LONDON, April 11 (Bernama-SPA) –The United States (US) continues to dominate the list of the world’s top 50 cities by number of wealthy individuals, with 11 American cities making the cut, according to Saudi Press Agency (SPA) citing the Wealthiest Cities in the World report for 2025.
New York City topped the global list with more than 384,000 millionaires, including 818 individuals with fortunes exceeding US$100 million and 66 billionaires.
The San Francisco Bay Area, including Silicon Valley, ranked second with 342,400 millionaires and 82 billionaires.
While it trailed New York in the number of millionaires, it surpassed it in billionaire count, underscoring its role as a global tech wealth hub. The region also recorded a remarkable 98 per cent increase in wealthy individuals over the past decade.
Dubai made the fastest leap in the rankings, climbing from 21st to 18th place within a year. It is now home to 81,200 millionaires, 237 individuals with more than US$100 million, and 20 billionaires. The city saw a 102 per cent growth in its wealthy population over the past decade, outperforming most cities globally.
Across Asia and the Middle East, wealth continues to grow rapidly.
Riyadh recorded a 65 per cent increase in wealthy individuals, while Abu Dhabi saw an 80 per cent rise, reflecting the region’s ongoing transformation into a global capital hub.
Chinese cities also showed strong momentum.
Shenzhen ranked 28th with the highest global millionaire growth at 142 per cent, while Hangzhou placed 35th with a growth of 108 per cent.
In contrast, London dropped one position to 6th place, with its millionaire population declining by 12 per cent over the past decade to 215,700.
Moscow maintained its spot in the rankings, despite falling to 40th with a 25 per cent drop in millionaires.
Looking ahead, the report forecasts that cities such as Dubai, Abu Dhabi, and New Delhi will see growth of more than 100 per cent in the number of ultra-wealthy individuals — those with US$100 million or more — over the next ten years, boosted by favourable tax regimes and investor residency programmes.
No city from Africa or Central America made the top 50 list, but the report identified several emerging cities on the continent where the number of ultra-wealthy individuals is expected to double in the next decade.
These include Cape Town (34), Marrakech (14), and Nairobi (10).
— BERNAMA-SPA