Every year, Henley & Partners, in partnership with New World Wealth, publishes its benchmark study on where the world’s wealthiest individuals reside. The just-released 2025 edition of the World’s Wealthiest Cities Report ranks the top 50 cities for millionaires, centi-millionaires (with USD 100 million or more), and billionaires — and unveils compelling patterns of growth and decline.

Leading the list is New York, home to 384,500 millionaires, 818 centi-millionaires, and 66 billionaires. The San Francisco Bay Area, including Silicon Valley, ranks second with 342,400 millionaires and now boasts more billionaires (82) than the Big Apple itself. The tech-fueled region has seen a 98 percent increase in millionaires over the past decade.

Top 10 cities for billionaires:

1. San Francisco Bay Area – 82
2. New York City – 66
3. Los Angeles – 45
4. Hong Kong – 40
5. Beijing – 38
6. Shanghai – 35
7. London – 33
8. Singapore – 30
9. Chicago – 25
10. Mumbai – 25

Top 10 for centi-millionaires:

1. New York City – 818
2. Bay Area – 756
3. Los Angeles – 516
4. London – 352
5. Hong Kong – 346
6. Singapore – 333
7. Beijing – 316
8. Chicago – 295
9. Shanghai – 293
10. Paris – 277

Top 10 for millionaires:

1. New York City – 384,500
2. San Francisco Bay Area – 342,400
3. Tokyo – 292,300
4. Singapore – 242,400
5. Los Angeles – 220,600
6. London – 215,700
7. Paris – 160,100
8. Hong Kong – 154,900
9. Sydney – 152,900
10. Chicago – 127,100

While the U.S. and parts of Asia are powering ahead, Europe is falling behind. London has slipped to 6th place, with its millionaire population shrinking by 12 percent over the past decade. Moscow has seen an even steeper decline of 25 percent.

Switzerland remains an important destination for the ultra-wealthy. Zurich ranks 20th with 77,800 millionaires, 19th with 180 centi-millionaires, and 31st with 12 billionaires. Geneva, in 22nd place, is home to 74,200 millionaires, 214 centi-millionaires (15th), and 6 billionaires (25th).

What Makes a Wealth Hub

Zurich’s millionaire population has grown by 20 percent over the past decade, while Geneva has seen a gain of 36 percent — though both cities trail the explosive growth recorded in some Asian and U.S. hubs. Hangzhou and Shenzhen in China posted gains of 142 and 108 percent, respectively. Dubai surged 102 percent, while U.S. cities such as the Bay Area (98 percent), Miami (94 percent), and Washington D.C. (92 percent) are catching up fast.

Commenting on the results, Juerg Steffen, CEO of Henley & Partners, said: «These urban centers share common DNA — robust legal frameworks, sophisticated financial infrastructure, and perhaps most critically, investment migration programs that welcome global talent and capital.»

The World’s Most Expensive Places to Live

While the report primarily focuses on wealth, it also highlights housing costs in popular millionaire destinations.

Monaco firmly tops the list of the world’s most expensive cities, with prime residential property averaging $38,800 per square meter for apartments sized between 100 and 200 square meters. New York follows at a distant second, at $27,500 per square meter.