Global Wealth Report: Top Cities for Millionaires and Billionaires Revealed, Elon Musk and Jeff Bezos Among Top Residents

Featured & Cover Global Wealth Report Top Cities for Millionaires and Billionaires Revealed Elon Musk and Jeff Bezos Among Top Residents (1)

Where are the top destinations for millionaires and billionaires worldwide? Today, the most affluent cities globally are major centers for finance and technology, attracting wealthy residents to bustling urban landscapes. These cities boast some of the most exclusive real estate markets globally, driven by a continuous influx of wealth and high demand for prime properties.

According to data from Henley & Partners’ annual World’s Wealthiest Cities Report, New York City leads as the world’s richest metropolitan area with 340,000 millionaires and 58 billionaires. The city has seen a 40% increase in its high net worth population from 2012 to 2022, despite a period of wealthy outmigration during the pandemic. Overall, the collective wealth of New York City’s residents amounts to approximately $3 trillion, surpassing Canada’s GDP.

Tokyo follows closely with 290,300 millionaires, representing a significant portion of Japan’s affluent population. The Bay Area ranks third, experiencing a 68% growth in its millionaire residents since 2012, largely driven by the technology sector’s boom. It also hosts the highest number of billionaires globally, totaling 63, surpassing New York City’s 58 and Beijing’s 43.

In China, Beijing emerges as the most affluent city, supported by the country’s rapid economic expansion over the past decade. Shanghai closely follows, both experiencing a surge in millionaire residents by over 70%.

Dubai represents the Middle East on this list, boasting 68,400 millionaires and 15 billionaires, attracting wealthy foreigners due to its role as a prominent financial and trade hub.

Where Do the World’s Richest People Live?

Elon Musk, the wealthiest individual globally, has transitioned from California to Boca Chica, Texas, residing in a modular home of approximately 400 square feet. Additionally, he is constructing a glass-walled home near Tesla’s Austin headquarters, known as Project 42. Musk has also invested in thousands of acres outside Austin, planning a community for his Tesla, Boring, and SpaceX employees, complete with modular homes, an outdoor gym, and a pool.

Jeff Bezos, the second-richest person globally and Amazon founder, owns five apartments worth a combined $119 million in New York City. After three decades based in Seattle, Bezos has relocated to Miami’s “Billionaire Bunker” on Indian Creek Island.

Bernard Arnault, the third-richest individual globally and CEO of luxury conglomerate LVMH, owns a mansion in Paris and an $84 million property in Beverly Hills.

Leave a Reply

Your email address will not be published. Required fields are marked *

More Related Stories