In its most recent annual report, the Henley and Partners Institute has published a list of the 50 wealthiest cities in the world, with the primary indicator being the number of wealthy individuals (millionaires and billionaires) residing in these cities. According to the list, New York, the Bay Area, and Los Angeles from the United States are among the wealthiest cities globally, while Tokyo, Singapore, Hong Kong, and Beijing represent Asia in the top 10 wealthiest cities of 2024. Moscow is the only Russian city on the list, while Germany leads among European nations. Notably, no African city appears on this year’s list.
The Intense Rivalry Between the U.S. and China
It appears that America’s unchallenged dominance since the collapse of the Soviet Union has come to an end, as Chinese cities are now accumulating wealth and power. From the major port city of Shanghai to the capital, Beijing, China has secured multiple spots in the 2024 list of the world’s 50 wealthiest cities. However, the wealth gap between American and Chinese cities remains significant, and it is unlikely that Chinese cities will surpass their American counterparts for at least the next two decades.
A simple comparison between New York (the global business hub) and Shanghai (the world’s largest commercial port) reveals that New York has nearly three times as many millionaires and 1.5 times as many billionaires as Shanghai. Thus, wealth remains heavily concentrated in major American cities.
German Cities Lead in Europe
Germany, long recognized as Europe’s top economy, now has three of its major cities—Frankfurt, Munich, and Berlin—ranked among the world’s wealthiest. Frankfurt, Germany’s financial hub and home to the European Central Bank, ranks above cities like Dubai, Dallas, and Mumbai, despite having a much smaller population. Meanwhile, the affluent city of Munich and the capital, Berlin, also feature in the top 50.
Frankfurt am Main, richest city of Germany
In contrast, the UK’s position has weakened in Europe. Despite its extensive influence in global politics and trade, it lags behind other European powers in wealth concentration.
Dubai Leads the Middle East
According to the report, Dubai has climbed three spots in terms of its wealthy resident population, with this strategic Middle Eastern port now hosting 81,000 millionaires from around the world—a unique and distinguished status. Notably, despite the immense wealth in other Gulf Arab nations like Saudi Arabia and Qatar, no other city from these countries made the top 50. Nevertheless, Dubai stands as the wealthiest and most prominent Arab city of the 21st century.
Australia’s Rise from the Oceans
Australian cities have remarkably secured positions among the world’s wealthiest. Sydney alone has as many wealthy residents as the combined totals of Manchester, Nice (France), Moscow, Washington, Vancouver, and Madrid. This figure highlights Australia’s relatively strong economic power in wealth accumulation—a country with fewer than 30 million people has managed to attract such a significant number of affluent individuals.
