The wealthiest people in New Zealand pay a smaller share of their income in tax than minimum wage workers in the country, a new report found. It’s estimated that America holds around $65.4 trillion in private wealth, which includes roughly 770 individuals whose net worth exceeds $1 billion. As of April 27, 2023, 14 out of the 20 richest individuals had primary ties to, or considered themselves, American.
A new report from financial firm Henley & Partners, who work with residence and citizenship investments, shows which global cities have attracted the world’s wealthiest individuals over the last decade; including where the ultra-rich’s favorite seasonal hot-spots. Their data comes from New World Wealth.
Key Takeaways:
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The world’s wealthiest cities, from richest first include: New York City (USA), Tokyo (Japan), The Bay Area (USA), London (UK), Singapore (Singapore), Los Angeles (USA), Hong Kong (Hong Kong, SAR China), Beijing (China), Shanghai (China) and Sydney (Australia).
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High-net-worth-individuals (HNWI), people whose personal wealth exceeds $1 million, have doubled in number in two cities in the last decade, since 2012: Hangzhou, China, and Austin, Texas, USA. Both cities have roughly the same number of HNWIs, with 30,000, and Hangzhou has three more billionaires than Austin.
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The Bay Area, in California, has the highest number of billionaires in the world, with 63, and the locale has seen a 68 percent growth in HNWIs between 2012 and 2022.
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Other Asian cities that’ve seen their HNWI populations rise include Shenzhen, China, Bengaluru, India, Sharjah, UAE and Ho Chi Minh City, Vietnam, and cities in Africa include Kigali, Rwanda, Marrakesh, Morocco, and Mombasa, Kenya.
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HNWIs love going to Miami, where more than 800 of them descend during peak holiday month, followed by Paris, Santa Barbara & Montecito, San Deigo and West Palm Beach.
Via Henley & Partners.
[Photo by RODNAE Productions]
