Centi-millionaires individuals with assets exceeding USD 100 million are increasingly concentrated in specific cities worldwide in 2024. These urban centres have become magnets for substantial wealth, driven by their robust financial sectors, technological advancements, and dynamic business environments.
According to the Henley & Partners “Centi-Millionaire Report 2024,” the global population of centi-millionaires has surged by 54% over the past decade, reaching over 29,300 individuals.
The rise has been predominantly fueled by the U.S. and China, which account for much of this growth. China has experienced the fastest increase, with its centi-millionaire population growing by 108%, while the U.S. saw an 81% rise. In comparison, Europe experienced a more modest 26% increase during the same period.
Read also: The top 10 cities with the fastest-growing millionaire populations.
Here are the top 10 cities for centi-millionaires in 2024, individuals with liquid investable wealth of $100 million or more, based on residency in a given city, based on figures from December 2023.
1. New York City, USA
New York City with 744 centi-millionaires tops the list. As one of the most influential financial hubs globally, it is home to Wall Street, numerous multinational corporations, investment firms, hedge funds, and real estate empires. The city’s economy is diverse, encompassing finance, media, technology, fashion, and real estate. Its appeal lies in the vast business opportunities, extensive infrastructure, and a long history of attracting global talent and wealth.
2. The Bay Area, USA
The Bay Area, encompassing San Francisco and Silicon Valley, ranks second with 675 centi-millionaires. This region is the heart of the technology industry, home to major technology companies such as Apple, Google, Facebook (Meta), and a large number of startups. Venture capital firms, investment funds, and the tech sector’s ability to generate vast personal wealth drive the high number of ultra-rich individuals in the area. Its innovation ecosystem and proximity to world-class universities like Stanford and UC Berkeley are critical contributors to its wealth concentration.
Read also: 10 wealthiest cities in Africa with the most millionaires
3. Los Angeles, USA
Los Angeles is third on the list with 496 centi-millionaires. It is a global entertainment hub, home to the film, television, and music industries, with companies like Warner Bros, Universal Studios, and Disney headquartered here. Beyond entertainment, Los Angeles has a growing technology and startup scene and is a significant player in real estate and fashion. The city’s diverse economy attracts a broad array of high-net-worth individuals.
4. London, UK
London has 370 centi-millionaires, making it the wealthiest city in Europe by this measure. London’s financial district, including the City of London and Canary Wharf, serves as one of the major global financial centres. Its strength lies in banking, insurance, wealth management, and fintech. London also benefits from its role as a global city with a strong real estate market, cultural institutions, and high-end retail, attracting both domestic and international wealth.
Read also: Top 10 African Countries with highest number of Millionaires
5. Beijing, China
Beijing ranks fifth with 347 centi-millionaires. As the political and cultural capital of China, Beijing is also a major hub for state-owned enterprises and private corporations. It has a concentration of high-net-worth individuals, particularly from technology, manufacturing, and real estate industries. The presence of large corporations, government institutions, and a growing technology sector makes Beijing a critical centre for wealth in China.
6. Singapore, Singapore
Singapore hosts 336 centi-millionaires. The city-state’s reputation as a global financial centre and tax-friendly environment has made it a key destination for wealthy individuals and businesses. Singapore’s economy is centred around finance, real estate, shipping, and technology. Its strategic location, robust regulatory environment, and political stability make it a hub for wealth preservation and growth, attracting centi-millionaires from across Asia and beyond.
Read also: 4 countries in Africa with the most billionaires in 2024 – Forbes
7. Shanghai, China
Shanghai is home to 322 centi-millionaires. It is China’s largest city and a major financial centre, playing a significant role in the global economy. Shanghai has a strong presence of financial institutions, multinational corporations, and a rapidly growing technology sector. The city’s real estate market is also a significant driver of wealth, contributing to the high number of centi-millionaires.
8. Hong Kong, Hong Kong (SAR China)
Hong Kong hosts 320 centi-millionaires. Despite political challenges in recent years, Hong Kong remains a key financial centre in Asia. Its robust legal system, strong banking sector, and status as a gateway to China continue to attract high-net-worth individuals. Hong Kong’s stock market and its concentration of multinational corporations and family-owned businesses contribute to its wealth base.
Read also: U.S. and China lead 54% global growth in centi-millionaire numbers
9. Chicago, USA
Chicago ranks ninth with 290 centi-millionaires. It is a major financial centre in the Midwest, home to significant industries such as finance, real estate, manufacturing, and commodities trading. The presence of large corporations, including many Fortune 500 companies, adds to its status as a hub for high-net-worth individuals. The city’s economy is diversified, with healthcare, education, and technology strengths.
10. Paris, France
Paris rounds out the top 10 with 286 centi-millionaires. As the capital of France, Paris is a global centre for fashion, luxury goods, art, and culture. It also has a robust financial sector, with many leading banks and insurance companies headquartered there. Real estate in Paris remains a key driver of wealth, and the city continues attracting wealthy individuals worldwide, especially from Europe and the Middle East.
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