What City Has the Most Millionaires Per Capita?

The concentration of wealth in urban centers reflects economic shifts and opportunities. Certain cities globally attract high-net-worth individuals, highlighting factors enabling affluence. Understanding which cities lead in this regard, particularly when considering their population, provides insight into the dynamics of global wealth distribution. This article explores cities where millionaires make up a substantial portion of the population, focusing on density rather than total numbers.

Defining a Millionaire and Measuring Wealth Concentration

A “millionaire,” often referred to as a High Net Worth Individual (HNWI), is defined as someone with liquid investable wealth of USD 1 million or more. This definition focuses on financial assets readily convertible to cash, excluding primary residences, collectibles, or consumer durables. Organizations like Henley & Partners, in collaboration with New World Wealth, track these individuals globally, providing a snapshot of wealth distribution.

While some reports focus on the total number of millionaires residing in a city, a more precise measure is the proportion of millionaires relative to the city’s total population, termed “millionaire density.” This distinction is important because a city might have a large absolute number of millionaires due to its sheer size, but a relatively low percentage compared to its overall population. Analyzing millionaire density offers a clearer picture of how pervasive wealth is within an urban environment.

Leading Cities by Millionaire Density

When evaluating cities based on millionaire density, Monaco stands out. Monaco boasts the highest ratio of millionaires globally, with over 40% of its residents being millionaires. Its appeal stems from a favorable tax regime and a reputation as a secure haven for assets.

While Monaco leads in per capita wealth, other major global cities are home to the largest total numbers of millionaires. New York City holds the top position for total millionaires, with 349,500 residents in 2024. The Bay Area and Tokyo also have high millionaire populations, with 305,700 and 298,300 respectively. Singapore has seen a significant increase in its millionaire population, climbing to fourth globally in total numbers, partly due to its business-friendly environment and attractiveness to wealthy individuals.

These cities have larger overall populations than Monaco, impacting their millionaire density percentages. London, once a dominant wealth hub, has seen a decline, now ranking fifth globally in total numbers. This highlights that while financial centers attract many wealthy residents, smaller locales can exhibit a much higher concentration of wealth relative to their size.

Economic Drivers of Urban Wealth Concentration

The accumulation of wealth in urban centers is driven by economic and social factors that support high-net-worth individuals. A robust financial sector is fundamental, encompassing major banks, investment firms, and active stock exchanges, facilitating capital growth and wealth management. These financial hubs offer sophisticated services and investment opportunities, attracting and retaining wealthy individuals.

Thriving technology and innovation hubs also contribute, fostering environments where startups flourish, venture capital is available, and high-growth industries emerge. Cities with strong tech ecosystems generate wealth through successful entrepreneurial ventures, intellectual property, and the rapid appreciation of company values, creating new millionaires and billionaires.

Robust real estate markets contribute to net worth, as high property values inflate the asset base of residents. Global connectivity and well-developed infrastructure, including transportation networks and communication systems, facilitate international business and personal travel, making these cities attractive for global elites. Favorable business and regulatory environments, with policies encouraging investment and wealth preservation, also draw in high-net-worth individuals. These environments often include beneficial corporate tax structures, simplified processes, and legal frameworks. A high quality of life and access to amenities, such as cultural institutions, top-tier educational facilities, and luxury services, provide an appealing lifestyle that attracts and retains wealthy residents.