Which Cities Have the Most Millionaires? A 2025 Global Wealth Distribution Analysis

Ever wondered which city has the most millionaires? According to the World’s Wealthiest Cities Report 2025 by Henley & Partners, the answer reveals much about global economic power centers. This comprehensive analysis examined populations, resident millionaires, centimillionaires ($100M+), and billionaires across the world’s most prosperous urban centers—showing us exactly where concentrated wealth truly lives.

New York City claims the top position, home to 384,500 millionaires within its 8.5 million population. What’s striking isn’t just the sheer number, but the trajectory: these wealth holders grew 45% between 2014 and 2024. The Bay Area follows closely with 342,400 millionaires, but with even more impressive expansion, posting a remarkable 98% growth rate over the same decade. Together, these two American metros demonstrate why cities with the most millionaires tend to be innovation and finance hubs.

America’s Undisputed Dominance in Millionaire Concentration

The United States claims 22% of the top 50 millionaire cities globally, capturing 11 of the top positions. Beyond the market leaders, Los Angeles ranks fifth with 220,600 millionaires (35% growth), while Chicago claims tenth place with 127,100. Houston, Dallas, Austin, Seattle, Boston, Miami, and Washington D.C. round out America’s impressive showing—each representing distinct economic ecosystems yet each attracting substantial high-net-worth populations.

This American dominance reflects several factors: established financial markets, tech industry concentration, real estate appreciation, and decades of capital accumulation. Cities with the most millionaires in America tend to cluster around either legacy financial centers or emerging tech hubs.

Asian Wealth Centers: The New Growth Frontier

Asia’s wealth story tells a different narrative—one of explosive growth. Tokyo maintains the third-largest millionaire population globally with 292,300, though its 4% growth rate pales against emerging competitors. Singapore positions itself as Asia’s wealth management capital with 242,400 millionaires and 62% growth, while having one of the highest concentrations relative to population size (6 million residents).

The real story emerges in China’s tier-one cities. Beijing hosts 114,300 millionaires with 72% growth, while Shanghai contains 110,500 with 67% growth. Most dramatically, Shenzhen—once a fishing village—now boasts 50,800 millionaires with a staggering 142% growth rate since 2014. Hong Kong maintains 154,900 millionaires despite challenging conditions. Mumbai, India’s financial capital, shows 69% growth with 51,200 millionaires, reflecting South Asia’s economic emergence.

Cities with the most millionaires in Asia increasingly mirror the region’s economic shift. Hangzhou’s 108% growth and Guangzhou’s 88% growth suggest that millionaire concentration is migrating toward manufacturing and commerce hubs rather than remaining exclusively in capital cities.

European Stability and Selective Growth

Europe presents a more measured trajectory. London holds the sixth position with 215,700 millionaires but experienced -12% decline—a reflection of Brexit-related capital migration. Paris maintains 160,100 millionaires with modest 5% growth. These traditional wealth centers retain substantial populations despite geopolitical headwinds.

More dynamic performers emerged elsewhere: Dubai, while technically Middle Eastern, grew an extraordinary 102% to reach 81,200 millionaires. Moscow hosted 30,000 millionaires but saw -25% decline. Switzerland’s twin cities—Zurich (77,800 millionaires, 10% growth) and Geneva (70,200 millionaires, 26% growth)—continue functioning as global wealth preservation centers. Frankfurt, Milan, Vienna, and Amsterdam each maintain distinctive roles in European wealth architecture.

Rapid-Growth Cities: Where Millionaires Are Multiplying Fastest

Beyond population leaders, certain emerging cities demonstrated explosive expansion. Dallas grew 85% to reach 72,400 millionaires. Austin exploded 90%, Houston 75%, and Washington D.C. expanded 92%—all reflecting American geographic wealth redistribution. Vancouver grew 52%, Melbourne 36%, and Perth 32%.

In Asia, the growth metrics become extraordinary. Hangzhou’s 108% growth rate paired with 32,200 millionaires demonstrates how digital economy concentration creates wealth. Shenzhen’s 142% growth redefines what rapid wealth accumulation looks like. These numbers suggest that cities with the most millionaires are shifting geographically as economic power centers themselves shift.

Understanding Global Millionaire Distribution

The 2025 report reveals that millionaire concentration follows capital flows. Technology disruption drives wealth creation in Austin and Shenzhen. Real estate appreciation concentrates it in established markets like New York and London. Strategic positioning in global trade channels establishes it in Singapore and Dubai. Financial liberalization is creating it in Indian metros.

Cities with the most millionaires share certain characteristics: advanced financial infrastructure, regulatory clarity, real estate accessibility, and cultural tolerance for wealth accumulation. Yet growth rates show wealth is increasingly mobile, following opportunity rather than remaining tethered to traditional financial capitals.

The data encompasses 384,500 millionaires in New York City, 342,400 in the Bay Area, down through increasingly specialized wealth centers in places like Lisbon (22,200 millionaires) and Dublin (22,300 millionaires). The breadth of this distribution—from mega-wealthy cities to emerging prosperity centers—illustrates how global wealth has both concentrated and dispersed simultaneously.

Whether analyzing which city has the most millionaires for investment purposes, relocation considerations, or simple economic curiosity, the 2025 data offers clear direction: wealth aggregates around innovation (Bay Area), legacy finance (New York, London), manufacturing scale (Shenzhen, Shanghai), and strategic positioning (Singapore, Dubai). The answer to your question depends entirely on which factor you value most in a wealth center.