Asian cities accounted for six of the top 20 cities with the most millionaires in a recent report.
The report was released by Henley and Partners, a firm that tracks global wealth, last week. Through an analysis of over 150,000 high-net-worth individuals and high-priced homes in cities, the firm was able to assess city wealth. High-net-worth individuals are defined as “individuals with net assets of USD 1 million or more.” The list only considered millionaires who are residents of their respective countries.
The country with the most number of cities on the report was the United States, which had six cities in total. In addition to two Swiss cantons, European cities Paris and London also joined the top 20 wealthiest cities. Out of the Asia-Pacific region, six Asian cities along with Sydney and Melbourne were spotted on the list.
Right after New York, estimated to have 345,600 millionaires and 59 billionaires, in the top spot, Tokyo took the No. 2 spot with 304,900 millionaires and 12 billionaires. Singapore was in fifth place with 249,800 millionaires and 26 billionaires. In ninth and 10th place were Beijing and Shanghai, respectively. Hong Kong followed in 12th place, and the final Asian city on the list was Seoul in 16th place.
Here are the complete details of the Asian cities on Henley and Partners’ list:
- Tokyo – 304,900 millionaires and 12 billionaires
- Singapore – 249,800 millionaires and 26 billionaires
- Beijing – 131,500 millionaires and 44 billionaires
- Shanghai – 130,100 millionaires and 42 billionaires
- Hong Kong – 125,100 millionaires and 28 billionaires
- Seoul – 102,100 millionaires and 25 billionaires
In addition, when analyzing the world’s 10 wealthiest countries by private wealth in 2022, Asian countries took up the three top spots after the United States. China placed second with Japan closely following behind at third place. India, which came in fourth, was not only the final Asian country on the list, but also the country with the most expected millionaire growth in the next 10 years.
The figures presented are for June 30.
Featured Image via Expedia