As global wealth continues to accumulate at unprecedented rates, cities around the world are becoming hubs for the ultra-wealthy. Centi-millionaires, individuals with a net worth of over $100 million, are concentrated in key metropolitan areas where finance, technology, and luxury thrive. According to a report by Henley & Partners, as of December 2023, the cities with the most centi-millionaires reflect the evolving economic landscape, with both traditional financial hubs and emerging tech centers leading the way.
Here are the top 10 cities with the most centi-millionaires in 2023:
1. New York City, USA — 744 Centi-Millionaires
New York City remains the undisputed capital of wealth, boasting the largest number of centi-millionaires in the world. With 744 individuals holding a net worth exceeding $100 million, NYC continues to attract the wealthy with its dominant financial sector, luxury real estate, and vibrant lifestyle. Wall Street and the city’s diverse investment opportunities make it a top destination for the ultra-rich.
2. Bay Area, USA — 675 Centi-Millionaires
The Bay Area, home to Silicon Valley, ranks second with 675 centi-millionaires. Known as the heart of the global tech industry, the region’s wealth is driven by tech giants such as Apple, Google, and Facebook, as well as numerous venture capital firms. Innovation and technology have made the Bay Area a magnet for entrepreneurs and investors alike.
3. Los Angeles, USA — 496 Centi-Millionaires
Los Angeles comes in third with 496 centi-millionaires. The city’s booming entertainment industry, combined with a robust real estate market and growing tech sector, makes it a hotspot for wealth. Celebrities, film executives, and entrepreneurs contribute to the high concentration of centi-millionaires in the City of Angels.
4. London, UK — 370 Centi-Millionaires
London, with 370 centi-millionaires, continues to be a major global financial hub. Its status as a leading center for international finance, banking, and investment makes it a magnet for the ultra-wealthy. The city’s rich history, world-class cultural institutions, and political stability further enhance its appeal to centi-millionaires from around the globe.
5. Beijing, China — 347 Centi-Millionaires
Beijing, the capital of China, ranks fifth with 347 centi-millionaires. China’s rapid economic growth over the past few decades has propelled many entrepreneurs and business leaders into the ultra-wealthy bracket. Beijing’s prominence as a political and financial center makes it a major hub for wealth in Asia.
6. Singapore — 336 Centi-Millionaires
Singapore, with 336 centi-millionaires, is a rising global financial center and a key destination for the world’s wealthy. Its business-friendly environment, strategic location in Southeast Asia, and high standard of living make it an attractive place for centi-millionaires to live and invest. The city-state is known for its luxury properties and stable economic policies.
7. Shanghai, China — 322 Centi-Millionaires
Shanghai, China’s financial hub, ranks seventh with 322 centi-millionaires. The city’s economic growth and openness to international trade have attracted significant wealth. Shanghai’s stock exchange and financial markets are among the largest in the world, making it a critical city for both domestic and international centi-millionaires.
8. Hong Kong — 320 Centi-Millionaires
Hong Kong is home to 320 centi-millionaires, reflecting its status as a global financial center. Despite recent political challenges, Hong Kong continues to attract immense wealth due to its business-friendly policies, international banking sector, and role as a gateway to China. Its luxury real estate market is also a major draw for the ultra-wealthy.
9. Chicago, USA — 290 Centi-Millionaires
Chicago ranks ninth with 290 centi-millionaires. Known for its diversified economy, Chicago is a hub for finance, manufacturing, and tech industries. The city’s central location and relatively lower cost of living compared to other U.S. metropolitan areas make it an attractive destination for centi-millionaires.
10. Paris, France — 286 Centi-Millionaires
Paris rounds out the top 10 with 286 centi-millionaires. As the capital of France, Paris is not only a cultural and artistic center but also a major financial hub in Europe. The city’s luxury goods, fashion, and real estate markets attract the ultra-wealthy, contributing to its high number of centi-millionaires.
The concentration of centi-millionaires in these cities highlights the importance of financial centers, tech hubs, and cultural capitals in shaping global wealth. As cities like New York and London continue to lead the way, emerging powerhouses such as Beijing and Singapore are rapidly gaining ground, reflecting the shifting dynamics of the world’s ultra-wealthy population.
