An IMGW News Feature
The ‘World’s Wealthiest Cities Report 2024‘ by Henley & Partners, in collaboration with New World Wealth, provides a comprehensive analysis of cities with the highest concentrations of high-net-worth individuals (HNWIs). The report ranks cities based on the number of resident millionaires, centi-millionaires, and billionaires, highlighting trends, growth rates, and regional shifts in wealth distribution.
“The report also highlights the remarkable rise of microstates and smaller nations as attractive destinations for the wealthy.
Countries like Monaco, Malta, and Mauritius, despite their small geographic sizes, are attracting a significant number of millionaires, ranking alongside much larger G7 members and oil-rich countries.”
Leading Cities in Wealth
- New York City: Retaining its position as the wealthiest city globally, New York boasts 349,500 millionaires, 744 centi-millionaires, and 60 billionaires. The total wealth held by its residents exceeds USD 3 trillion, surpassing the total wealth of many G20 countries.
- Bay Area (San Francisco and Silicon Valley): Ranking second, the Bay Area has experienced an 82% growth in its millionaire population over the past decade. It is now home to 305,700 millionaires, 675 centi-millionaires, and 68 billionaires.
- Tokyo: Despite a 5% decline in its HNWI population over the past decade, Tokyo remains in third place with 298,300 millionaires.
- Singapore: Rising to fourth place, Singapore has seen a 64% increase in millionaires over the past decade, with 244,800 millionaires, 336 centi-millionaires, and 30 billionaires.
- London: Formerly the wealthiest city in the world, London has fallen to fifth place due to a 10% decline in its wealthy population. It currently has 227,000 millionaires, 370 centi-millionaires, and 35 billionaires.
- Los Angeles: With 212,100 millionaires, 496 centi-millionaires, and 43 billionaires, Los Angeles has climbed to sixth place, showing a 45% growth in its wealthy population over the past decade.
- Paris: The wealthiest city in mainland Europe, Paris retains its seventh position with 165,000 resident millionaires.
- Sydney: Now in eighth place, Sydney has 147,000 HNWIs, reflecting significant wealth growth over the past two decades.
Notable Trends and Insights
- Market Performance: Financial markets have greatly influenced wealth growth. The S&P 500’s 24% gain, the Nasdaq’s 43% surge, and Bitcoin’s 155% rally have bolstered investor fortunes. Technological advancements in AI, robotics, and blockchain have also created new wealth opportunities.
- China’s Millionaire Boom: China has five cities in the Top 50 Wealthiest Cities ranking, with Beijing entering the Top 10 for the first time following a 90% growth in its millionaire population over the past decade. Shenzhen, the fastest-growing city for the wealthy, has seen a 140% increase in millionaires.
- Middle East Growth: Dubai is the wealthiest city in the Middle East, with a 78% increase in its millionaire population over the past decade. Although Abu Dhabi has not yet made the Top 50, its 75% growth rate suggests future potential.
- Africa and South America: No cities from these continents made the Top 50, but rising stars like Nairobi and Cape Town are noted for significant millionaire population increases, driven by booming tech ecosystems and growing middle classes.
Why Millionaire Migration Matters
Approximately 128,000 of the world’s millionaires are projected to migrate to a new country in 2024, with the UAE and the USA topping the list of destinations. The migration of millionaires has profound implications for host countries, offering numerous economic benefits:
- Forex Revenue: Migrating millionaires bring significant foreign exchange (forex) revenue as they transfer substantial wealth to their new country. For example, a migrant bringing USD 10 million is akin to the country generating USD 10 million in export revenue.
- New Business Ventures: Around 20% of relocating millionaires are entrepreneurs who often establish new businesses, thereby creating local jobs. This percentage rises to over 60% for centi-millionaires and billionaires.
- Stock Market Boost: Millionaires invest heavily in local stock markets, and some high-net-worth business owners list their companies on local exchanges, enhancing market activity.
- Job Creation: Wealthy individuals create thousands of well-paying jobs through their spending, especially in high-value sectors such as luxury hotels, fine dining, luxury retail, fashion, hi-tech, automotive, prime property, wealth management, and family offices.
The economic contributions of these businesses often extend beyond direct job creation, benefiting the middle class significantly. Companies like Microsoft, Apple, and Tesla, founded by high-net-worth individuals, have created thousands of high-paying jobs in the USA.
Key Insights
- China is experiencing the largest outflow of millionaires, with 13,500 HNWIs expected to leave the country in 2024. This could be due to various factors including political instability, economic concerns, and search for better opportunities abroad.
- India and Russia are also seeing significant outflows, with 8,000 and 6,500 millionaires respectively choosing to relocate.
- On the inflow side, Australia is the top destination, attracting 5,000 millionaires. The country’s strong economy, favorable climate, and quality of life are major draws.
- The USA and Switzerland follow closely, with 4,000 and 3,500 millionaires respectively moving to these countries.
- Canada and Singapore are also popular destinations, attracting 2,000 and 1,500 millionaires respectively.
These patterns reflect broader economic, political, and social trends influencing the movement of the world’s wealthiest individuals.
Economic Gauge
Millionaire migration is a vital indicator of an economy’s health, particularly concerning outflows. A large exodus of millionaires often signals underlying economic or political issues and can foretell future challenges. Wealthy individuals are typically the first to leave in times of crisis, making their migration patterns a critical measure of economic stability.
Reasons for Millionaire Migration
High-net-worth families relocate for various reasons, including:
- Safety and Security: Concerns about personal and family safety.
- Financial Concerns: Seeking favourable tax regimes and stable economic environments.
- Business Opportunities: Access to new markets and business prospects.
- Lifestyle Factors: Preference for better climates, natural beauty, and overall quality of life.
- Education and Healthcare: Superior schooling and healthcare systems for their children and themselves.
- Standard of Living: Higher living standards and better infrastructure.
Emerging Destinations
The following countries missed out on the Top 10 inflows list but are worth watching due to their strong potential to attract millionaires in the future. All of them are projected to see net inflows of over 200 millionaires in 2024. Four members of the Safe Haven 8 feature on this list.
- Saudi Arabia: +300 millionaires
- Malta: +250 millionaires
- Mauritius: +250 millionaires
- Monaco: +200 millionaires
- Spain: +200 millionaires
- France: +200 millionaires
- New Zealand: +200 millionaires
These are provisional figures for the full year 2024, based on year-to-date HNWI movements to June 2024. Figures are rounded to the nearest 50. ‘Millionaires’ or ‘HNWIs’ refer to individuals with liquid investable wealth of USD 1 million or more.
Trends in Millionaire Migration (2013-2025)
The data reflects the total number of millionaires who have moved to a new country since 2013 — namely, those who have relocated and remained in their new country for longer than six months. There was a steady growth trajectory until 2020, when the Covid-19 pandemic hampered the migration and tracking of millionaires on the move. Recovery commenced rapidly in 2022 with record migration flows recorded in 2023. The 2024 provisional figures and 2025 forecasts indicate continued growth.
| Year | No. of millionaires that migrated |
|---|---|
| 2013 | 51,000 |
| 2014 | 57,000 |
| 2015 | 64,000 |
| 2016 | 82,000 |
| 2017 | 95,000 |
| 2018 | 108,000 |
| 2019 | 110,000 |
| 2020 | 12,000 |
| 2021 | 25,000 |
| 2022 | 84,000 |
| 2023 | 120,000 |
| 2024 (Provisional) | 128,000 |
| 2025 (Forecast) | 135,000 |
Conclusion
The 2024 report underscores the dynamic nature of global wealth distribution, driven by market performance, technological innovation, and geopolitical events. Traditional wealth hubs like New York and London continue to dominate, but emerging cities, especially in China and the Middle East, are rapidly climbing the ranks. This shift reflects the broader economic transformation and the increasing globalization of wealth.
“Approximately 128,000 of the world’s millionaires are projected to migrate to a new country in 2024, with the UAE and the USA topping the list of destinations.”
The significant outflows of millionaires from countries such as China, India, and Russia highlight potential underlying economic or political challenges in these regions. Conversely, the strong inflows into countries like Australia, the USA, and Switzerland indicate their continued appeal as safe and prosperous destinations for high-net-worth individuals. These migration patterns offer critical insights into the health and stability of global economies.
The report also highlights the remarkable rise of microstates and smaller nations as attractive destinations for the wealthy. Countries like Monaco, Malta, and Mauritius, despite their small geographic sizes, are attracting a significant number of millionaires, ranking alongside much larger G7 members and oil-rich countries. This phenomenon underscores the importance of favorable economic policies, high standards of living, forward-thinking legislation, and stable political environments in attracting high-net-worth individuals.
Migration of millionaires brings substantial economic benefits to host countries, including foreign exchange revenue, new business ventures, stock market boosts, and job creation. As high-net-worth individuals seek better opportunities and environments, their movements will continue to shape the economic fortunes of both their countries of origin and their new homes.
Understanding these patterns is crucial for policymakers, businesses, and investors looking to navigate the complexities of global wealth dynamics. Countries that can attract and retain wealthy individuals will likely see enhanced economic growth, innovation, and overall prosperity.
The trends highlighted in this report, coupled with the detailed data available on platforms like the Henley Private Wealth Migration Dashboard, provide valuable tools for understanding and responding to these global shifts. Monitoring these changes and adapting to evolving trends will be key to maintaining and enhancing global economic stability and growth.