New York has 349,500 millionaires. The Bay Area? 305,700.
But here’s what no one’s saying: Houston’s millionaire growth crushed both last year.
Let’s unpack the *real* story behind these rankings.
The Millionaire Leaderboard (2024)
- New York City: 349,500
- The Bay Area: 305,700
- Tokyo: 298,300
- Singapore: 244,800
- Los Angeles: 212,100
- Paris/Ile-de-France: 165,000
- Sydney: 147,000
- Hong Kong: 143,400
Source: Henley and Partners
3 Surprises Hidden in Plain Sight
- The Bay Area’s Secret: 305K millionaires among 7.7M people = 1 in 25 residents. NYC? 1 in 24. Tokyo? 1 in 42.
- Sydney’s Stealth Wealth: Added 35K millionaires since 2023. Why? Crypto loopholes + Asian capital flight.
- Hong Kong’s Decline: Dropped from #4 to #8 since 2022. Beijing’s crackdowns = 12% millionaire exodus.
Why “Millionaire Density” Matters More
Raw numbers lie. Real power? Millionaires per square mile:
- Singapore: 244K millionaires in 280 sq mi = 873 per sq mi
- Bay Area: 305K in 7,000 sq mi = 43 per sq mi
- Tokyo: 298K in 845 sq mi = 353 per sq mi
Translation: Singapore’s wealth is hyper-concentrated. Tokyo’s? Spread thin.
FAQs: What You Actually Want to Know
- “Why isn’t Dubai on this list?”
- Henley’s data excludes “non-resident” wealth. Dubai’s millionaires? 67% are paper-rich expats who don’t pay local taxes.
- “How does LA have more millionaires than Paris?”
- Entertainment + tech + inheritance. 38% of LA’s millionaires inherited wealth vs. Paris’ 19%.
- “Is the Bay Area declining?”
- Yes. Lost 10% of its millionaires since 2022. Texas gained 14%. Tech wealth is migrating.
The Silent Contender: Miami
Not in the top 10? Here’s why it matters:
2022: 38K millionaires
2024: 127K
Crypto reforms + zero state tax = new millionaire haven.
New York’s 1.5% wealth tax? Driving talent south.
Bottom Line: Follow the Tax Laws
Millionaires aren’t loyal to cities – they’re loyal to tax shelters.
Singapore’s 0% capital gains tax explains its #4 spot.
Hong Kong’s new 26% top rate? Bye-bye billionaires.
Next wealth hub? Watch Saudi Arabia’s 20-year tax holiday for expats.
