The latest world’s wealthiest cities report 2025 highlights how millionaire populations are distributed across the globe, showcasing the dominance of certain financial and technology hubs.
At the top of the list, New York City remains the world’s leading center of wealth with 384,500 millionaires, including 818 centi-millionaires with fortunes of over $100 million and 66 billionaires.
The San Francisco Bay Area, encompassing Silicon Valley, follows closely with 342,400 millionaires and 82 billionaires. Remarkably, it has been the fastest-growing U.S. hub, recording a 98% surge in millionaire residents over the past decade, according to Global Statistics.
Tokyo secures third place with 292,300 millionaires, benefiting from the strong recovery of the Nikkei 225, while Singapore sits in fourth with 242,400 millionaires, cementing its role as Asia’s leading wealth hub. Los Angeles rounds out the top five, boasting 220,600 millionaires, including 516 centi-millionaires and 45 billionaires.
London, once considered the world’s financial capital, now ranks sixth with 215,700 millionaires, having experienced a 12% decline over the past decade.
Paris maintains seventh place with 160,100 millionaires, while Hong Kong, with 154,900, has overtaken Sydney, which now hosts 152,900 millionaires. Chicago enters the global top ten for the first time with 127,100 millionaires, pushing Beijing and Shanghai further down the list.
Several other global centers continue to stand out. Milan, with 115,000 millionaires, holds a strong position just outside the top ten.
Dubai has emerged as one of the fastest-growing wealth hubs in the world, recording a 102% increase in millionaire residents over the past decade to reach 81,200.
Shenzhen, home to 50,800 millionaires, leads globally in terms of growth with an extraordinary 142% increase.
Vancouver, Miami, Hangzhou, Taipei City, and Washington DC also remain significant centers of wealth, while Moscow has seen its millionaire population shrink by 25% over the past ten years to 30,000. Lisbon has entered the Top 50 for the first time with 22,200 millionaires.
The report also highlights the fastest-growing wealth hubs between 2014 and 2024. In addition to Shenzhen, Hangzhou, and Dubai, U.S. cities such as Scottsdale (+125%), West Palm Beach (+112%), and Miami (+94%) have seen rapid increases in their millionaire populations.
India’s Bengaluru has also surged, with a 120% rise, underscoring its growing importance as the “Silicon Valley of India.”
Overall, the data reveals clear trends. New York continues to lead as the world’s wealth capital, while the Bay Area is expanding at an exceptional pace, driven by technology and innovation.
Asian cities like Shenzhen and Hangzhou are experiencing explosive growth in wealth creation, and Dubai is rising as a global magnet for high-net-worth individuals.
Surprisingly, traditional powerhouses such as London and Moscow are witnessing declines, signaling a shift in global wealth dynamics toward new and emerging hubs.
Follow The Times Kuwait on X, Instagram and Facebook for the latest news updates
