The latest World’s Wealthiest Cities Report 2025 has reaffirmed the dominance of the United States in the global wealth arena, with an impressive 11 cities making it onto the Top 50 Cities for Millionaires list.

New York City firmly holds the top spot, boasting an astounding 384,500 high-net-worth individuals, which includes 818 centi-millionaires—those with liquid investable wealth exceeding USD 100 million—and 66 billionaires.

Following closely is the Bay Area—comprising San Francisco and Silicon Valley—ranked second with 342,400 resident millionaires. Notably, this area is not only home to more billionaires than the Big Apple, with 82 residents, but it has also witnessed a remarkable millionaire growth rate of 98% over the past decade, solidifying its reputation as a dynamic epicentre of technological wealth creation.

Wealth accumulation

The report, published by Henley & Partners in partnership with New World Wealth, offers insights into wealth trends and migration patterns across globe's affluent cities. It highlights that only a handful of locations are outperforming the Bay Area in millionaire growth rates, including Shenzhen, Hangzhou, and Dubai, each representing burgeoning centres of wealth accumulation.

In the context of wealth movement, Dubai has made significant strides, rising from 21st to 18th place, home to 81,200 resident millionaires, including 237 centi-millionaires and 20 billionaires. Andrew Amoils, Head of Research at New World Wealth, points out that cities fostering entrepreneurship and offering investment migration programmes are well-positioned to attract affluent individuals.

Tokyo and Singapore follow New York and the Bay Area, securing the third and fourth spots, respectively, with 292,300 and 242,400 millionaires. In contrast, Los Angeles surpasses London for the first time, claiming 5th place with 220,600 millionaires, while the UK capital slips to sixth place, experiencing a decline in its millionaire population.

Losers in billionaires

London and Moscow stand out as the biggest losers in billionaires, both cities grappling with significant decreases in high-net-worth individuals over the last decade—12% and 25% respectively—raising concerns about their status as global financial hubs. Paris and Hong Kong round out the top eight, with Sydney slipping down to ninth place.

Several cities also capture attention for their rapid growth. Miami, Austin, and Washington DC are among the US cities boasting remarkable increases in millionaire concentrations, attributed to their favourable tax regimes and booming tech sectors. The report indicates a pronounced trend towards locations that offer investment freedom combined with lifestyle advantages.

Dr. Juerg Steffen, CEO of Henley & Partners, elaborates on the characteristics driving city success, emphasising robust legal frameworks and sophisticated financial infrastructure as critical elements. The intertwining of high-growth municipalities with residence by investment programmes is crucial to attracting mobile capital worldwide.

Popularity in small cities

Mid-sized cities such as Bengaluru and Warsaw, attributed to booming tech industries and favourable investment policies, are also positioned for explosive growth in their centi-millionaire populations in the coming decade. This shift reflects a strategic pivot towards developing new centres of wealth across different global regions.

Interestingly, the report identifies the increasing popularity of smaller cities that offer creative investment migration pathways as a means for wealthy individuals to acquire residential rights, paired with substantial investments. This trend appears particularly pronounced in emerging areas of the Mediterranean and the Middle East, including locations in Malta and the UAE.