New York City retains top position with 384,500 millionaires in 2025

In 2025, New York City remains the world's wealthiest city, boasting an impressive 384,500 high net worth individuals, a notable increase from the previous year. This growth reflects a continuous trend of urban centers attracting millionaires due to various economic opportunities and favorable living conditions. The Bay Area in California follows closely, having experienced a significant 98% increase in the millionaire population, driven largely by the thriving technology sector concentrated in Silicon Valley. This jump highlights the competitive nature of these two U.S. cities in attracting affluent individuals seeking vibrant ecosystems for both investment and lifestyle. Tokyo stands out as Asia’s wealthiest city, maintaining its third-place position in the rankings as the Nikkei 225 has rebounded significantly in recent years. Although it does not match the scale of wealth seen in New York City or the Bay Area, Tokyo is buoyed by a strong economic recovery which supports its millionaire population. Singapore follows in fourth place, noted for having fewer overall millionaires compared to Tokyo but having a higher count of billionaires and centimillionaires. The contrasting dynamics of these cities underscore varying approaches to economic growth and investor appeal. Los Angeles climbs to fifth place, showcasing marked improvements in its affluent demographic. With 22,600 millionaires, the city reflects a 35% growth over the last decade, thus overtaking London, which suffered a decline in the number of millionaires. Meanwhile, Chicago enters the top 10 for the first time, illustrating a trend where some historically less affluent cities are now becoming important hubs for wealth and investment. The report also highlights the contrasting experiences of cities like London and Moscow, both of which saw declines in the number of millionaires. This trend illustrates broader shifts in global wealth distribution, with city migrations occurring as affluent individuals seek more favorable economic climates. The data analyzed by the Henley Report and New World Wealth captures a snapshot of how cities are evolving as economic centers and their implications for global wealth trends.