Published
June 24, 2025 8:32 am
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By
Jenna Ross
Design
- Lebon Siu
- Zack Aboulazm
The following content is sponsored by Terzo
Millionaire Hubs: Mapping the World’s Wealthiest Cities
Key Takeaways
- At nearly 400,000, New York City has the biggest millionaire population thanks to its status as a global financial hub.
- The Bay Area comes in second place, and is one of the fastest-growing wealth regions globally.
- Tokyo takes the third spot, attracting millionaires given it has a high quality of living and is home to giant companies like Sony.
Where do the world’s wealthiest live? Globally, the millionaire population is clustered in urban centers that offer business-friendly environments and attractive lifestyles.
In this Markets in a Minute graphic created in partnership with Terzo, we highlight the cities with the most millionaires.
Tracking the Millionaire Hotspots
Henley & Partners, the source of our data, defines a millionaire as someone with liquid investable assets exceeding $1 million, excluding real estate.
The U.S. dominates the list, taking up seven slots or nearly 30% of the top 25 cities.
| Rank | City/Area | Country/Region | Number of Millionaires |
|---|---|---|---|
| 1 | New York City | U.S. | 384,500 |
| 2 | The Bay Area | U.S. | 342,400 |
| 3 | Tokyo | Japan | 292,300 |
| 4 | Singapore | Singapore | 242,400 |
| 5 | Los Angeles | U.S. | 220,600 |
| 6 | London | UK | 215,700 |
| 7 | Paris | France | 160,100 |
| 8 | Hong Kong | Hong Kong | 154,900 |
| 9 | Sydney | Australia | 152,900 |
| 10 | Chicago | U.S. | 127,100 |
| 11 | Milan | Italy | 115,000 |
| 12 | Beijing | China | 114,300 |
| 13 | Osaka–Kyoto–Kobe | Japan | 112,200 |
| 14 | Shanghai | China | 110,500 |
| 15 | Toronto | Canada | 108,400 |
| 16 | Melbourne | Australia | 94,000 |
| 17 | Houston | U.S. | 81,800 |
| 18 | Dubai | UAE | 81,200 |
| 19 | Frankfurt | Germany | 80,300 |
| 20 | Zurich | Switzerland | 77,800 |
| 21 | Dallas | U.S. | 72,400 |
| 22 | Geneva | Switzerland | 70,200 |
| 23 | Munich | Germany | 69,800 |
| 24 | Seoul | South Korea | 66,000 |
| 25 | Seattle | U.S. | 53,100 |
Data as of December 2024 and figures rounded to the nearest 100.
America’s three most populous cities—New York City, Los Angeles, and Chicago—are all within the top 10 spots. In New York City, one in every 22 residents is a millionaire.
The Bay Area, which includes San Francisco and Silicon Valley, comes in at second place. In the last 10 years, the number of millionaires has nearly doubled. The Bay Area is fertile ground for wealth given its status as the world’s top startup capital, commanding nearly two-thirds of global venture funding.
Wealth Hubs in Asia and Europe
Tokyo has the most millionaires in Asia. Home to companies like Sony, Toyota, and MUFG, the city has a strong mix of technology, manufacturing, and finance.
Singapore follows closely behind in the fourth spot. The island nation offers three options for investors to gain permanent residency in exchange for making a significant financial investment in Singapore. These “residence by investment” programs are a strong attractor for wealthy individuals, and are a feature of seven of the 10 wealthiest cities in this ranking.
In Europe, London has the most millionaires. However, London is the only city in the top 25 to see a decline in millionaires over the last decade. The outflow of wealthy people is due to a number of factors, including high taxes, the growing dominance of the U.S. and Asia in tech, and the declining importance of the London Stock Exchange.
As the market moves, get real-time contract and spending insights with Terzo’s AI-powered financial platform.
Related Topics: #wealth #cities #millionaire #Terzo #Markets In A Minute
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