The United States continues to lead the global millionaire map in 2025, with 11 cities featured in the Top 50 Cities for Millionaires, according to the latest World’s Wealthiest Cities Report by Henley & Partners and New World Wealth.

The fourth edition of the report shows New York holding the top position, with 384,500 high-net-worth individuals, including 818 centi-millionaires and 66 billionaires.

The Bay Area — covering San Francisco and Silicon Valley — follows in second place with 342,400 resident millionaires. While it has fewer millionaires than New York, it now has more billionaires, with 82 in total. The Bay Area also recorded 98% growth in its millionaire population over the past decade, reflecting its position as a global technology centre.

Tokyo retains third place with 292,300 millionaires, while Singapore takes the fourth spot with 242,400. Los Angeles, with 220,600 millionaires — including 516 centi-millionaires and 45 billionaires — now ranks fifth, pushing London into sixth place with 215,700 millionaires, 352 centis, and 33 billionaires.

London and Moscow were the only two cities on the Top 50 list to record negative growth in their millionaire populations over the last 10 years. London saw a decline of -12%, while Moscow dropped -25%, now sitting in 40th place with 30,000 millionaires, 178 centis, and 23 billionaires.

Paris remains in seventh place with 160,100 millionaires, while Hong Kong takes eighth with 154,900, surpassing Sydney, now ninth with 152,900. Chicago, with 127,100, enters the top ten for the first time, pushing Beijing and Shanghai down to 12th and 14th places, respectively.

Dubai’s climb and Asia’s surge

Dubai climbed three places in the rankings, moving from 21st to 18th with 81,200 millionaires. It also recorded one of the highest growth rates over the decade at 102%. Other cities with higher growth than the Bay Area include Shenzhen (28th) with 142% growth, now hosting 50,800 millionaires, and Hangzhou (35th) with 108% growth and 32,200 millionaires.

Shenzhen is emerging as a powerful technology hub in Asia. Andrew Amoils, Head of Research at New World Wealth, said, “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.”

Fastest-growing wealth hubs

Scottsdale in the US leads the fastest-growing wealth hubs with 125% millionaire growth. Bengaluru, often referred to as the “Silicon Valley of India”, recorded 120% growth, followed by West Palm Beach (+112%), Miami (+94%), Washington DC (+92%), and Austin (+90%). Other cities like Warsaw (+83%), Abu Dhabi (+80%), and Riyadh (+65%) also saw significant increases.

Centi-millionaire cities on the rise

The report also identified future centi-millionaire hotspots between 2025 and 2035. Dubai and Abu Dhabi are expected to see their centi-millionaire populations — currently 237 and 75 respectively — more than double in the next decade.

Other cities with projected 100%+ growth include Delhi (125 centis), Bengaluru (43), Warsaw (32), and Athens (42). Smaller locations like St. Julian’s and Sliema in Malta, Lugano in Switzerland, and Riga & Jūrmala in Latvia are also expected to see growth in their centi populations.

African and Central American cities are not in the Top 50, but some are expected to grow significantly. These include Cape Town (34 centis), Marrakesh (14), and Nairobi (10), as well as George Town and Seven Mile Beach in the Cayman Islands, San José and Santa Ana in Costa Rica, and Hamilton Parish in Bermuda.

Read also: Top 10 African Countries with the highest number of Millionaires in 2024

Wealth and migration policies

Dr Juerg Steffen, CEO of Henley & Partners, noted a key trend in 2025: “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.”

Monaco remains the world’s most expensive city, with average prime apartment prices exceeding USD 38,800 per square metre for spaces between 100 and 200 m².

The data shows that cities offering tax advantages, business access, and ease of movement are becoming the preferred locations for the world’s wealthiest individuals.