Asia dominates 2023 list of the world’s top 10 wealthiest cities – report

Yamkela Mdaka

News24.com    

The latest global wealth ranking for 2023, published by Henley & Partners in partnership with New World Wealth, shows the top 97 wealthiest cities in the world, based on the concentration of high-net-worth individuals (those with $1 million or more) in those cities.

From the bustling metropolises of Asia to the financial capitals of the United States, the top 10 cities listed in the report are known for their thriving economies, exceptional quality of life and unique cultural offerings.

Here are the top 10 wealthiest cities in the world, according to the report.

Later, we’ll also take a quick look at the wealthiest cities in South Africa.

1. New York 

Unsurprisingly, New York tops the list as the wealthiest city in the world, with 340 000 millionaires (individuals with $1 million or more), 720 centi-millionaires (individuals with $100 million or more) and 58 billionaires. “It is the financial centre of the USA and the wealthiest city in the world by several measures,” the report said, adding that New York was also home to the world’s two largest stock exchanges by market cap (NYSE and the Nasdaq). The city’s number of high net worth individuals went up by 40 percent between 2012 and 2022, Bloomberg reports.

1. Tokyo

The second wealthiest city is Tokyo, with 290 300 resident millionaires, 250 centi-millionaires and 14 billionaires. The report said the city had relatively less billionaires than the other cities on the list, indicating that wealth seemed to be relatively evenly distributed, with “middle classes and lower-tier millionaires controlling most of the city’s capital”.

1. The Bay Area 

With 285 000 millionaires, 629 centi-millionaires and 63 billionaires, the Bay Area – which includes San Francisco and Silicon Valley in the United States – is said to be the third wealthiest city in the world. It has the highest number of billionaires on this list, and that is partly due to the fact that most of the world’s tech companies are based there. These include: Adobe, Apple, Cisco, Facebook (Meta), Google (Alphabet), HP, Intel, LinkedIn, Lyft, Netflix, OpenAI, PayPal, Twitter, Uber, Yahoo, and Zoom,” the report said.

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1. London 

London, the only European city on this top 10 list, boasts 258 000 resident millionaires, 384 centi-millionaires and 36 billionaires. In 2000, London was the top city in the world for millionaires, but it has slipped down the list over the past 20 years,” the report said. “Notwithstanding this, London still contains some of the world’s most exclusive residential suburbs, including the likes of Belgravia, Chelsea, Hampstead, Knightsbridge, Mayfair, Regents Park and St. Johns Wood.”

1. Singapore 

Often touted as one of the best Asian cities to live because of its public services, infrastructure and low crime rates, Singapore has also been listed as the fifth wealthiest city in the world. Home to 240 100 millionaires, 329 centi-millionaires and 27 billionaires, Fortune reports that 13 percent of the city’s population (just over 700 000 individuals) will most likely be millionaires by 2030. “Singapore is widely regarded as the most business-friendly city in the world and is one of the top destinations for migrating millionaires,” the report said. “Approximately 2 800 high-net-worth individuals moved there in 2022.”

1. Los Angeles 

The City of Angels takes the sixth spot, with 205 400 millionaires, 480 centi-millionaires and 42 billionaires. The report said that its figures for this area include wealth held in the City of Los Angeles as well as Beverley Hill and Malibu.

1. Hong Kong 

Similarly to Singapore, Hong Kong is often praised as one of the world’s most business-friendly cities – and, according to the report, is the seventh wealthiest city in the world. The city is said to have 129 500 millionaires, 290 centi-millionaires and 32 billionaires.

“Hong Kong enjoys an open economy with a free market and low taxation; it is an important international finance and trade centre,” the report said, adding that many of Asia’s wealthiest people in business often have Hong Kong as their base.

1. Beijing 

Home to 128 200 millionaires, 354 centi-millionaires and 43 billionaires, China’s capital, Beijing, takes the eighth spot. The city has the third highest number of billionaires on this list, with some of the world’s biggest companies based there.

1. Shanghai 

China’s most populous city, Shanghai, is said to be the ninth wealthiest city in the world. With 127 200 millionaires, 332 centi-millionaires and 40 billionaires, the city is also home to the world’s third-largest stock market by market cap.

1. Sydney 

Last, but certainly not least, is one of Australia’s largest cities, Sydney, reported as the 10th wealthiest city in the world. Sydney has 126 900 millionaires, 184 centi-millionaires and 15 billionaires, and is popular for its exclusive residential suburbs, which are considered to be some of the world’s best.

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“The city has experienced especially strong wealth growth over the past 20 years and is quickly becoming one of the wealthiest cities in the Asia Pacific region,” the report said. “We expect this growth to continue, with Sydney projected to break into the global Top 5 wealthiest cities by 2040.”

Johannesburg the wealthiest city in SA 

The report’s extended list included six South African cities: Johannesburg, Cape Town, Durban, Cape Winelands, the Garden Route, Pretoria and the Whale Coast as the wealthiest cities in the country – in this order.

Johannesburg was listed as the wealthiest city in the country by a significant margin, with 14 600 millionaires, 30 centi-millionaires and two billionaires (by US dollar).

SA’s wealthiest cities

1. Johannesburg: 14 600 millionaires, 30 centi-millionaires, 2 billionaires
2. Cape Town: 7 200 millionaires, 26 centi-millionaires, 1 billionaire
3. Durban: 3 600 millionaires, 10 centi-millionaires, 0 billionaires
4. Cape Winelands: 3 400 millionaires, 15 centi-millionaires, 2 billionaires
5. The Garden Route: 3 000 millionaires, 5 centi-millionaires
6. Pretoria: 2 400 millionaires, 2 centi-millionaires
7. The Whale Coast: 1 100 millionaires, 5 centi-millionaires