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Henley & Partners study reveals changes in millionaires’ favourite cities. New York and Tokyo lead the top rankings, although they have recorded losses of up to 12%.

The cities of New York, Tokyo and San Francisco are where most of the world’s millionaires live, according to a report by property consultancy Henley & Partners. Lisbon is the third European city with the highest growth in the number of millionaire residents in 2022.

In a list of 20 countries that make up the report, the United States has more cities represented, six in total. In Europe, millionaires prefer London in the UK, Frankfurt in Germany, Zurich and Geneva in Switzerland, and Paris in France. In the Asia-Pacific region, meanwhile, eight cities are represented.

The data collected by New World Wealth indicates that the favourite cities of millionaires are changing. New York, the top-ranked city, has lost 12% of its millionaire residents by 2022. Los Angeles and Malibu are also down 6% (ranked 6th), and Chicago is down 4% (ranked 7th).

Although London is fourth in the ranking, making it the favourite European city for millionaires, the region has lost 9% of its resident millionaires. However, in last place in the table is Paris, the European city that has sunk the most, with a 12% drop.

Following the opposite trend is Lisbon, representing the third European city with the highest growth in the number of resident millionaires, which grew by 7% to 22,100, a figure still far from the 88,600 registered in Paris.

Among the cities with the highest growth of millionaire residents in Europe, Lisbon is only behind Cannes and Mougins in France, and Lugano, in Switzerland.

Worldwide, the cities with the highest growth in the number of resident millionaires were Riyadh in Saudi Arabia (20%), Sharjah in the United Arab Emirates (20%) and Lusaka in Zambia (18%).

Meanwhile, Beijing and Shanghai rank ninth and tenth, respectively, and have also seen losses in the resident millionaire population. Henley & Partners predicts that China will be the country to record the second highest wealth flight in 2022, after Russia.

Source: ECO

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