- Out of top 10 cities with most millionaires, half were found to be in US.
- New York lost 12% of wealthy individuals in 2022.
- Henley & Partners predict China will see a large wealth outflow.
According to a report by Henley & Partners Group, a residency advisory firm, the cities that have the most millionaires are Tokyo from Japan and New York and the San Francisco bay area from the US.
Out of the top 10 cities with the most millionaires, half were found to be in the United States. Data showed, however, that New York lost 12% of these wealthy individuals in 2022.
On the other hand, the San Francisco bay area saw a 4% increase, Bloomberg reported. The fourth on the list was London but it too lost 9% of its high net-worth individuals.
According to the report, millionaires are those who have investable assets worth 1 million dollars or more.
According to New World Wealth cities that are the fastest growing in this aspect in 2022 are Saudi Arabia’s capital Riyadh, and UAE’s Sharjah. Abu Dhabi and Dubai are on the list of the fastest-growing millionaire populations as well. This has been attributed to Russian immigration to UAE.
The ninth and 10th positions are taken by Beijing and Shanghai respectively. Henley & Partners have also predicted that China will see a large wealth outflow.