World cities The wealthiest cities in the world Publication Date: October 2016
World cities We recently examined the top cities worldwide by total wealth held. Results reflected below. Note: Total wealth refers to the private wealth held by all the individuals living in each city. It includes all their assets (property, cash, equities, business interests) less any liabilities. We exclude government funds from our figures. Top 15 cities (as of June 2016): 1. London: Total wealth held in the city amounts to US$2.7 trillion. London is home to 357,000 millionaires and 62 billionaires. Home to the 3 rd largest stock exchange in the world. Areas around London such as Windsor, Ascot, Virginia Water, Leatherhead, Weybridge, Henley, Marlow and Bray also contain a large amount of wealth that is not included in this figure. 2. New York City: Total wealth held in the city amounts to US$2.6 trillion. New York is home to 336,000 millionaires and 65 billionaires. Home to the two largest stock exchanges in the world (Dow Jones and NASDAQ). Areas around New York such as Connecticut and Long Island also contain a large amount of wealth that is not included in this figure. 3. Tokyo: Total wealth held in the city amounts to US$2.2 trillion. Home to 272,000 millionaires and 14 billionaires. Tokyo is home to the 4 th largest stock exchange in the world. Tokyo, like the rest of Japan, has a low billionaires to millionaire ratio. i.e. it has a lot of millionaires but not too many billionaires. 4. San Francisco Bay area: Total wealth held in the area amounts to US$1.9 trillion. Home to 174,000 millionaires and 45 billionaires. Figures include San Francisco, San Jose, Oakland, Palo Alto, Los Altos, Redwood City, Moraga, San Mateo and Mountain View. 5. Beijing: Total wealth held in the city amounts to US$1.8 trillion. Home to 122,000 millionaires and 45 billionaires. Beijing is the official capital city of China and is home to the head offices of some of the largest companies in the world. 6. Shanghai: Total wealth held in the city amounts to US$1.6 trillion. Home to 118,000 millionaires and 32 billionaires. Shanghai is considered to be the Financial Capital of China and is home to the Shanghai stock exchange, the largest stock exchange in China and the 5th largest in the world. 7. Los Angeles: Total wealth held in the city amounts to US$1.2 trillion. Home to 168,000 millionaires and 28 billionaires. Our figures for Los Angeles include wealth held in Malibu and Beverley Hills. 8. Hong Kong: Total wealth held in the city-state amounts to US$1.1 trillion. Home to 224,000 millionaires and 50 billionaires. Hong Kong is considered to be the gateway between Europe and Asia and it is home to the 6 th largest stock exchange in the world. 9. Singapore: Total wealth held in the city-state amounts to US$870 billion. Home to 213,000 millionaires and 23 billionaires. Singapore is known to be one of the most business friendly countries in the world and has particularly low tax rates.
10. Chicago: Total wealth held in the city amounts to US$860 billion. Home to 135,000 millionaires and 12 billionaires. Strong in a large number of sectors. Major industries include transportation, financial services (insurance), FMCG and manufacturing. 11. Sydney: Total wealth held in the city amounts to US$850 billion. Home to 110,000 millionaires and 14 billionaires. Sydney is one of the top financial centers in Asia and has become one of the most sought after destinations for the world s super-rich due to its lifestyle, safety and climate. Major industries include financial services, real estate, IT, tourism, retail and media. 12. Toronto: Total wealth held in the city amounts to US$850 billion. Home to 108,000 millionaires and 12 billionaires. Toronto is home to the 9 th largest stock exchange in the world. Major industries include financial services, real estate, IT, media and telecoms. 13. Frankfurt: Total wealth held in the city amounts to US$830 billion. Home to 120,000 millionaires and 20 billionaires. Frankfurt is home to the 10 th largest stock exchange in the world and is the financial capital of mainland Europe. Major industries include financial services and professional services. 14. Mumbai: Total wealth held in the city amounts to US$820 billion. Home to 45,000 millionaires and 28 billionaires. Mumbai is the economic hub of India. It is also home to the Bombay Stock Exchange (BSE). Major industries in the city include: financial services, real estate and media. 15. Paris: Total wealth held in the city amounts to US$800 billion. Home to 107,000 millionaires and 18 billionaires. Major industries include financial services, real estate and manufacturing (automotive, luxury consumables). Notable cities that just missed out on top 15 include: Osaka, Seoul, Zurich, Geneva, Munich, Mexico City, Houston and Moscow. World total: Total wealth held worldwide amounts to US$185 trillion (as of June 2016). Planet Earth is home to approximately 13,300,000 millionaires and 1,940 billionaires in total. Performance: Among the 15 cities listed: Beijing, Shanghai, Mumbai and Sydney were the fastest growing in terms of wealth growth over the past decade (2006-2016). Going forward, Mumbai is expected to be the fastest growing city (in terms of wealth growth over the next 10 years).
Spotlight on China Top cities (as of June 2016): Beijing: Total wealth held in the city amounts to US$1.8 trillion. Home to 122,000 millionaires and 45 billionaires. Beijing is the official capital city of China and is home to the head offices of some of the largest companies in the world. Shanghai: Total wealth held in the city amounts to US$1.6 trillion. Home to 118,000 millionaires and 32 billionaires. Shanghai is considered to be the Financial Capital of China and is home to the Shanghai stock exchange, the largest stock exchange in China and the 5th largest in the world. Shenzhen: Total wealth held in the city amounts to US$620 billion. Home to 31,000 millionaires and 18 billionaires. Located next to Hong Kong, Shenzhen is considered to be the Hi-tech Capital of China. It is also home to the Shenzhen stock exchange, the 2nd largest stock market in China and 8th largest in the world. Notably, tech company Huawei is based in the city. Hangzhou: Total wealth held in the city amounts to US$380 billion. Home to 22,000 millionaires and 15 billionaires. Many wealthy people that work in nearby Shanghai, have homes in Hangzhou. Hangzhou s high ranking on our list is notable as it is only the 10th largest city in China by GDP. Notably, media and retail company Alibaba is based in the city. China total: Total wealth held in the country amounts to US$17.4 trillion (as of June 2016). Home to 720,000 millionaires and 204 billionaires in total. Note: these figures exclude wealth held in Special Administrative Region s such as Hong Kong and Macau. China growth prospects: Over the next decade, China is expected to benefit from strong growth in the local hi-tech, financial services, media, entertainment and healthcare sectors (10 year wealth growth forecast: 140%). China s entertainment sector has particularly strong prospects. The Mermaid, produced by Beijing based China Film Group, made over US$550 million in 2016, destroying the previous record for a Chinese film and making it one of highest grossing films in the world for 2016. Growing box office receipts are a good indicator of a growing middle class, so this was a particularly good sign for China. In the hi-tech sector, China is moving away from being a component manufacturer towards finished products (example: Huawei). If more companies such as Huawei come along, China could soon take over from the United States as the dominant player in the global hi-tech sector. Hi-tech sector growth is critical to any economy as it a primary sector that generates exports and other sectors can feed off of it. i.e. a bigger hi-tech sector leads to a bigger financial services sector and so forth. The hi-tech sector also offers good salaries and high quality jobs, which boosts the middle class.
Spotlight on India Top cities (as of June 2016): Mumbai: Total wealth held in the city amounts to US$820 billion. Home to 45,000 millionaires and 28 billionaires. Mumbai is the economic hub of India. It is also home to the Bombay Stock Exchange (BSE). Major industries in the city include: financial services, real estate and media. Delhi: Total wealth held in the city amounts to US$450 billion. Delhi is home to 22,000 millionaires and 18 billionaires. Delhi is the largest commercial center in Northern India. Major Industries in the city include: construction, retail and manufacturing. Bangalore: Total wealth held in the city amounts to US$320 billion. Home to 7,500 millionaires and 8 billionaires. Bangalore is known as the Garden City and the "Silicon Valley of India". Major Industries in the city include: IT, business process outsourcing and biotechnology. Bangalore is also home to several research and development centers for international companies. Hyderabad: Total wealth held in the city amounts to US$310 billion. Home to 8,200 millionaires and 7 billionaires. Hyderabad has a reputation as the Pharmaceutical Capital of India. Major sector include: pharmaceuticals, IT and business process outsourcing. Notably, Hyderabad contains a large number of special economic zones, which help encourage new business formation. Kolkata: Total wealth held in the city amounts to US$290 billion. Home to 8,600 millionaires and 10 billionaires. Kolkata is the main commercial hub of East India. Major industries in the city include: manufacturing, basic materials, pharmaceuticals and food processing. Pune: Total wealth held in the city amounts to US$180 billion. Home to 3,900 millionaires and 5 billionaires. Pune is located just east of Mumbai. Major Industries in the city include: IT and manufacturing (automobiles). Chennai: Total wealth held in the city amounts to US$150 billion. Home to 6,200 millionaires and 4 billionaires. Chennai is located in South East India on the coast. Major Industries in the city include: healthcare, manufacturing (automobiles), financial services and tourism. Gurgaon: Total wealth held in the city amounts to US$110 billion. Home to 3,600 millionaires and 2 billionaires. Gurgaon is located just south of Delhi. Major sectors in the city include: IT and manufacturing. India total: Total wealth held in the country amounts to US$5.6 trillion (as of June 2016). Home to 264,000 millionaires and 95 billionaires in total. Emerging cities: Surat is the fastest growing city in India (in terms of GDP growth). Major sectors in the city include: diamond cutting, textiles and IT. Ahmedabad is one of the largest cities in India, population wise. Major sectors include: basic materials (cotton), manufacturing (textiles, automobiles), IT and healthcare (pharmaceuticals).
Visakhapatnam is home to one of busiest ports in India. Major sectors in the city include: transport, IT and manufacturing. Goa (state) is a major holiday and retirement destination for Indian HNWIs. It is also home to a large number of wealthy retirees. Notably, people born in Goa are eligible for Portuguese passports as it is a former Portuguese colony. Chandigarh is the main city of Punjab province in Northern India. Major sectors in the city include: manufacturing (machinery, electricals, automotive) and basic materials. Jaipur is known as the Pink City of India. It is known for its beauty and is a major tourist attraction. Major sectors in the city include: tourism and manufacturing. Vadodara is one of the big 3 cities in Gujarat province, along with Ahmedabad and Surat. Major sectors in the city include: petrochemicals, engineering, chemicals, plastics, pharmaceuticals and IT. Affluent suburbs: Mumbai: Bandra, Juhu, Goregaon, Parel, Worli, Palm Beach Road. Delhi: Westend Greens, Dera Mandi, Greater Kailash, Lutyens. Kolkata: Ballygunge, Alipore. Hyderabad: Jubilee Hills, Banjara Hills. Bangalore: Indiranagar, Sadashivanagar. Chennai: Boat Club Road, Poes Garden. Pune: Boat Club Road, Kalyani Nagar, Koregaon Park. Gurgaon: Golf Course Road. Goa: Nerul, Siridao, Siolim Bardez, Anjuna. Rishikesh: Invoke Riverside Residence, Homage Hillside Villas (upcoming). Growth prospects: Over the next decade, India is expected to benefit from strong growth in in the local financial services, IT, real estate, healthcare and media sectors (10 year growth forecast: 150%). In particular, the local hospital services and health insurance sectors are expected to grow strongly. Hyderabad, Pune and Bangalore are expected to be lead the pack in terms of wealth growth.
Spotlight on South Africa Top cities (as of June 2016): Johannesburg: Total wealth held in the city amounts to US$243 billion. Home to 17,600 millionaires and 2 billionaires. Our figures for Johannesburg include Sandton. Major sectors in the city include: financial services (banks, accountancies, insurance), professional services (law firms), construction, telecoms and basic materials. Cape Town: Total wealth held in the city amounts to US$130 billion. Home to 7,400 millionaires and 2 billionaires. Major sectors in the city include: real estate, financial services (fund management), retail and tourism. Durban: Total wealth held in the city amounts to US$45 billion. Home to 2,700 millionaires and 1 billionaire. Our figures for Durban include Umhlanga, Ballito and La Lucia. Major sectors in the city include: healthcare, construction, retail and transport. Pretoria: Total wealth held in the city amounts to US$42 billion. Home to 2,600 millionaires. Major sectors in the city include: basic materials, manufacturing and financial services. Emerging areas/towns: Paarl, Franschoek and Stellenbosch: Total wealth held in the area amounts to US$40 billion. Home to 2,500 millionaires. There are a number of exclusive golf & lifestyle estates in the area. Garden Route: Total wealth held in the area amounts to US$38 billion. Home to 2,500 millionaires. The Garden Route stretches from Mossell Bay to Storms River on the South Coast of South Africa. Notable towns on the route include: George, Knysna, Plettenberg Bay and Wilderness. A large number of wealthy retirees live on the Garden Route. South Africa total: Total wealth held in the country amounts to US$580 billion (as of June 2016). Home to 40,400 millionaires and 7 billionaires in total. Growth prospects: Over the next decade, South Africa is expected to benefit from strong growth in in the local tech and media sectors (10 year growth forecast: 40%).
Definitions: Millionaires or HNWIs or high net worth individuals refer to individuals with net assets of US$1 million or more. Billionaires refer to individuals with net assets of US$1 billion or more. Sources & Methodology: Source used include: Wealth data from our HNWI database. Residential property market statistics. Income distribution statistics. Stock market statistics.
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