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, via Visual Capitalist’s Jenna Ross, 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.