Top 10 Fastest-Growing Millionaire Hotspots Revealed – U.S. Cities Struggle As Only 3 Make The List – Financial Freedom Countdown
Henley and Partners have revealed their 2023 ranking of global cities with the highest concentration and fastest-growing numbers of millionaires, centi-millionaires, and billionaires. Here’s a look at the top 10 cities on the list.
New York
New York City as a financial powerhouse, secured the top spot on the global millionaire hotspot list with the largest number of millionaires and centi-millionaires. It was second on the list in terms of number of billionaires, although the growth of millionaires in the last decade was only 40%
HNWI (1m+): 340,000
Centi-millionaires (100m+): 724
Billionaires (1bn+): 58
Tokyo
The vibrant metropolis of Tokyo stands as a beacon of innovation and opportunity, boasting a thriving economy and a bustling atmosphere that attracts both local and international investors.
Although the number of millionaires is high, the growth decreased by 5% in the last decade.
HNWI (1m+): 290,300
Centi-millionaires (100m+): 250
Billionaires (1bn+): 14
San Francisco Bay Area
Nestled amidst the picturesque landscape of California, the San Francisco Bay Area is renowned for its technological prowess and entrepreneurial spirit, making it a magnet for wealthy individuals seeking to capitalize on the latest innovations.
Silicon Valley and the growth of the technology sector has resulted in 68% growth in the number of millionaires in the last decade. Incidentally the bay area is also home to the largest number of billionaires worldwide.
HNWI (1m+): 285,000
Centi-millionaires (100m+): 629
Billionaires (1bn+): 63
London
As the cultural and financial heart of the United Kingdom, London exudes sophistication and wealth, with its historic landmarks and bustling financial districts attracting affluent individuals from around the globe.
Although London has the fourth highest number of millionaires, the growth decreased by 15% in the last decade.
HNWI (1m+): 258,000
Centi-millionaires (100m+): 384
Billionaires (1bn+): 36
Singapore
With its strategic location, business-friendly policies, and vibrant multicultural society, Singapore has emerged as a global hub for wealth and investment, offering a plethora of opportunities for affluent individuals seeking to grow their fortunes.
The number of millionaires in the last decade increased by 40%
HNWI (1m+): 240,100
Centi-millionaires (100m+): 329
Billionaires (1bn+): 27
Los Angeles
From the glitz and glamour of Hollywood to the thriving tech scene in Silicon Beach, Los Angeles epitomizes the American dream, drawing in millionaires and celebrities alike with its promise of fame, fortune, and endless opportunities.
HNWI (1m+): 205,400
Centi-millionaires (100m+): 480
Billionaires (1bn+): 42
Hong Kong
A dazzling fusion of East and West, Hong Kong shines as a beacon of prosperity and innovation in the heart of Asia, attracting wealthy individuals with its dynamic business environment and vibrant cultural scene.
With the shift in political climates, Hong Kong has the largest drop in the millionaire count by 27% in the last decade.
HNWI (1m+): 129,500
Centi-millionaires (100m+): 290
Billionaires (1bn+): 32
Beijing
As the political and cultural capital of China, Beijing boasts a rich history and a booming economy, with its modern skyline and historic landmarks attracting affluent individuals eager to capitalize on the country’s rapid growth and development.
HNWI (1m+): 128,200
Centi-millionaires (100m+): 354
Billionaires (1bn+): 43
Shanghai
With its soaring skyscrapers and bustling streets, Shanghai epitomizes the dynamism and ambition of modern China, offering a wealth of opportunities for entrepreneurs and investors looking to tap into the country’s burgeoning economy.
Shanghai saw the fastest increase in millionaire count in the last decade at 72%
HNWI (1m+): 127,200
Centi-millionaires (100m+): 332
Billionaires (1bn+): 40
Sydney
Surrounded by stunning beaches and natural beauty, Sydney combines laid-back charm with urban sophistication, making it a desirable destination for wealthy individuals seeking a high quality of life and lucrative investment opportunities.
HNWI (1m+): 126,900
Centi-millionaires (100m+): 184
Billionaires (1bn+): 15
America Dominates the Centi-millionaire List
As per the report by Henley & Partners, the wealth of centi-millionaires typically stems from various sources, including inheritance, the sale of their businesses, stock market investments, and leadership roles in successful multinational corporations and tech companies.
Monitoring this wealth bracket is crucial as it provides valuable insights into a country’s private wealth sector, serving as an effective gauge of its financial well-being. Unlike GDP, which overlooks real estate and equity transactions, private wealth offers a more comprehensive measure of economic health.
Moreover, while some smaller countries or emerging markets may lack billionaires, they often boast a substantial number of centi-millionaires, highlighting the influence and significance of their affluent population, which outnumber billionaires by almost tenfold globally.
The majority of centi-millionaires at the country level are concentrated in the United States, closely followed by the emerging markets of China and India.
Importance of Tracking Global Millionaire Trends
Understanding which cities are attracting wealth can offer cues about emerging industries, job markets, and investment prospects. In 1920, Detroit was the fourth largest city in the U.S. As high paying manufacturing jobs vanished, the city began to decline.
Secondly, it offers a comparative perspective, allowing individuals to assess their own city’s economic health and potential for growth. Best states for real estate investing are located in the path of progress with plenty of economic opportunities for job growth.
By staying informed about wealth distribution trends, average Americans can better navigate their own financial paths, whether it involves relocation, investment strategies, or career choices.
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Worry Mounts as Household Debt Surges and Delinquency Rates Soar
In the second quarter of 2024, total household debt soared by $109 billion to reach $17.80 trillion, according to the Federal Reserve Bank of New York.
This surge encompasses credit card balances, mortgage loans, and auto loans, all peaking at unprecedented levels.
Worry Mounts as Household Debt Surges and Delinquency Rates Soar
Escape the Rat Race: Focusing on the Two Key Numbers for Financial Independence
You want to retire, but it seems too far away. Most people can’t quit until they hit a specific number in their bank account. But every financial calculator spits out generic numbers. Discovering the road to financial independence starts with understanding just two crucial numbers. Let us delve into the key metrics of retirement expenses and safe withdrawal rate, and how you can calculate it for your lifestyle.
Escape the Rat Race: Focusing on the Two Key Numbers for Financial Independence
Unlock Passive Income: 15 Smart Investments That Pay You Monthly
Dreaming of a consistent passive income every month from your investments? It’s not just a dream for the wealthy; it’s achievable for anyone willing to explore the possibilities. We will uncover various investments that promise monthly returns, from the well-known to the hidden gems. Whether you’re new to investing or looking to diversify your portfolio, discover how to create a dependable monthly income stream and take a step towards financial stability.
Unlock Passive Income: 15 Smart Investments That Pay You Monthly
The Trustees of Social Security and Medicare unveiled their yearly financial forecasts for both programs, looking ahead over the next 75 years. The newly released projections for Social Security paint a grim picture of rapid progression towards insolvency in 10 years, underscoring the urgent need for trust fund remedies to avert widespread benefit reductions or sudden adjustments in taxes or benefits.
Social Security Faces Insolvency in Just 10 Years
John Dealbreuin came from a third world country to the US with only $1,000 not knowing anyone; guided by an immigrant dream. In 12 years, he achieved his retirement number.
He started Financial Freedom Countdown to help everyone think differently about their financial challenges and live their best lives. John resides in the San Francisco Bay Area enjoying nature trails and weight training.
Here are his recommended tools
M1 Finance: John compared M1 Finance against Vanguard, Schwab, Fidelity, Wealthfront and Betterment to find the perfect investment platform. He uses it due to zero fees, very low minimums, automated investment with automatic rebalancing. The pre-built asset allocations and fractional shares helps one get started right away.
Personal Capital: This is a free tool John uses to track his net worth on a regular basis and as a retirement planner. It also alerts him wrt hidden fees and has a budget tracker included.
Streitwise is available for accredited and non-accredited investors. They have one of the lowest fees and high “skin in the game,” with over $5M of capital invested by founders in the deals. It is also open to foreign/non-USA investor. Minimum investment is $5,000.
Platforms like Yieldstreet provide investment options in art, legal, structured notes, venture capital, etc. They also have fixed-income portfolios spread across multiple asset classes with a single investment with low minimums of $10,000.
