Where do all the millionaires live? More and more, not where they used to.
Henley & Partners, which calls itself an investment migration consulting firm, and has just launched its Global Citizens Report in partnership with wealth intelligence firm new world wealthshowing the 20 millionaire cities in the world.
It’s no surprise that New York City is number one on the list, but it might come as a surprise that Gotham City lost 12% of its millionaires in the first six months of this year, yet still has tens of thousands of millionaires. more than the second highest. situated city (Tokyo).
Another surprise might be that the San Francisco Bay Area, which has been hit hard by remote work, saw a 4% increase in millionaires. Tech wealth seems to be pouring out of San Francisco offices, but not the area at all (the list includes Silicon Valley).
So where are millionaires moving off the East and West Coast, and out of the US, and who will be number one a decade from now? The report has much more to reveal.
The rises from the rest
In addition to New York, Los Angeles and London also lost millionaires by 2022. Six percent of Los Angeles’s millionaires left, but the report says it will likely always be a hub of entertainment, with many millionaire actors and musicians. London’s weakness, on the other hand, could be a gloomy omen for the UK: 9% of its millionaires left, which the report blamed on rising crime rates in the city. Both London and the EU are struggling with a cost of living crisis related to the war in Ukraine and the ensuing energy crisis.
Hong Kong, ranked 12th on the list, saw a 14% decline in the number of millionaires, the largest decline among the top 20 millionaire cities, which should come as no surprise as Hong Kong saw a rush of departures amid prolonged COVID lockdowns. Paris, last on the list, saw a similar 12% drop, despite remaining a top tourist destination.
So they may be moving away from well-known metropolitan cities, but where exactly are they moving to?
Houston, eighth on the list, saw the largest growth in millionaires at 6%. Dallas and Fort Worth saw a 3% increase in millionaires, so it looks like the wealthy are moving to Texas. The report attributes the shift, in part, to many companies moving their headquarters to Texas, generating strong growth in wealth.
Additionally, the report included Austin, West Palm Beach, Houston, Greenwich, and Miami in a separate category showing the 25 fastest-growing cities in the world, each of which saw an increase of 5% or more in the amount of millionaires. Austin saw the largest increase, at 14%.
Europe did not stand out much, with Geneva and Paris ranked in the bottom two on the list of millionaire cities, and Frankfurt and Zurich at 13th and 15th on the list, respectively. Europe’s fast-growing cities were mainly in Switzerland and France, showing that the concentration of European wealth remains constant.
Tokyo, Singapore, Beijing and Shanghai all ranked in the top 10, but every city except Singapore saw a decline in millionaires ranging from 5% to 8%. Smaller Chinese cities are growing rapidly, with Hangzhou and Shenzhen seeing million-dollar increases of 10% and 9%, respectively.
The story at this stage of the pandemic is that rich cities are getting a little less rich as time goes on, and the rest are catching up.
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