New York leads globally; South Florida emerges as a millionaire magnet
The U.S. continues to dominate the global wealth landscape, securing 11 of the top 50 cities in the World’s Wealthiest Cities Report 2025, released by Henley & Partners and New World Wealth. New York City leads the world with 384,500 millionaires, including 818 centi-millionaires and 66 billionaires.
The San Francisco Bay Area follows in second place with 342,400 millionaires and 82 billionaires, its billionaire count now surpasses New York’s, as its millionaire population grew nearly 98% over the past decade.
Tokyo (292,300 millionaires) and Singapore (242,400) hold third and fourth places, respectively. Los Angeles, with 220,600 millionaires, including 516 centi-millionaires and 45 billionaires, climbs to fifth, overtaking London.
London drops to sixth with 215,700 millionaires, a 12% decline over ten years, making it alongside Moscow one of only two cities in the top 50 to see a decrease.
Meanwhile, Miami is now the 9th richest U.S. city and ranks 32nd globally, home to 38,800 millionaires, 180 centi-millionaires, and 17 billionaires. With a 94% surge in its millionaire population over the past decade, the South Florida city has cemented its status as a rising magnet for wealth migration, buoyed by low taxes, a booming real estate market, and an influx of finance and tech players. It also ranks #20 globally and #6 in the U.S. for centi-millionaires, and has been flagged as a city with high growth potential for future ultra-wealth expansion.
Even more striking is West Palm Beach, which doesn’t appear in the global top 50 by millionaire count but is now the #4 fastest-growing millionaire hub in the world and #2 in the U.S., with a 112% growth rate over the past 10 years. The coastal city is now home to 11,500 millionaires, 78 centi-millionaires, and 10 billionaires. West Palm also ranks #44 globally and #15 in the U.S. for centi-millionaires, and is likewise tagged as a high-potential hotspot.
Also notable are Boca Raton and Fort Lauderdale, ranking 95th and 96th globally for centi-millionaires, with 30 each. Both fall just outside the top 20 in the U.S., but round out a clear trend: South Florida has become a cluster of emerging ultra-wealth enclaves.
South Florida is also staking its claim as one of the most expensive places to live globally. Palm Beach now ranks #8 in the world and #2 in the U.S. for real estate price per square meter, according to Henley & Partners’ World’s Most Expensive Cities report. Just behind it is Miami Beach at #9 globally and #3 in the U.S., underscoring the region’s growing appeal to high-net-worth individuals not just for wealth creation but luxury living.
Globally, Shenzhen (142% growth), Hangzhou (108%), and Dubai (102%) show the fastest millionaire population growth, all outpacing the Bay Area. Dubai notably surged from 21st to 18th in ranking, now hosting 81,200 millionaires, 237 centi-millionaires, and 20 billionaires.