New York Metropolis and Hangzhou are the world’s wealthiest cities contemplating variety of HNWIs and millionaire inhabitants progress.
A brand new report on wealth progress in a number of the world’s largest cities has revealed new figures for the world’s wealthiest cities. In keeping with London-based funding migration consultancy agency, Henley & Companions, there’s nonetheless some progress in millionaire numbers in a number of cities regardless of a biting recession. The report makes use of information recorded as much as December final yr.
In keeping with Henley & Companions, New York Metropolis has the best variety of excessive internet value people (HNWI) with at the very least $1 million, at 340,000. It additionally has the best variety of centi-millionaires (minimal of $100 million) at 724, and is considered one of 15 US cities on the checklist. Nonetheless, New York Metropolis falls second for the town with the best variety of billionaires at 58, behind The Bay Space in California, at 63.
The World’s Wealthiest Cities and Their Metrics
Henley & Companions additionally printed a note from the Head of Analysis on the South African wealth intelligence agency, New World Wealth. In keeping with Andrew Amoils, a number of components contribute to every metropolis’s place on the checklist. As an illustration, New York Metropolis is the “monetary heart of the USA” and in addition hosts the NYSE and the Nasdaq, the 2 largest stock exchanges by market cap as of 2022. The town additionally has a number of the world’s most unique areas, reminiscent of Manhattan’s fifth Avenue, the place some flats promote for greater than $27K per sq. meter.
The report places China’s Hangzhou as the town with essentially the most HNWI progress from 2012 to
2022. Though Hangzhou has 30,400 HNWI, this quantity grew 105% within the said interval. Austin carefully follows Hangzhou at 102%, and Shenzhen at 98%. Arizona’s Scottsdale and India’s Bengaluru tie for fifth place at 88%, slightly below Florida’s West Palm Seashore at 90%.
Austin’s place isn’t a surprise, contemplating that a number of tech corporations have just lately moved to the town. Scottsdale additionally attracts HNWIs and retirees as a result of it has a couple of golf and way of life estates.
London is the one European metropolis that made it to the 2023 checklist, though it’s within the backside 10 for HNWI progress. Amoils stated London was the world’s high metropolis for millionaires in 2000. Whereas it at the moment has 258,000 resident millionaires, the report reveals that the variety of HNWI within the metropolis has fallen by 15% during the last 10 years. Curiously, London is the world’s number one crypto hub.
Different cities within the high 10 embrace China’s Guangzhou, Sharjah within the UAE, Vietnam’s Ho Chi Minh Metropolis, and India’s fourth most populous Hyderabad.
Recorded Declines
Along with London, a number of different cities have declined since 2012. In keeping with the report, Moscow is the town with essentially the most important loss within the variety of HNWI, at 44%. South Africa’s Johannesburg misplaced 40%, whereas St. Petersburg, one other Russian metropolis, is down 38%. Whereas Russia’s decline could also be traced to the battle with Ukraine, this issue could not account for millionaires presumably misplaced earlier than the invasion in February 2022. Different cities within the backside 10 embrace South Africa’s Pretoria and Turkey’s Istanbul, each dropping 35%, with Nigeria’s Lagos dropping 30% and Angola’s Luanda dropping 28%.
Tolu is a cryptocurrency and blockchain fanatic primarily based in Lagos. He likes to demystify crypto tales to the naked fundamentals in order that anybody wherever can perceive with out an excessive amount of background information.
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