New York CIty Tops List Of The 10 Wealthiest Cities In The World In 2024 With A Reported 349,500 Millionaires – afrotech

A new report has revealed the list of cities across the globe where the highest number of millionaires reside.

In May 2024, Henley & Partners released the “World’s Wealthiest Cities Report 2024.” According to the firm’s Group Head of Private Clients Dominic Volek, seven out of the top 10 cities listed are in countries that host investment migration programs, which work to foster foreign direct investment in return for residence or citizenship rights. 

“You can secure the right to live, work, study, and invest in leading international wealth hubs such as New York (NY), Singapore (Singapore), Sydney (Australia), Vienna (Austria), and Dubai (UAE) via investment,” Volek said, per a press release. “Being able to relocate yourself, your family, or your business to a more favorable city or have the option to choose between multiple different cities across the world is an increasingly important aspect of international wealth and legacy planning for private clients. The more jurisdictions a family can access, the more diversified its assets, the lower its exposure to country-specific and regional risks, and the greater the opportunities they can enjoy. Likewise, cities and countries can use investment migration as an innovative financing mechanism to attract the world’s wealthiest and most talented to their shores.”

While no cities in Africa made this year’s list, the press release notes that the firm foresees Nairobi, Kenya (4,400 millionaires) and Cape Town, South Africa (7,400 millionaires) joining the ranks in the near future.

The top 10 cities for 2024 are as follows: