Map: Cities With the Most Ultra-Rich Residents

by visualcapitalist

Mapped: The Cities With the Most Ultra-Rich Residents

As of 2018, there is a grand total of 198,342 ultra high net worth individuals (UHNWIs) globally with assets over US$30 million, according to the most recent edition of Knight Frank’s Wealth Report.

Although these millionaires and billionaires can be found all over the globe, the reality is that most of the world’s ultra-rich population tends to congregate in world-class cities.

Generally speaking, UHNWIs are looking to live in places that are conducive to safeguarding and growing their wealth, but that also give them access to top-end amenities that allow them to live comfortably and luxuriously.

TOP 10 CITIES FOR THE ULTRA-RICH

To start, we’ll look at a list of global cities, organized by expected number of UHNWIs in 2023:

Rank City UHNWIs (2018) UHNWIs (2023e) Change (%)
#1 🇬🇧 London 4,944 6,015 21.7%
#2 🇸🇬 Singapore 3,598 4,393 22.1%
#3 🇯🇵 Tokyo 3,732 4,125 10.5%
#4 🇺🇸 New York City 3,378 3,891 15.2%
#5 🇨🇳 Beijing 1,673 2,247 34.3%
#6 🇫🇷 Paris 1,667 2,031 21.8%
#7 🇰🇷 Seoul 1,594 2,020 26.7%
#8 🇹🇼 Taipei 1,519 1,864 22.7%
#9 🇨🇭 Zurich 1,507 1,796 19.2%
#10 🇨🇳 Shanghai 1,263 1,690 33.8%

London continues to top the list, with a roster of 4,944 ultra-rich residents today and the projected growth over the coming years to eclipse the 6,000 mark by 2023.

Tokyo has the second highest amount of UHNWIs today, but the city is adding them at a slower rate than other rival cities. As a result, Singapore will move into the #2 spot overall by 2023, with an expected total of 4,393 high net worth residents.

Finally, it’s worth noting that only two cities on the top 10 list are expected to see growth above a 30% clip over this five-year period. Shanghai and Beijing could be cities to watch for decades to come, as they add millionaires and billionaires at a faster rate than any of the other heavyweights.

FASTEST GROWING CITIES

Where are the billionaire meccas of the future?

Here are the 10 cities that are expected to add UHNWIs the fastest between 2018-2023:

Rank City UHNWIs (2018) UHNWIs (2023e) Change (%)
#1 🇮🇳 Mumbai 797 1,101 38.1%
#2 🇮🇳 Delhi 211 291 37.9%
#3 🇵🇭 Manila 115 157 36.5%
#4 🇨🇳 Shenzhen 527 708 34.3%
#5 🇨🇳 Beijing 1,673 2,247 34.3%
#6 🇨🇳 Guangzhou 394 529 34.3%
#7 🇨🇳 Shanghai 1,263 1,690 33.8%
#8 🇮🇩 Jakarta 401 529 31.9%
#9 🇲🇾 Kuala Lumpur 376 496 31.9%
#10 🇰🇷 Seoul 1,594 2,020 26.7%

Not surprisingly, all 10 of these cities are located in Asia.

Two Indian cities (Delhi and Mumbai) top the list, and are likely to add nearly 40% to their ultra-rich populations over the next five years. China also has a strong showing here.

Interestingly, just missing the above top 10 were a few non-Asian cities: Auckland (#11), Madrid (#12), Munich (#13), and Nairobi (#14) are all expected to grow their UHNWI populations by roughly 25% by 2023.

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