.

Among the cities recording the highest growth, Beijing (+90%) is in tenth position. In Shenzhen, which is also in China, the number of millionaires has grown by 140% over the past decade. Over the past decade, the number of millionaires has more than doubled in Bangalore (India), Ho Chi Minh City (Vietnam) and Scottsdale (Arizona, USA). Dubai, number one in the Middle East, ranks 21st in the world.