In 2025, the world’s richest people are flocking to cities like New York City, San Francisco, and Tokyo, with emerging hotspots like Dubai and Shenzhen gaining popularity. New York shines as the ultimate financial hub, while San Francisco thrives on tech innovation, and Tokyo blends tradition with modern flair. However, cities like Moscow and London are seeing declines due to political and economic issues. This shift in wealth locations shows that the rich are seeking places with friendly tax laws and luxurious lifestyles, reshaping the map of global affluence.
Where are the wealthiest cities in the world in 2025?
The top cities for millionaires in 2025 include New York City, San Francisco Bay Area, and Tokyo. Emerging hotspots like Dubai and Shenzhen are also gaining traction, while cities like Moscow and London are experiencing declines due to political and economic challenges.
Curious about where the world’s wealthiest are clustering these days? Henley & Partners has just released the World’s Wealthiest Cities Report 2025, shedding light on where the affluent are settling and which cities are experiencing a decline in their ultra-wealthy populations. This comprehensive analysis offers a glimpse into the hotspots for tech, finance, and luxury living. So, where do the globe’s high rollers reside, and which cities are emerging as the next big thing? Henley & Partners reveal all.
Top Cities for Millionaires in 2025
New York City: The Financial Powerhouse
New York City remains the unparalleled epicenter of wealth, boasting an impressive roster of 384,500 millionaires, 818 centi-millionaires, and 66 billionaires. The city’s towering financial district, luxurious real estate, and opulent lifestyle create an irresistible draw for the affluent. With Wall Street at its core, NYC continues to be a symbol of financial might and enduring allure, solidifying its status as a global wealth hub.
San Francisco Bay Area: The Tech Mecca
The San Francisco Bay Area follows closely, home to 305,700 millionaires. Renowned for its pioneering spirit, Silicon Valley stands as the world’s tech nucleus, attracting billionaires and fueling regional prosperity. The synergy between innovation and affluence in this area is palpable, showcasing a thriving ecosystem where groundbreaking ideas transform into substantial wealth.
Tokyo: A Fusion of Tradition and Modernity
Tokyo, with its 298,300 millionaires, maintains a strong presence in the global wealth landscape. Despite economic fluctuations, Japan’s capital continues to appeal to high-net-worth individuals. The city’s unique blend of precision, innovation, and tradition offers a captivating balance of modernity and old-world charm, making it a formidable contender in the race for affluence.
London and Singapore: Honorable Mentions
London, with 258,000 millionaires, remains a significant player despite post-Brexit uncertainties. Its historical richness and financial prowess continue to attract the wealthy. Conversely, Singapore, accommodating 244,800 millionaires, has emerged as a premier relocation destination. The city-state’s stringent yet favorable economic policies and high quality of life make it increasingly appealing to the affluent.
Cities with Soaring Wealth
Shenzhen: The Tech Marvel
Shenzhen, China, exemplifies explosive growth in millionaire population, with a staggering 142% increase. The tech industry here, driven by billionaire-led startups, propels this rapid rise. Shenzhen’s transformation from a humble fishing village to a bustling tech hub is nothing short of miraculous, embodying China’s economic ascendancy and innovation culture.
Dubai: The Tax Haven
Dubai, UAE, has witnessed a 102% increase in wealthy residents. With no income tax, luxurious living standards, and an investor-friendly climate, Dubai has become a billionaire’s playground. The city’s skyline, adorned with architectural marvels, epitomizes luxury and ambition, drawing affluent individuals globally.
Hangzhou: Alibaba’s Stronghold
Hangzhou, China, sees a 108% rise in millionaires, primarily driven by being the headquarters of Alibaba. The influence of this tech giant fosters a robust environment for wealth creation. Hangzhou’s unique blend of historical charm and cutting-edge innovation presents a compelling allure for the wealthy.
Cape Town: Africa’s Millionaire Magnet
Luxury Real Estate and Tourism
Cape Town, often referred to as the Monaco of Africa, is home to over 7,400 millionaires. The city’s luxury real estate market, especially in Clifton, Camps Bay, and Constantia, attracts global investors and wealthy retirees. Cape Town’s magnificent beaches, world-class wineries, and vibrant tourism sector make it a hotspot for high-net-worth individuals.
A Thriving Startup Ecosystem
Beyond luxury living, Cape Town stands out as Africa’s leading startup city. The growing tech and business sectors here significantly contribute to wealth creation, solidifying its status as a burgeoning entrepreneurial hub. This dynamic environment attracts investors and innovators alike.
Challenges and Relocation Trends
However, the city faces challenges as some wealthy residents relocate to countries like the UK, Australia, and Portugal, driven by tax and security concerns. Despite this, Cape Town outpaces other African cities like Johannesburg and Nairobi, retaining its position as the continent’s premier wealth destination.
Cities Facing Decline
Moscow: Political and Economic Turbulence
Moscow has seen a 24% decline in its millionaire population due to political instability and sanctions. The economic sanctions and broader geopolitical uncertainties have prompted an exodus of wealth from the Russian capital, reflecting its struggles with maintaining financial growth.
London: Post-Brexit Realities
London experiences a 10% decline in its wealthy population as post-Brexit uncertainties and tax changes drive some affluent individuals to seek more stable environments. The city grapples with the realities of its transformed political landscape, impacting its status as a financial powerhouse.
Hong Kong: A Gradual Erosion
Hong Kong faces a 4% decrease in its millionaire population. Once a vibrant financial hub, the city now experiences a gradual erosion of wealth due to political unrest and economic shifts, altering its appeal to high-net-worth individuals.
The Broader Implications
Shifts in Global Wealth
This report serves as more than a compilation of interesting facts; it’s a roadmap for global wealth trends. High-net-worth individuals are moving to cities with favorable tax policies, robust economies, and luxurious lifestyles. These migrations significantly impact real estate markets. For instance, cities gaining millionaires, like Dubai and Singapore, see soaring property values, making them prime spots for investors.
The Role of Residency and Citizenship Programs
Residency and citizenship programs have become pivotal in this dynamic. Countries offering Golden Visas or investor-friendly residency programs attract the ultra-rich like magnets. These initiatives provide a blend of security, opportunity, and lifestyle appeal, making them highly attractive to global citizens.
Emerging Stars in Wealth Creation
The World’s Wealthiest Cities Report 2025 illustrates that wealth is in constant flux. Traditional financial hubs like New York, London, and Tokyo remain significant, but emerging stars like Dubai, Shenzhen, and Cape Town are reshaping the landscape. For investors, entrepreneurs, and global citizens, keeping an eye on these trends is crucial for finding the best places to live, invest, and grow wealth.
Understanding these dynamics helps navigate the complexities of a rapidly changing world. Whether you are a wealthy individual, a keen investor, or an observer of global trends, the insights from this report provide invaluable perspectives on the future of prosperity.
FAQ on the Migration of Millionaires in 2025
What are the top cities for millionaires in 2025?
The top cities for millionaires in 2025 include New York City, San Francisco Bay Area, and Tokyo. Emerging hotspots like Dubai and Shenzhen are also gaining popularity, while cities like Moscow and London are experiencing declines due to various political and economic challenges.
Why is New York City considered the ultimate financial hub?
New York City boasts an impressive number of wealthy individuals, including 384,500 millionaires, 818 centi-millionaires, and 66 billionaires. With its renowned financial district and luxurious lifestyle, NYC continues to symbolize financial power and attraction for the affluent, making it a leading global wealth center.
What factors contribute to the rise of cities like Dubai and Shenzhen?
Dubai, with its no income tax and luxurious living standards, has seen a 102% increase in wealthy residents. Similarly, Shenzhen’s staggering 142% growth in millionaires is fueled by its booming tech industry and billionaire-led startups, showcasing an investor-friendly climate and rapid economic development.
How are cities like London and Moscow facing decline in their millionaire populations?
Moscow has experienced a 24% decline due to political instability and economic sanctions, leading to an exodus of wealth. London, facing a 10% decline, grapples with post-Brexit uncertainties and unfavorable tax changes, prompting some affluent individuals to seek more stable environments elsewhere.
What role do residency and citizenship programs play in attracting millionaires?
Residency and citizenship programs, such as Golden Visas, are instrumental in attracting high-net-worth individuals. These programs offer a mix of security, opportunity, and lifestyle appeal, making them attractive to wealthy global citizens seeking favorable living conditions.
How does the migration of millionaires impact real estate markets?
The migration of millionaires to cities with favorable tax policies and luxurious lifestyles significantly influences real estate markets. Cities like Dubai and Singapore, which are gaining wealthy populations, experience soaring property values, making them prime locations for real estate investors and affluent individuals seeking to invest in high-demand markets.
