According to the Henley & Partners’ 2024 World’s Wealthiest Cities Report, New York City tops the list of the world’s wealthiest cities, boasting an economy valued at approximately £1 trillion in 2023. The city is home to 349,500 millionaires, 675 centi-millionaires (worth at least £100 million), and 60 billionaires. New York’s economy is primarily driven by Wall Street, with the New York Stock Exchange (NYSE) and Nasdaq, the largest global stock markets, based in the city.
Shifting Global Wealth: New York Leads, Bay Area Soars, and Tokyo Declines
Tokyo, which held the top position a decade ago, has fallen to third place in the latest report due to a decrease in high-net-worth individuals residing there. In contrast, the Northern California Bay Area, which includes San Francisco and Silicon Valley, has risen to second place. The region has experienced remarkable wealth growth, with an 82% increase in its millionaire population over the past decade, now home to 305,700 millionaires, 675 centi-millionaires, and 68 billionaires.
New York, the most populous city in the U.S., is composed of five boroughs and is a key global financial center. It continues to lead the world in terms of wealth, due to its financial sector and diverse economic base.
Indian Cities Rise in Global Wealth Rankings as New York Retains Top Spot
The report also highlights the progress made by Indian cities. Mumbai and Delhi have entered the top 50 wealthiest cities globally, ranking 24th and 37th, respectively. This indicates significant growth in the number of wealthy individuals in India, reflecting the country’s increasing economic prominence.
Overall, Henley & Partners’ 2024 report showcases a shift in global wealth distribution, with New York City maintaining its position at the top, while cities like San Francisco, Tokyo, and Indian urban centers see significant changes in their wealth rankings.
