Top 10 Cities With Highest Number of Millionaires in 2023, Lagos Ranks Low with 5,400

• New York City has the largest gathering of millionaires, according to a report by Henley & Partners
• The highest-ranking African city is Johannesburg which is at the 56th position with about 14,600 high-net-worth individuals
• Lagos occupies the 72nd position as it is home to about 5,400 high-net-worth individuals

New York City, Tokyo and Bay Area lead on the list of the top 10 wealthiest cities in the world. They each have 340,000, 290,300, and 285,000 dollar millionaire residents, respectively.

The Bay Area also managed to turn out the highest number of billionaires, 63 in all. New York and Beijing followed with 58 and 43 billionaires, respectively.

The data was published by Henley & Partners, a London-based consultancy firm and global leader in residence and citizenship planning, in its World’s Wealthiest Cities Report 2023.

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The survey covered 97 cities across nine regions worldwide, including Europe, Africa, North America, CIC, Middle East, South Asia, East Asia, Southeast Asia and Australasia.

Interestingly, London is the only European city on the top 10 list, as cities in China and the United States dominated. While 10 of the 50 wealthiest cities are in the US, five are in China.

The cities were ranked by considering the number of resident millionaires as of December 31, 2022, using data from New World Wealth, a wealth intelligence firm which tracks the movements and spending habits of high-net-worth individuals with work titles like Founder, Chairperson, CEO, and Director.

The residents' wealth in these cities was divided into three categories - a. Millionaires - persons with a net worth above $1 million; b. Centi-millionaire - persons with a net worth above $100 million; and c. Billionaires - persons with a net worth above $1 billion.

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The top 10 cities are as follows:

New York City

New York City is the most populous city in the United States with a population of about 8.8 million people. It is often referred to the melting pot of the world because of its wide mix of races and nationalities. It is also the most linguistically diverse city in the world as over 800 languages are spoken there.

The city is a massive financial hub and plays host to two of the world’s two largest stock exchanges by market cap (the NYSE and the Nasdaq). According to the report, New York City occupies the number one spot with 340,000 millionaires, 724 centi-millionaires, and 58 billionaires

Tokyo

Tokyo came in second place with 290,300 resident millionaires, 250 centi-millionaires, and 14 billionaires. With a population of about 14 million, the city is the Japanese capital and the most populous city in the Asian country. Tokyo is Japan's economic center and home to almost two scores of companies of the Fortune Global 500 including Sony and Honda.

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The Bay Area

The Bay Area includes Silicon Valley and the city of San Francisco and is home to a very large concentration of Fortune 500 companies in the US. Most of the biggest tech companies in the world are headquartered in the Bay Area.

Some of them are Meta, Apple, Alphabet, LinkedIn, Paypal, Twitter, Yahoo and Uber. Those outside tech industry include Levi's, Wells Fargo and Airbnb. The Bay area has about 285,000 millionaires, as well as 629 centi-millionaires and a high number of billionaires at 63.

London

Two decades ago, London was on top of this list with the most millionaires, but it has slipped to fourth place in 2023. London is a major global city and the largest city in England with a population of about 9 million. London has 258,000 resident millionaires, 384 centi-millionaires, and 36 billionaires.

Singapore

Singapore is a global financial centre. It has a population of about 5.7 million people and a top tourist destination for many across the world. The city-state has 240,100 millionaires, 329 centi-millionaires, and 27 billionaires, according to Henley & Partners' report.

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Los Angeles

Home to 205,400 millionaires, as well as 480 centi-millionaires and 42 billionaires, Los Angeles is the third wealthiest states of the US and 6th in the world. Los Angeles is the second-most populous city in the US after New York City with a populationof roughly 3.9 million residents. The city has a diverse economy with industries in real estate, tech, media, and others.

Hong Kong

Hong Kong is one of the world's top economic and financial hubs. Coming in the seventh position, the Chinese city-state has the highest number of billionaires of any city in Asia. The Hong Kong dollar is the eighth most traded currency in the world and the Hong Kong Stock Market emerging as one of the world's critical stock exchanges. 129,500 millionaires, 290 centi-millionaires, and 32 billionaires reside in Hong Kong.

Beijing

Following in the eighth position is the Chinese city of Beijing with 128,200 resident millionaires, 354 centi-millionaires, and 43 billionaires. Beijing is a highly industrialist city and one of the world's oldest cities. It is home to some of the worl's largest companies and its billionaire population of 43 is only surpassed by New York City and the Bay Area.

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Shanghai

Shanghai, another Chinese city is home to 127,200 millionaires, 332 centi-millionaires, and 40 billionaires. A major player in the booming economy of China, Shanghai is a global center for finance and innovation. The Shanghai Stock Exchange is one of the largest stock exchanges in the world by market capitalization.

Sydney

Over the last two decades, Sydney has grown to become a global economic powerhouse. With a population of about 5 million people, it frequently ranks amongst the most liveable cities in the world. Sydney has 126,900 resident millionaires, 184 centi-millionaires, and 15 billionaires.

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Nigeria ranks low as Lagos takes 4th position in Africa

Despite producing the richest black man in the world, Aliko Dangote, the only Nigerian city that made it to the list is Lagos, coming in the 72nd position with about 5,400 high net-worth individuals.

This is a sharp drop of about 900 from the 6,300 millionaires there were in the Nigeria’s commercial nerve-centre in 2022. The city also has 16 millionaires worth $100 million and above, and then 3 billionaires, according to the report.

The best-ranking African city is Johannesburg coming in the 56th position with about 14,600 high-net-worth individuals.

Cairo (69th) and Cape Town (70th) followed with 7,400 and 7,200 high-net-worth individuals respectively.

Kenya's capital city, Nairobi (74th) rounds up the top 5 from Africa with 4,700 high-net-worth individuals.

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Top 10 African Cities With the Most Millionaires in 2022

In a 2022 report by Legit.ng, Lagos was named the fourth richest city in Africa, with 6,300 persons worth over $1 million and three residents worth more than $1 billion.

This was according to data provided in the Henley Global Citizens report which highlighted the cities of the world where the most millionaires were located.

According to the report, the number of high-net-worth individuals in Lagos increased by 22% from 2021, with 330 people now having fortunes worth more than $10 million and 20 having fortunes worth more than $100 million.

Source: Legit.ng