The latest list of the wealthiest cities worldwide for spring 2023 was released by experts, with several cities situated in countries that offer favorable investment immigration options for potential immigrants ready to relocate.
As we all learn in our school physics courses, there exist fundamental physics laws of conservation. According to these laws, measurable physical quantities in a closed system remain unchanged over time under certain conditions.
By analogy, one could liken the Earth to a self-contained system, while the community of affluent individuals represents a measurable quantity. Undoubtedly, the past decade has seen a significant surge in the number of dollar millionaires, multi-millionaires, and billionaires, driven by factors such as inflation and the emergence of new sectors, e.g., crypto-asset transactions.
In China, positive trends are observed in the number of HNWIs. Over the past 10 years, the number of wealthy people increased the most in the Chinese city of Hangzhou, with a growth rate of 105%. The city of Austin, Texas, took 2nd place, with a growth rate of 102%.
Miami and West Palm Beach, located in the state of Florida, saw a surge in the number of affluent residents with an increase of 75% and 90% respectively. The primary cause for this sharp rise in West Palm Beach was the massive relocation of wealthy Americans to Southern Florida for safety concerns during the pandemic.
The USA takes the lead in the number of wealthiest cities
None of the aforementioned metropolises managed to make it to the top 10 list of the world’s wealthiest cities based on the total number of dollar millionaires, multi-millionaires, and billionaires as of the report’s publication date. The 1st place was claimed by New York, which had approximately 340,000 millionaires and wealthier individuals living in the city as of the early 2023.
Following closely behind were Tokyo, the San Francisco Bay Area, London, and Singapore. The United States of America outperformed other countries in the rankings, with 10 of the top 100 wealthiest cities in the world located in the country. China secured 2nd place in the national rankings with 5 cities in the top 100, while Australia came 3rd with 4 cities in the ranking.
|City or region||Country||Percentage change in the number of high-net-worth residents from 2012 to 2022||Millionaires, ths||Sentimillionaires||Billionaires||Investment immigration opportunities|
|New York City||USA||40%||340||724||58||☑|
|San Francisco Bay area (with Silicon Valley)||USA||68%||285||629||63||☑|
|Hong Kong||Hong Kong||-27%||129.5||290||32||☑|
|Johannesburg||Republic of South Africa||-40%||14.6||30||2|
|Santa Barbara and Montecito||USA||65%||12.3||82||6||☑|
|Greenwich and Darien||USA||72%||11.9||112||8||☑|
|West Palm Beach||USA||90%||9.4||64||6||☑|
|Ho Chi Minh City||Vietnam||82%||7.7||15||3|
|Cape Town||Republic of South Africa||10%||7.2||26||1|
|Saint Petersburg||Russian Federation||-38%||6.9||55||7|
|Durban||Republic of South Africa||-6%||3.6||10|
|Cape Wineland||Republic of South Africa||18%||3.4||15||2|
|Garden Route (tourist route in RSA)||Republic of South Africa||22%||3||5|
|Pretoria||Republic of South Africa||-35%||2.4||2|
|Dar es Salaam||Tanzania||20%||1.4||4||1|
|Whale Coast||Republic of South Africa||25%||1.1||5|
Based on the table above, investment immigration schemes can be utilized for moving to 40 out of the top 100 wealthiest cities. These schemes include the golden visa and fast-track CBI programs designed for those who are eager to invest in real estate and other assets to obtain citizenship abroad as fast as possible. However, only Turkey and Egypt offer the latter option.
Assistance with relocating to the world’s richest cities
You don’t necessarily need a fortune in the bank to relocate to a big city. Many of the metropolises above have investment immigration programs that allow you to move therein with much more modest capital. In addition to investors, financially independent individuals, skilled workers, and digital nomads are welcome.
Are you searching for the perfect city to move to and want to create an immigration strategy that suits you? International Wealth experts offer a personalized consultation free of charge, with valuable information on the best immigration options available. Where necessary, we’ll develop a custom turnkey strategy for your relocation and help you put it into action.
Those in search of professional advice and guidance are welcome to complete the contact form to your right or get in touch with the International Wealth team of experts. Our phone numbers and corporate email addresses are listed above. We understand that every situation is unique. Hence, we offer personalized consultation services to help you make the right decisions for your particular needs. Don’t hesitate to contact us and take the first step towards a new life with a brighter promising future.