These are the wealthiest cities in the world – and where Cape Town and Joburg fit in

 ·29 Oct 2022

Recent data from immigration firm Henley & Partners has revealed the top 20 cities with the most millionaires in 2022.

The group’s recent Global Citizens Report for the third quarter of this year, compiled in collaboration with New World Wealth (NWW), looked at and compared the number of high-net-worth individuals (HNWIs) in each country.

For the purpose of the report, an HNWI referred to all individuals with investable assets of $1 million or more (upwards of R17,656,000).

Henley & Partners listed New York as the wealthiest city with a total of 345,600 HNWIs – 15,470 that were dollar multimillionaires ($10 million+), 737 centi-millionaires ($100 million+) and 59 billionaires ($1 billion+).

American cities populated the upper parts of the ranking, with six of its cities listed among the top 20. Henley & Partners said that two Swiss areas also made the top 20, along with eight cities in the Asia-Pacific region.

Listed below are the top 20 cities with the most millionaires in 2022:

Rank City Country HNWIs
1 New York USA 345 600
2 Tokyo Japan 304 900
3 San Francisco Bay Area USA 276 400
4 London UK 272 400
5 Singapore Singapore 249 800
6 Lost Angeles & Malibu USA 192 400
7 Chicago USA 160 100
8 Houston USA 132 600
9 Beijing China 131 500
10 Shanghai China 130 100
11 Sydney Australia 129 500
12 Hong Kong Hong Kong 125 100
13 Frankfurt Germany 117 400
14 Toronto Canada 116 100
15 Zurich Switzerland 105 100
16 Seoul South Korea 102 100
17 Melbourne Australia 97 300
18 Dallas & Fort Worth USA 92 300
19 Geneva Switzerland 90 300
20 Paris France 88 600

When looking more domestically, no African countries made the top 20 list however, South Africa featured twice on the African ranking.

According to the report, Johannesburg was the wealthiest city on the continent, with a mere 15,200 HNWIs when compared globally.

This number then shifts down to 7,800 for Cairo and 6,800 HNWIs in Cape Town. Lagos and Nairobi followed the top three cities in Africa, in fourth and fifth position, respectively.

New World Wealth data showed that approximately 4,500 HNWIs had left South Africa over the past decade. Most of these wealthy individuals have gone to the UK, Australia, and the US.

The report noted that investment migration programs alongside foreign direct investment are being actively encouraged in return for residence or citizenship rights.

Out of the 20 cities listed, 14 are in countries that host such programs, said NWW.

For example, London in the UK, Toronto in Canada and Melbourne in Australia have all been hotspots for South Africans.

Statistics services for Canada showed that between 2015 and 2020, there were 25,000 South Africans that had either obtained permanent residency, citizenship or temporary status in Canada.

According to Statistics Canada, 5,000 South Africans enter the Canadian immigration system for processing every year.

The UK, on the other hand, also has reported an influx of South Africans, with over 5,000 making it their home between Q1 2020 and Q3 2021.

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