The Wealthy World Cities with the Most Millionaires

When you think of wealthy cities, you might imagine the bright lights of Las Vegas or the luxury of Monaco. However, many cities around the world are filled with millionaires, and some might surprise you.

According to recent data from Henley & Partners and New World Wealth, we’ve pinpointed which global cities have the highest percentage of very rich people.

Here are the cities with the most millionaires:

Zurich, Switzerland – 14.7% of the Population

Leading the list is Zurich, a global banking hub and historically a haven for tax advantages. It’s the base for some of the biggest names in finance like Credit Suisse, Julius Baer, and UBS. The city has the highest proportion of millionaires globally, with 88,500 millionaires, including 205 cent millionaires and 10 billionaires, making up nearly 15% of its population. Despite its status, Zurich has seen a significant drop in its number of high-net-worth individuals (HNWIs) from 105,100 in 2022, indicating a waning appeal among the ultra-rich.

Geneva, Switzerland – 13.6% of the Population

Geneva is compact but boasts a high concentration of wealth. Located in the French-speaking part of Switzerland, it hosts 79,800 HNWIs. The city has experienced a decrease from 90,300 HNWIs in 2022, continuing a decade-long trend of the wealthy exiting the city, partly due to the country’s highest tax rate of 44.8% for top earners.

Frankfurt, Germany – 11.8% of the Population

As the financial heart of the European Union and home to the European Central Bank, Frankfurt is central to Europe’s largest economy. Despite this, the city’s wealthy population has diminished from 117,400 HNWIs to 94,500, a trend that began in 2021. High tax rates are likely a contributing factor, with incomes over €277,826 subjected to a 45% tax.

Los Angeles, USA – 5.66% of the Population

Known for Hollywood, Los Angeles also thrives as a major financial center. It is home to 212,100 wealthy individuals, including industry giants like director Steven Spielberg. The city has seen a growth in its HNWI population, attributed to its rank as the sixth most attractive financial center globally.

Chicago, USA – 4.65% of the Population

Chicago is another American city with a notable number of wealthy residents, totaling 120,500. However, there’s been a trend of some rich residents moving out, such as billionaire Ken Griffin who relocated due to concerns over crime and governance.

San Francisco Bay Area, USA – 4% of the Population

The Bay Area, encompassing San Francisco and Silicon Valley, houses 305,700 super-rich people, marking an increase from the previous year but still below expectations. It remains a significant hub for billionaires, with 68 calling it home.

Houston, USA – 3.94% of the Population

Once one of the fastest-growing cities, Houston’s wealthy population has sharply declined to 90,900 from 132,600 in 2022. This drop is reflective of broader national trends where American millionaires increasingly seek secondary passports or residences due to various socio-political factors.

Amsterdam, Netherlands – 3.82% of the Population

Amsterdam has recently seen an increase in its wealthy population, now hosting 45,200 HNWIs. Factors include Brexit and the city’s attractive investment opportunities for wealthy foreigners.

New York, USA – 3% of the Population

New York remains the city with the most HNWIs globally, totaling 349,500. It continues to attract the wealthy despite high living costs and tax increases, underscoring its status as a global financial titan.