When you think about rich cities, you may see the brilliant lights of Las Vegas or the grandeur of Monaco. However, many cities around the world are populated by millionaires, and some may surprise you.
According to recent data from Henley & Partners and New World Wealth, we’ve identified the global cities with the largest concentration of very wealthy individuals.
These are the cities with the most millionaires.
1. Zurich, Switzerland – 14.7% of the population
Zurich, a global banking powerhouse and long-time tax shelter, tops the list. It is home to some of the most well-known financial institutions, including Credit Suisse, Julius Baer, and UBS. The city boasts the world’s largest proportion of millionaires, with 88,500 millionaires, including 205 cent millionaires and 10 billionaires, accounting for about 15% of the population. Despite its prestige, Zurich’s number of high-net-worth individuals (HNWIs) has decreased significantly from 105,100 in 2022, indicating a declining attractiveness among the ultra-rich.
2. Geneva, Switzerland – 13.6% of the population.
Geneva is compact but has a high concentration of wealth. It is located in the French-speaking area of Switzerland and has 79,800 high-net-worth individuals. The city has seen a fall from 90,300 HNWIs in 2022, continuing a decade-long trend of rich people leaving the city, owing in part to the country’s highest tax rate of 44.8% for top earnings.
3. Frankfurt, Germany – 11.8% of the population
Frankfurt, as the European Union’s financial hub and home to the European important Bank, is important to the continent’s largest economy. Despite this, the city’s wealthy population has decreased from 117,400 HNWIs to 94,500 since 2021. High tax rates are anticipated to have a role, with incomes beyond €277,826 liable to a 45% levy.
4. Los Angeles, USA – 5.66% of the population.
Los Angeles, best known for its film industry, is also a major financial center. It is home to 212,100 affluent people, including industry titans like director Steven Spielberg. The city’s HNWI population has increased as a result of its ranking as the world’s sixth most desirable financial hub.
5. Chicago, USA – 4.65 percent of the population
Chicago is another American city with a sizable population of wealthy citizens, numbering 120,500. However, there has been a tendency of wealthy inhabitants leaving, such as millionaire Ken Griffin, who migrated owing to concerns about crime and governance.
6. San Francisco Bay Area, USA – 4% of the population
The Bay Area, which includes San Francisco and Silicon Valley, has 305,700 ultra-wealthy people, an increase over the previous year but still below expectations. It remains a major hub for billionaires, with 68 calling it home.
7. Houston, USA – 3.94% of the population
Houston, once one of the fastest-growing cities, has seen its wealthy population fall drastically to 90,900 from 132,600 in 2022. This drop reflects broader national trends in which American millionaires are increasingly seeking alternative passports or residencies due to a variety of sociopolitical reasons.
8. Amsterdam, Netherlands – 3.82 percent of the population.
Amsterdam has recently seen an upsurge in its wealthy population, which now numbers 45,200 HNWIs. Brexit and the city’s appealing investment options for wealthy foreigners are two key factors.
9. New York, USA – 3% of the population
New York continues to have the highest number of HNWIs in the world, at 349,500. It continues to draw the wealthy despite high living costs and tax rises, demonstrating its prominence as a global financial powerhouse.