The landscape of global wealth is rapidly shifting, with some of the world’s most dynamic cities emerging as major hubs for millionaires and billionaires.
The 2025 World’s Wealthiest Cities Report, released by Henley & Partners in partnership with New World Wealth, maps this transformation, spotlighting not only traditional centres like New York and Tokyo but also fast-rising stars such as Dubai, Bengaluru, and Scottsdale.
At the top of the list, New York City continues to dominate with 384,500 high-net-worth individuals, including 818 centi-millionaires and 66 billionaires. Its closest competitor, the Bay Area, which includes San Francisco and Silicon Valley, is home to 342,400 millionaires and now hosts more billionaires than New York — 82 in total. Over the past decade, the Bay Area’s millionaire population has grown 98%, a reflection of its unmatched tech industry influence.
Tokyo, holding steady in third place with 292,300 millionaires, is closely followed by Singapore (242,400), and Los Angeles (220,600), which has now overtaken London. The British capital, with 215,700 millionaires, experienced a -12% drop over the past decade, marking it as one of only two cities — alongside Moscow (down -25%) — to record negative growth.
Other familiar names such as Paris, Hong Kong, and Sydney maintain their positions, while Chicago breaks into the top 10 for the first time with 127,100 millionaires, edging out cities like Beijing and Shanghai.
Dubai’s Rise and Asia’s Tech-Driven Boom
The most striking changes, however, are happening outside the traditional Western wealth centres. Dubai has surged from 21st to 18th place, now hosting 81,200 millionaires after recording 102% growth in a decade. This growth trajectory aligns with Dubai’s long-term push to attract global capital and talent.
Shenzhen, ranked 28th, is another major winner with a staggering 142% increase in millionaires, driven by its expanding tech ecosystem.
“Asia’s top tech hub, Shenzhen, is the base city for global tech giants Huawei, Tencent, BYD, DJI and ZTE and has experienced especially strong wealth growth over the past 20 years. It is now arguably the world’s leading city in a number of key tech sub-sectors, including computer hardware, electric vehicles, Wi-Fi dongles, mobile phones, flying drones, 5G, energy units and electronics,” said Andrew Amoils, Head of Research at New World Wealth.
The World’s Fastest-Growing Millionaire Cities
Among the fastest-growing cities by millionaire count, Scottsdale, Arizona, leads globally with 125% growth, followed by Bengaluru (120%), West Palm Beach (112%), Miami (94%), and Washington, DC (92%). These emerging centres benefit from favourable tax policies, tech sector investment, and rising global mobility.
Meanwhile, cities like Warsaw (83%), Abu Dhabi (80%), and Riyadh (65%) also posted strong upward trends — signalling a diversification of global wealth centres beyond the traditional economic capitals.
Centi-Millionaire Hotspots for the Next Decade
Looking ahead, the report forecasts a doubling of centi-millionaire populations (individuals worth \$100 million or more) in several cities by 2035. Among them are Dubai (237 centis) and Abu Dhabi (75), which are expected to maintain their growth trajectory.
Other projected high-growth centi hubs include Delhi (125), Bengaluru (43), Warsaw (32), and Athens (42). Smaller enclaves like St. Julian’s and Sliema in Malta, Lugano in Switzerland, and Riga & Jūrmala in Latvia are also expected to see notable increases.
Why the Rich Are Moving
According to Dr. Juerg Steffen, CEO of Henley & Partners, “These urban centres share common DNA — robust legal frameworks, sophisticated financial infrastructure, and perhaps most critically, investment migration programs that welcome global talent and capital. Seven of the Top 10 wealthiest cities are in countries with residence-by-investment programs, creating direct pathways for entrepreneurs and investors seeking access to these wealth hubs.”
Wealth is also chasing lifestyle, infrastructure, and fiscal advantages. Monaco still holds the title of the most expensive city globally, where prime apartments cost over $38,800 per square metre, reinforcing its elite status.
As millionaires and billionaires rethink where to plant roots, cities that offer tax efficiency, international mobility, tech innovation, and investment-driven residency options are becoming the new epicentres of wealth creation and concentration.
