Which City Leads the World in Millionaires? Analyzing Wealth Distribution Across 50 Global Centers in 2025

When asking which city has the most millionaires, the answer is clear from the latest data: New York City dominates as the world’s premier wealth hub, housing 384,500 millionaires. However, the global wealth landscape reveals a much richer story than any single city can tell. According to the World’s Wealthiest Cities Report 2025 by Henley & Partners, the concentration of high-net-worth individuals has become increasingly diverse, with emerging markets showing explosive growth rates that rival traditional financial centers.

North American Dominance: New York and the Bay Area Lead

New York City remains unchallenged as the millionaire capital, with its 8.5 million residents generating an extraordinary wealth concentration. Beyond the headline figure of 384,500 millionaires, the city hosts 818 centimillionaires (individuals worth $100M+) and 66 billionaires. Over the past decade, from 2014 to 2024, NYC’s millionaire population expanded by 45%.

The Bay Area follows closely as the second-ranking city, with 342,400 millionaires spread across its 7.6 million population. What distinguishes the Bay Area, however, is its remarkable growth trajectory—a stunning 98% increase in millionaires over the same decade, making it one of the fastest-expanding wealth centers globally. The region hosts 756 centimillionaires and 82 billionaires, suggesting deep concentrations of ultra-high-net-worth individuals.

The American Advantage

The United States accounts for a commanding 22% of the top 50 ranking, claiming 11 of the world’s wealthiest cities. Beyond New York and Silicon Valley, American cities dominate middle rankings: Los Angeles (220,600 millionaires), Chicago (127,100), Houston (81,800), and Dallas (72,400) all appear in the global top 30. Washington D.C., Boston, Miami, Austin, and Seattle round out the American representation, each hosting between 28,000 and 53,000 millionaires.

Asian Cities: The New Growth Frontier

The most striking trend in the 2025 data is the explosive expansion of wealth in Asian metropolitan areas. While Tokyo ranks third globally with 292,300 millionaires, its growth rate remains modest at just 4%. The real action occurs in China and emerging Asian economies.

Shanghai and Beijing demonstrate remarkable wealth expansion, with Beijing showing 114,300 millionaires and a 72% growth rate, while Shanghai hosts 110,500 millionaires with a 67% expansion over the decade. Shenzhen, China’s tech hub, presents the most dramatic trajectory—a staggering 142% increase in millionaires since 2014, now concentrating 50,800 high-net-worth individuals.

Other Asian standouts include:

• Singapore: 242,400 millionaires with 62% growth—the world’s most concentrated wealth per capita
• Hong Kong: 154,900 millionaires, though growth has stalled at just 3%
• Seoul: 66,000 millionaires representing a steady 17% expansion
• Mumbai: 51,200 millionaires with an impressive 69% growth rate, reflecting India’s emerging economic power

European Tradition Meets Global Shifts

European cities maintain strong positions but show mixed growth patterns. London ranks sixth globally with 215,700 millionaires but paradoxically experienced a 12% decline in its millionaire population over the past decade—a cautionary note about wealth migration and economic competitiveness.

Paris holds seventh place with 160,100 millionaires and modest 5% growth. Other European centers like Zurich (77,800 millionaires), Frankfurt (80,300), and Geneva (70,200) showcase wealth concentration in traditional banking and finance hubs. Moscow, however, suffered the steepest decline among top cities with a 25% drop in millionaires since 2014.

Emerging Markets Breaking Through

Several cities outside traditional wealth centers have surged into the rankings. Dubai demonstrates explosive growth at 102%, now hosting 81,200 millionaires—a remarkable achievement for a city that rose to prominence only decades ago. Austin’s tech boom translated into 90% growth in its millionaire population, with the Texas city now claiming 32,000 high-net-worth residents. Tokyo and Singapore round out the truly global top tier, each hosting over 200,000 millionaires despite vastly different economic models.

The Data Behind the Rankings

The comprehensive analysis includes centimillionaires (individuals worth $100M+) and billionaires for each city:

Top 10 Wealthiest Cities (by millionaire count):

1. New York City — 384,500 millionaires
2. Bay Area — 342,400 millionaires
3. Tokyo — 292,300 millionaires
4. Singapore — 242,400 millionaires
5. Los Angeles — 220,600 millionaires
6. London — 215,700 millionaires
7. Paris — 160,100 millionaires
8. Hong Kong — 154,900 millionaires
9. Sydney — 152,900 millionaires
10. Chicago — 127,100 millionaires

Global Insights: Where Wealth Is Concentrating

The answer to which city has the most millionaires reveals broader patterns about global economic power. North America’s continued strength, Asia’s explosive expansion, and Europe’s stability each tell different stories about regional economic trajectories. New York’s position as the world leader reflects deep institutional financial infrastructure, while the Bay Area’s rapid growth signals technology-driven wealth creation. Meanwhile, Chinese cities’ double-digit growth rates suggest that global wealth distribution is fundamentally shifting eastward, with implications for everything from real estate markets to geopolitical influence.

For investors, entrepreneurs, and wealth-conscious individuals, these rankings offer valuable perspective on where capital concentrates, where growth accelerates, and where opportunities emerge across the globe.