The top 10 cities around the world with the most ultra-wealthy people (2024)

FAQs

What city has the highest concentration of millionaires? ›

About 5.5 million millionaires live in the US, a wealth report by Henley & Partners said. Unsurprisingly, New York City has the most millionaires. It's followed by the Bay Area and LA.

Hurun Research Institute. In 2024, Hurun Research Institute listed New York City with the most billionaires at 119 people, followed by London with 97 billionaires, and Mumbai in third place with 92 billionaires.

According to The Wealth Report, Douglas Elliman and Knight Frank's flagship report – the number of ultra-high-net-worth individuals (UHNWIs) globally rose 4.2% in 2023 to 626,619 from 601,300 a year earlier. This increase more than reverses the decline witnessed in 2022. View full report.

While New York City is at the top of the list when counting the world's billionaire population, Hong Kong comes out on top when looking at ultra-high net worth population, the report says.

#1: New York

New York is the wealthiest city in the world⁠—home to 345,600 millionaires with a total private wealth that exceeds $3 trillion.

Orinda, a small community located in the hills above Oakland, just ranked as the wealthiest small town in America, according to a report by the financial website GoBankingRates. The company looked at household income data from the U.S. Census Bureau in every state for towns with 500 to 15,000 households.

In 2019, Mississippi had the lowest ratio of millionaire households per capita in the country, with only 4.18 percent of households holding over one million U.S. dollars in assets.

There is another level of financial elite within the 1% called ultra-high net work individuals, or UHNWI. In the U.S., it may take you $5.81 million to be in the top 1%, but it takes a minimum net worth of $30 million to be considered among the ultra-high net worth crowd.

Net wealth levels are categorised into high-net-worth (HNW), very-high-net-worth (VHNW), and ultra-high-net-worth (UHNW) individuals or families, centi-millionaires, rich, super rich, and ultra-rich, including billionaires, for the ones above the billion-mark.

The State-by-State Breakdown

According to Forbes, just four states are home to 61% of the country's billionaires: California (179), New York (130), Florida (92), and Texas (73).

Where do most rich people move to? ›

The most moved-to states in 2023 included South Carolina, North Carolina, Tennessee, Arizona and Florida, with cities like Tucson, Arizona; Charleston, South Carolina; Charlotte, North Carolina; Nashville, Tennessee; and Raleigh, North Carolina being particularly attractive because of their low cost of living, ...