New York City is home to the world’s highest concentration of resident millionaires at 340,000, a report has found.
Tokyo and San Francisco Bay Area are ranked second and third, with resident millionaire populations of 290,300 and 285,000, respectively, according to Henley & Partners, which tracks private wealth and investment migration trends worldwide, and global wealth intelligence provider New World Wealth.
London dropped to fourth place on this year's list with 258,000 resident high-net-worth individuals (HNWIs), followed by city-state Singapore with 240,100, Henley & Partners said in the report, which focuses on people with a net worth of $1 million or more.
Los Angeles, Hong Kong, Beijing, Shanghai and Sydney round out the top 10 wealthiest cities globally, according to the report.
“Traditional wealth magnets such as Monaco and Dubai have also experienced especially strong millionaire growth over the past decade,” Andrew Amoils, head of research at New World Wealth, said.
“The average wealth of a person living in Monaco exceeds $10 million, making it the top-ranked city on a wealth per capita basis.
“Dubai is another established international wealth centre, with its low tax rates making it a magnet for migrating millionaires from all over the world. Approximately 3,500 HNWIs moved to the city in 2022 alone.”
The world’s ultra-wealthy shed a combined $10 trillion, or 10 per cent, from their net worth in 2022, driven by the triple “shock” of global economic uncertainty, the energy crisis and the war in Ukraine, a March report by property consultancy Knight Frank said.
The super-rich in Europe were at the centre of the crisis, with ultra-high-net-worth individuals (UHNWIs) losing an average of 17 per cent from their fortunes, Knight Frank said in The Wealth Report 2023.
Knight Frank defines UHNWIs as people who possess a net worth of $30 million or more, including primary residences and second homes not held as investments.
New York is also home to the most centimillionaires — people with a net worth of $100 million or more in investable assets — in the world at 724, followed by the San Francisco Bay Area with 629 and Los Angeles at 480, the Henley & Partners research found.
However, San Francisco Bay Area is home to the most billionaires globally at 63, followed by New York City with 58 and Beijing at 43.
Dubai hosts 68,400 millionaires, 206 centimillionaires and 15 billionaires, according to the report. Abu Dhabi is home to 24,200 millionaires, 68 centimillionaires and four billionaires.
Meanwhile, the US and China dominate the list of fastest-growing cities when it comes to resident millionaires over the past decade, the report said.
China’s Hangzhou topped the list in this respect, with millionaire growth of 105 per cent between 2012 and 2022, the data showed.
Shenzhen and Guangzhou also enjoyed significant HNWI expansion over the past decade, at 98 per cent and 86 per cent, respectively.
World's top 10 richest people in 2023 — in pictures
Meanwhile, the three fastest-growing millionaire hotspots in the US are Austin, which recorded a 102 per cent growth in resident HNWIs, West Palm Beach (90 per cent), and Scottsdale (88 per cent), according to Henley & Partners.
Indian cities Bengaluru and Hyderabad recorded 88 per cent and 78 per cent growth, respectively, in millionaires over the past decade, while Sharjah saw an 84 per cent growth.
Top 10 wealthiest cities and their millionaire population
- New York: 340,000
- Tokyo: 290,300
- San Francisco Bay Area: 285,000
- London: 258,000
- Singapore: 240,100
- Los Angeles: 205,400
- Hong Kong: 129,500
- Beijing: 128,200
- Shanghai: 127,200
- Sydney: 126,900
The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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Teams
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals
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