New York City topped a new list of the world’s wealthiest cities in 2023, according to the list compiled by London-based consultancy Henley & Partners. The US city is followed by Japan’s Tokyo and Silicon Valley’s Bay Area. Mumbai featured at the 21st position in the list, while Delhi, Bengaluru, Kolkata and Hyderabad too made to the list.
The list covered 97 cities across nine regions worldwide (Africa, Australasia, CIS, East Asia, Europe, the Middle East, North America, South Asia, and Southeast Asia) and has four Indian cities. It ranked the cities based on the number of resident millionaires as of December 31, 2022. It was dominated by cities in the United States and China. From Europe, only London made to the top 10. Bengaluru got a special mention as one of the fastest-growing cities in the Asia Pacific. New York City topped the list with 58 billionaires. Tokyo is home to 290,300 HNWIs. The USA’s The Bay Area is third on the list, probably due to the well-paid tech workers in Silicon Valley.
The World’s Wealthiest Cities Report 2023 is based on the data from wealth intelligence firm, New World Wealth, which tracks the movements and spending habits of high-net-worth individuals with the work titles like Founder, Chairperson, CEO, and Director. It also considered the number of highly-priced homes in the area.