An IMGW News Feature Article
The global landscape of wealth is undergoing a notable transformation as cities around the world jockey for position in the ranks of the wealthiest. In 2025, the United States continues to assert its dominance, with a significant portion of the world’s wealthiest individuals calling American cities home. New York leads the pack, housing a staggering 384,500 high-net-worth individuals, including hundreds of centi-millionaires and billionaires. Close behind is the Bay Area, encompassing San Francisco and Silicon Valley, which has seen explosive growth, with an increase in millionaires of nearly 100% over the past decade.
However, the rankings are not without surprises. Cities such as Shenzhen, Hangzhou, and Dubai have risen dramatically, recording some of the highest growth rates in wealth, while traditional centres like London and Moscow have seen significant declines. This shift highlights the evolving nature of global wealth, driven by factors such as emerging tech ecosystems, favourable investment climates, and changing economic dynamics. These findings are drawn from the latest World’s Wealthiest Cities Report*, which provides an in-depth analysis of these trends.
“Smaller cities, such as St. Julian’s and Sliema in Malta and Lugano in Switzerland, are emerging as unexpected wealth havens, with centi-millionaire populations set to more than double by 2035”
Shifting Dynamics: The Winners and the Surprises
The list of the world’s wealthiest cities is not static, with several cities experiencing significant rises. Shenzhen leads the charge, with millionaire numbers soaring by 142% over the past decade, bringing its total to 50,800. Hangzhou and Dubai also make impressive strides, with millionaire growth of 108% and 102%, respectively, and are now key players on the global stage. Dubai’s leap from 21st to 18th place this year is the most notable jump in the report, driven by its business-friendly policies and appeal to global investors, now home to 81,200 millionaires, 237 centi-millionaires, and 20 billionaires.
Meanwhile, the most notable drop is Seoul, which fell from 19th to 24th place, suffering a decline in its millionaire population. But the real losers in this edition are London and Moscow, two cities that have seen their millionaire populations shrink significantly over the past decade. London’s numbers dropped by 12%, with just 215,700 millionaires, while Moscow experienced an even steeper decline, down 25%, and is now ranked 40th, with only 30,000 millionaires. This downturn highlights the shifting economic and political dynamics in both cities, with global wealth moving to more attractive, growing hubs.
The Rise of the Rest: Tech Hubs and Emerging Markets
“We’re seeing a clear trend: cities with robust legal frameworks, world-class financial infrastructure, and residence-by-investment programs are winning the competition for mobile capital. In fact, seven of the top 10 wealthiest cities are located in countries with residence-by-investment programs.”
While the US and traditional European wealth centers continue to dominate, several emerging cities are witnessing explosive growth in millionaire populations. Beyond Shenzhen, Hangzhou, and Dubai, cities like Bengaluru in India (+120%), Miami in the US (+94%), and Abu Dhabi (+80%) stand out for their high growth rates. These cities are becoming increasingly attractive to the world’s ultra-wealthy, largely due to thriving tech ecosystems, favourable tax policies, and growing investment opportunities.
In the US, other cities such as Scottsdale (+125%), West Palm Beach (+112%), and Washington DC (+92%) have seen substantial increases in millionaire numbers. These cities are benefiting from a combination of low taxes and the rising appeal of secondary cities for those seeking a more favourable cost of living, alongside proximity to major financial and political hubs.
Centimillionaire Hotspots: The Future of Global Wealth
Looking beyond the established wealth centers, the report highlights the cities where centi-millionaire populations (those worth more than USD 100 million) are projected to grow the most over the next decade. Dubai and Abu Dhabi are set to experience the most significant increases, with their centi-millionaire populations projected to more than double by 2035. This explosive growth underscores the importance of the Middle East as a wealth hub, driven by tax advantages and the cities’ increasing roles as global financial centres.
In Asia, Delhi and Bengaluru are poised for similarly impressive growth, reflecting India’s expanding tech ecosystem. European cities like Warsaw (+83% growth in millionaires) and Athens are also expected to see significant increases, driven by investment migration and expanding business opportunities in the region. Smaller cities, such as St. Julian’s and Sliema in Malta and Lugano in Switzerland, are emerging as unexpected wealth havens, with centi-millionaire populations set to more than double by 2035.
What’s Driving Wealth Migration?
Dr Juerg Steffen, CEO of Henley & Partners, notes that the cities attracting the most wealth are those that blend lifestyle benefits with investment freedom. “We’re seeing a clear trend: cities with robust legal frameworks, world-class financial infrastructure, and residence-by-investment programs are winning the competition for mobile capital. In fact, seven of the top 10 wealthiest cities are located in countries with residence-by-investment programs.”
This trend is exemplified by cities like Dubai, which not only offers tax-free living but also increasingly sophisticated investment migration pathways, making it an irresistible destination for the world’s wealthiest individuals.
The Most Expensive Cities: Where Wealth and Luxury Meet
At the top of the list of the world’s most expensive cities is Monaco, where the average wealth exceeds USD 20 million, and over 40% of the population are millionaires—the highest ratio globally. Monaco also tops the list for prime real estate, with prices exceeding USD 38,800 per square metre for a 100-200 square metre apartment.
New York City ranks second, where prime real estate costs USD 27,500 per square metre, followed by Hong Kong (USD 26,300) and London (USD 24,000). Paris, Saint-Jean-Cap-Ferrat, and other French cities also feature prominently, reflecting the continued allure of luxury living in some of Europe’s most coveted destinations.
*You can access the full report here: Link
