New York once again ranks first in number of millionaires, as in previous years.

Axar.az informs the US continues to dominate, with 11 cities on the Top 50 Cities for Millionaires list in the latest World’s Wealthiest Cities Report 2025 ranking, led by New York in 1st place with 384,500 high-net-worth individuals (including 818 resident centi-millionaires, or ‘centis’, with liquid investable wealth of USD 100 million or more, and 66 billionaires).

This, according to the 4th edition of the annual report published by international wealth and investment migration specialists Henley & Partners in collaboration with global data intelligence firm New World Wealth.

Notably, the Bay Area, which includes the city of San Francisco and Silicon Valley, in 2nd place with 342,400 resident millionaires, is now home to more billionaires (82) than the Big Apple and continues to thrive as the epicenter of technological wealth creation, enjoying exceptional millionaire growth of 98% over the past decade.

Of the Top 50 cities, only Shenzhen (in 28th place, with 142% millionaire growth, and now home to 50,800 millionaires), Hangzhou (35th, with 108% growth and 32,200 millionaires), and Dubai (18th with 102%) grew faster than the Bay Area between 2014 and 2024. Dubai (which now boasts 81,200 resident millionaires, including 237 centis and 20 billionaires) also takes the prize for the biggest climber in the Top 50 over the past year, moving from 21st to 18th place.

Seoul is the biggest faller, dropping to 24th place from 19th last year.

Tokyo, fueled by a strong recovery of the Nikkei 225 over the past two years, solidifies its position in 3rd place with 292,300 millionaires in residence, followed by Singapore in 4th place with 242,400 millionaires.