The world's wealthiest cities are an ever-changing group of metropolitan areas where the number of super-rich people can surge or shrink over the course of just a few years. Using the latest data collated by Henley & Partners and New World Wealth, we've ranked the 20 world cities with the largest numbers of High Net Worth Individuals (HNWIs) - people worth $1 million or more.
Read on to discover the cities where you're most likely to find millionaires, centimillionaires – people with at least $100 million (£74m) – and billionaires in 2026.
All dollar amounts in US dollars
Zurich is one of the banking capitals of the world – and historically a tax haven too. As well as hosting some of the world's biggest financial companies, the canton is home to a significant number of super-rich residents: 77,800 millionaires, of which 180 are centimillionaires and 10 are billionaires.
In recent years, Zurich's total number of HNWIs has fallen significantly from 105,100, a loss of 27,300 since 2022, so it's clearly losing favour with super-rich residents.
Germany has the largest economy in Europe and, as the home of the European Central Bank, Frankfurt has been the financial hub of the EU for years. However, according to Henley & Partners and New World Wealth, the number of super-rich people living in the city has been falling in recent years – and this trend has continued in the most recent data, with the city's HNWI population dropping from 94,500 in 2024 to 80,300 today. This is despite reports that British millionaires have been relocating from the UK in the wake of Brexit, with Frankfurt supposedly a popular destination.
It could be that high tax rates are to blame for the recent decline. Super-rich residents of Frankfurt are subject to Germany's 'rich tax' (Reichensteuer), which sees people with an income of over €277,826 lose 45% of their money to income tax.
Dubai has emerged as one of the world's fastest-growing wealth destinations. The city now has more than 81,200 millionaires (including 237 centimillionaires and 15 billionaires), driven by its role as a regional financial hub and its appeal to wealthy migrants from Europe, Asia and the Middle East.
Its rapid rise has been fuelled by low taxation, luxury property development, business-friendly policies and investment programmes designed to attract entrepreneurs and investors. The city's millionaire population has grown dramatically over the past decade, making it one of the clearest examples of a new global wealth hub. However, it remains to be seen how the ongoing conflict in the region will affect its super-rich population numbers.
Houston might be "one of the world's fastest-growing cities", according to Henley & Partners and New World Wealth, but its rich population has come crashing down. In 2022, 132,600 HNWIs called Houston home. Today, that number is just 81,800, including 210 centimillionaires and 16 billionaires.
The rapid decline comes after years of growth, and this could be part of a national trend; according to Henley & Partners, American millionaires are more likely than their counterparts around the world to seek a second passport or alternative residence, with factors such as "civil unrest and brazen political attacks on democracy... coupled with eroding social cohesion" suggested as the root cause.
Melbourne – which has technically overtaken Sydney as Australia's most populous city – is HQ to some of the nation's largest businesses, including the ANZ banking group, and the mining and metals corporations BHP and Rio Tinto. It's currently home to 94,000 millionaires, 108 centimillionaires and 12 billionaires.
The city’s wealth is built on a diverse economic base spanning finance, property, healthcare, education, technology and professional services. Melbourne has also attracted wealthy residents from across the world thanks to its universities, cultural reputation and high quality of life. Its strong property market has helped create substantial fortunes, while its appeal as a place to live has supported continued wealth migration.
Toronto is home to 108,400 super-rich people, an increase of 2,100 from 2024. Among this new total are 184 centimillionaires and 20 billionaires. Toronto is currently the only Canadian city on this list. However, this might change in the future as the nation is behind one of the most forward-thinking investment migration programs.
Also known as a "golden visa" program, the scheme is designed to incentivise HNWIs to move to Canada from overseas. Whereas many countries specify a minimum amount of money a migrant must invest in the local economy, Canada's entry requirements state they must have an "innovative start-up business." The city has already benefited from decades of immigration, attracting highly skilled professionals, entrepreneurs and investors from around the world.
Shanghai is the financial capital of China and the country's largest city. It's home to over 30 million people, and just over 110,000 of them are HNWIs, with 293 centimillionaires and 35 billionaires.
However, Shanghai is seeing a drop in its number of HNWIs. Its super-rich population tumbled by 5% from 2021 to 2022, with a further 2,900 rich people fleeing the city between 2022 and 2023. According to the latest report, the number of HNWIs has since dropped further from 127,200 to 110,500. This drop has been attributed to the large number of wealthy Chinese people who are moving their assets out of the country, with many choosing to relocate their wealth to nearby Singapore.
The Osaka–Kyoto–Kobe region is Japan's fastest-growing wealth centre, now boasting 112,200 millionaires, 128 centimillionaires and 12 billionaires. This is largely driven by its technology sector, which hosts giants like Nintendo and Panasonic.
Osaka has traditionally been known as Japan’s merchant city, with deep roots in manufacturing, trade and entrepreneurship. Kyoto adds a strong base of tourism, traditional industries and technology companies, while Kobe remains an important port and business centre.
Beijing has become one of the world’s largest wealth centres, with 114,300 millionaires, 316 centi-millionaires and 38 billionaires. The Chinese capital has experienced rapid wealth creation over the past decade, with millionaire numbers increasing by 72% between 2014 and 2024.
The city’s wealth is linked to technology, finance, state-owned enterprises and entrepreneurship. Beijing is home to many of China’s largest companies and has produced some of the country’s biggest fortunes, particularly in technology and consumer industries.
Milan is one of Europe's most surprising wealth hotspots. Italy's financial and business capital has around 115,000 millionaires (of whom 190 are centimillionaires and 10 are billionaires), giving it one of the highest concentrations of wealthy residents anywhere in Europe. The city is home to the country's largest companies, its stock exchange, major banks and many of the world's leading fashion houses.
While Milan does not have the same global reputation as London, Paris or Zurich, it has long attracted entrepreneurs, investors and high-net-worth individuals thanks to its combination of luxury industries and cultural appeal. Its position as the heart of Italian design and fashion — alongside strong property demand in affluent districts — has helped cement its status as a millionaire hub.
The second American city in the top 20 is Chicago, with a HNWI population of 127,100. This figure includes 295 centimillionaires and 25 billionaires.
The city remains one of the world’s most important commercial hubs, home to major financial exchanges and global companies. Chicago has also benefited from its central location and relatively lower costs compared with coastal US cities, helping it remain attractive to businesses and wealthy professionals.
Sydney is Australia's richest city by a considerable margin, with more than 152,900 millionaires living across its metropolitan area. It's seen quite a spike in its HNWI population. According to Henley & Partners, there were 126,900 millionaires living in Sydney in 2023, which means over 25,000 have made the city their home in recent years. It's now home to 224 centimillionaires and 22 billionaires too.
The city's wealthy population has been boosted by strong migration, particularly among entrepreneurs and investors from China and other parts of Asia. Sydney's beaches, climate, political stability and high quality of life have also made it a popular destination for affluent expatriates.
Hong Kong is home to 154,900 HNWIs, including 346 centimillionaires and 40 billionaires. Hong Kong's attractive tax system has helped strengthen its appeal as a global wealth hub. The city has a relatively low personal income tax burden, with salaries tax capped at 15%, and does not levy capital gains tax, VAT, wealth tax or net worth tax. There is also no estate tax or gift tax, while dividends paid by Hong Kong companies are not subject to withholding tax.
These policies, combined with Hong Kong's role as a major financial centre and gateway to mainland China, have helped attract wealthy individuals, investors and family offices from across Asia and beyond.
It might be known as the city of love, but Paris also bears the distinction of being one of the wealthiest cities in the world, with 160,100 HNWIs based in the city and its surrounding metropolitan area. This figure includes 277 centimillionaires and 22 billionaires, with Bernard Arnault – the chairman and CEO of luxury goods empire LVMH, who has a staggering net worth of $146 billion (£109bn) and is currently the ninth-wealthiest person on the planet – the richest among them.
The French capital's wealth is closely linked to industries such as fashion, cosmetics, luxury retail and corporate headquarters. Although taxes and regulation have encouraged some wealthy residents to leave France, Paris continues to attract international investors and entrepreneurs.
London was the world's wealthiest city for many years, although its HNWI population has dwindled. In recent years, the number of London-based HNWIs has fallen from 272,400 to 215,700. Its centimillionaire and billionaire populations have also fallen year-on-year, to 352 and 33 respectively.
Henley reports that the city was one of only two major wealth centres to record a decline in millionaire numbers over the past decade, alongside Moscow. Rising taxation, Brexit-related uncertainty and competition from cities such as Dubai and Singapore have contributed to some wealthy individuals relocating elsewhere.
Home to Hollywood, Los Angeles boasts 220,600 super-rich people among its residents. Of these, 516 are centimillionaires while 45 are billionaires. These include the director Steven Spielberg, who has a net worth of $7.1 billion (£5.3bn).
According to the numbers, LA is one of the few cities on this list that's seen an increase in its HNWI population. Data from Henley & Partners and New World Wealth in 2024 showed the city boasted 212,100 HNWIs, including 496 centimillionaires and 43 billionaires. That means an additional 8,500 rich people now live in the city – but why?
Hollywood remains an important source of wealth, but LA's millionaire population increasingly reflects a broader economy that includes aerospace, software, healthcare and venture capital. The city's climate and lifestyle appeal have also attracted wealthy residents from across the United States.
Singapore is home to 242,400 HNWIs, including 333 centimillionaires and 30 billionaires. Henley & Partners and New World Wealth have previously described the city as "one of the top destinations for migrating millionaires". Its wealthy population has grown by 62% over the decade to 2024, reflecting its growing appeal among global investors and entrepreneurs.
The city has benefited from its role as a gateway between East and West, combining political stability, world-class infrastructure, a strong financial sector and business-friendly policies. Singapore has also attracted wealthy families and investment firms seeking a base in Asia, helping it compete with traditional financial centres such as Hong Kong and London.
Tokyo has one of the world's largest millionaire populations, ranking among the global leaders in absolute numbers. However, because it is the world's largest metropolitan area, wealthy residents represent a smaller share of the overall population.
Tokyo is home to 292,300 super-rich people (including 262 centimillionaires and 18 billionaires). Its overall high net worth individual (HNWI) population has dropped by 8,000 over the last few years. Henley & Partners and New World Wealth have previously highlighted Tokyo's comparatively small number of billionaires as evidence of a more even wealth distribution.
The San Francisco Bay Area is home to 342,400 super-rich people, an increase from 305,700 the previous year and 285,000 before that. But while the number of HNWIs is rising, it's not yet reached the heights Henley & Partners and New World Wealth were expecting...
In its 2022 report, Henley & Partners and New World Wealth revealed they believed the region, which includes San Francisco and Silicon Valley, would boast more rich residents than any other city by 2024. While this has yet to be realised, the Bay Area does boast the highest number of billionaires. It's home to 86 at the last count, up from 68 in 2024.
When it comes to sheer numbers, New York has the most HNWIs of anywhere in the world with 384,500, an increase of 35,000 over the last year. This includes 818 centimillionaires and 66 billionaires, up from 744 and 60 respectively.
Its wealth is also remarkably diverse. New York has one of the world's largest concentrations of billionaires and centimillionaires, ranging from hedge fund managers and private equity executives to entrepreneurs and property investors.
Although its share of millionaires is lower than smaller wealth hubs such as Geneva or Singapore, its sheer scale makes it the world's most important millionaire city.
Now discover the world’s most expensive countries to live in