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The Henley & Partners Group, an American consulting firm, published its latest World’s Richest Cities report on September 13th. The report confirmed that New York, Tokyo and San Francisco are the cities with the most millionaires.
Hong Kong plummeted from 8th place in 2021 to 12th place this year, becoming the most affected city on the list.
According to reports, there are currently 125,000 billionaires in Hong Kong. 28 of them are millionaires.
Hong Kong’s rival Singapore ranks fifth, with 249,800 billionaires in the city, second in Asia after Tokyo and fifth in the world.
To be a millionaire on this list, you must own at least $1 million in investable assets.
Andrew Amoyles, Head of Research at New World Wealth, said: However, it was overtaken by Singapore, Beijing, Shanghai and Sydney. “
America has the most millionaires
Among the top 20 cities with the most millionaires, New York took the throne with 345,600 millionaires. San Francisco, Los Angeles, Chicago and Houston made the top 10, along with Dallas.
According to the report, Houston is the fastest growing city since 2021, rising four places to now sit in eighth place.
The number of millionaires in different cities is also changing. For example, in New York City he lost his 12% of billionaires in the first half of 2022. But in San Francisco he increased by 4%. London, meanwhile, has fallen 9% and is now in fourth place.
Saudi Arabia’s capitals Riyadh and Sharjah will be the fastest growing cities for billionaires in 2022, according to data by New World Wealth.
Abu Dhabi and Dubai are among the cities with the fastest growing number of millionaires. The United Arab Emirates’ low tax regime and new residency schemes are attracting the ultra-rich.
Wealthy immigrants from Russia also contributed to the UAE’s record increase in HNWIs.
Beijing and Shanghai have lost their richest people despite being ranked 9th and 10th respectively.
Before publishing the report, Henley & Partners predicted that about 10,000 high net worth Chinese billionaires will leave China and emigrate abroad in 2022. A total outflow of $48 billion from China would be her second-largest wealth loss after Russia.
Experts said the withdrawal of people and capital from China would accelerate China’s social crisis.
Wealthy billionaires were already quietly fleeing before the Chinese Communist Party implemented Dynamic Zero-COVID to deal with the pandemic.The total number of Chinese billionaires who emigrated abroad in 2017 was about 10,000 people, up 50% in 2018 to 15,000.
In 2019, the number of Chinese immigrants to the west, including the United States, Canada, Australia and the United Kingdom, reached 15,000, ranking first in the world.
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