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Investment migration policy correlates with city relative wealth

Skyline of Lower Manhattan and New York City. — © AFP

Where are the richest cities in the world? Perhaps unsurprisingly, the US dominates the top 20 cities in the world with the most millionaires in 2022, with New York taking the gilded crown with 345,600 millionaires.

It is followed by five other US cities: San Francisco, Los Angeles, Chicago, Houston and Dallas, which are among the top ten richest cities. However, the US city does not follow New York. Instead, Tokyo is in second place with 304,900 high-net-worth residents worth over $1 million. In fourth place is London, which for many years was the richest city in the world. This drop is due to the San Francisco Bay Area finishing third with 272,400 millionaires.

These rankings have been compiled and presented in the latest Henley Global Citizens Report, which tracks trends in private capital migration around the world.

There are some movers and shakers. Two Chinese cities, Beijing (9th) and Shanghai (10th), made it into the top 10 for the first time. Switzerland and Australia managed to take the top two places each in cities in the next ten: Sydney (11th), Zurich (15th), Melbourne (17th) and Geneva (19th).

Singapore (5th), Hong Kong (South Africa of China) (12th), Frankfurt (13th), Toronto (14th), Seoul (16th) and finally Paris, which sank by 3 positions to 20th, make up the rest of the 2022 ranking.

The report features data collected from global wealth analytics. New World Wealth and includes the five richest cities in each major region and the 25 fastest growing cities in terms of growth in millionaires.

Looking at the data, Dr. Jürg Steffen, CEO of Henley & Partners, indicates that that 14 of the 20 largest countries are in countries with investment migration programs: “The right to live, work, study and invest in leading international wealth centers such as New York, London, Singapore, Sydney and Toronto can be obtained through a view of residence. through investment.

Investment migration it is a form of legal migration used in more than 80 countries around the world, including several EU countries, the US, Australia, New Zealand and the Caribbean. This allows people to obtain citizenship or residency in exchange for investment in host countries.

Despite the fact that it has become more difficult to enter the UK after Brexit, the trend is clear. Steffen notes regarding migration: “The ability to move yourself, your family, or your business to a more favorable city, or to be able to choose between several different residences around the world, is becoming an increasingly important aspect of international wealth and heritage planning for private clients.”

Wealth patterns vary across resources and markets, and this may change. By 2030, millionaires from Dubai, Mumbai and Shenzhen are expected to enter the top 20 richest cities in the world.

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