New York, Tokyo, and the San Francisco bay area are the places where the most millionaires live, according to a report by Henley & Partners Group, a residency advisory firm.
Half of the top 10 cities with the most millionaires are in the United States. Still, a closer look at the data reveals that New York City lost 12% of its high net-worth individuals in the first half of 2022 while the San Francisco bay area saw a 4% increase. London, which holds fourth place, saw a 9% decline. The report defines millionaires as those with investable assets of 1 million dollars or more.
The statistics, collected by intelligence firm New World Wealth, show that Saudi Arabia's capital Riyadh, and Sharjah, the United Arab Emirates's third most populous city, are the those with the fastest growing millionaire population so far this year.
Abu Dhabi and Dubai are also among the cities with the fastest growing millionaire population as the UAE lures the ultra-rich with a low tax regime and new residence schemes. The emigration of affluent Russians has also contributed to recording inflows into UAE.
Beijing and Shanghai, which hold the ninth and 10th places on the list of wealthiest cities, respectively, have also recorded losses as Henley & Partners predict China will see the second-largest wealth outflow after Russia this year.
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