The World’s Wealthiest Cities

NEWSLETTER

Family office insights this week:

• The wealthiest cities of the world

• An interview with a frustrated family office executive

• Six family office archetypes

• The tech wealth cycle for Google and Facebook millionaires

• Books: a cult classic on ambition and creative confidence

The World’s Wealthiest Cities

The wealthiest, fastest-growing and most expensive cities in 2025.

Henley & Partners just published their World’s Wealthiest Cities Report for 2025.

It gives an excellent overview on the world’s 50 wealthiest cities, with stats on growth, which cities are most expensive and where most millionaires and centi-millionaires call home.

It’s always interesting to track the changes, particularly who’s winning (NYC), losing (London) and growing the fastest (Shenzhen). 

The report is based on the movements of over 150,000 HNWIs and UHNWIs, and created in partnership with wealth research firm New World Wealth.

There’s also insights on economic mobility, real estate, the investment migration sector, and other areas - well worth a browse in full. 

You can access the full report online - but below are a few key insights. 

Top Cities for Millionaires 

The US dominates with 11 cities in the top 50, but Dubai is the biggest climber within the last year. 

London (-12%) and Moscow (-25%) the only two cities showing decline in last decade.

Monaco is still the highest per capita concentration of ultra-wealthy: the average resident wealth exceeds USD 20 million and 40% of all residents are millionaires.

Fastest growing wealth hubs 

Showing growth over the last decade, in the top 25 cities, 8 are in USA, 5 in China and 3 are in Middle East.

Cities with significant technology communities show the highest growth rate - the reason for each of the top three (Shenzhen is commonly known as the Silicon Valley of China).

Cities with attractive tax policies are naturally driving growth, notably Dubai, Miami and Singapore.

In Asia, Tokyo, Singapore and Hong Kong lead for number of millionaires, but of those only Singapore has shown major growth (62%) over the last decade.

Centi-millionaire top cities 

There are 30,450 centi-millionaires worldwide (individuals with liquid investable assets exceeding USD 100 million).

The US dominates this list too, with the top three cities New York, San Francisco and LA

Hong Kong is in 5th and Singapore in 6th, reflecting their shared ambition to become the top wealth hub of Asia.

Forecasting for next ten years suggests Dubai and Abu Dhabi will show highest growth rate, with their centi-millionaire populations likely to double, as part of the region’s shift to become a global financial center. 

Most expensive cities in the world 

Rankings are based on the average Square Meter price of a 'prime' 100 to 200 m² apartment in the city.

Monaco “wins” this list, with prices reflecting an average 40% higher compared to New York in second place.

France has the most cities on the list overall, primarily due to its rosé-sipping community along the Côte d'Azur. 

Wealth measurements & investment migration

The report also has an interesting article around GDP vs. Wealth as a measure of health for an economy.

While GDP is a standard measure it suggest that it “does not fully capture the dynamics of wealth creation and accumulation or the financial health of an economy.” 

Whereas private wealth and “account asset ownership, investment flows, and the movement of high-net-worth individuals” are suggested as a more accurate reflection of economic strength.

Also interesting to note is the millionaire migration effect.

“Seven of the top 10 wealthiest cities are in countries with residence by investment programs, creating direct pathways for entrepreneurs and investors seeking access to these wealth hubs.” - Dr. Juerg Steffen, CEO at Henley & Partners

There’s no doubt that investment migration has become more about simple residency; it’s now about strategic optionality for the globally mobile.

And the trend is reshaping cities and economies worldwide.

𝕏 highlights

A very interesting interview with a frustrated family office executive from Deloitte Private.

Tech wealth in your 20s.

Family office archetypes.

 💼 where to work

Three notable family office job opportunities posted this week…

Family Office Manager - Tang Family Office (Las Vegas / Single Family Office)

Client Operations Manager - Stokes Family Office (New Orleans / Multi-Family Office)

Chief Operating Officer - Private Family Office (Singapore / Single Family Office)

📚 what to read

I was recently gifted It's Not How Good You Are, It's How Good You Want To Be by Paul Arden. It’s fun, it’s sharp, visual guide to unlocking ambition and creative confidence. Arden was a legendary ad man and creative director at Saatchi & Saatchi. It’s a cult classic for anyone who wants to think bigger and bolder. You’ll read it in a day, but the lessons will stay with you for much longer.

📻 what to listen to

Another interesting podcast from Tamarind. (If you missed it, we interviewed with Torri Hawley from Tamarind Learning last week)

Kirby Rosplock interviews Cathy Carroll about her book Hug of War, which explores how family businesses can manage conflict using “polarity thinking” - the idea that opposing truths (like love vs. logic, reveal vs. conceal) can both be valid and must be balanced, not solved. Carroll shares real-life examples of power dynamics, blind spots, and how to lead through tension with clarity and compassion.

📺 what to watch

Technologist Tristan Harris describes the current trajectory of AI development as insane. But despite the dire warnings of how things could unfold, he outlines an alternative way.

Look out for Monday’s Family Office Buzz newsletter for more on AI and family offices.

And finally…

What’s coming up in May?

• A Q&A with the founders of SFO Alliance

• How AI is opening the door to sub-$300 million family offices

• A detailed focus on Singapore

• The May jobs newsletter

• How the wealthy design their lives

• Family Capital

Monday’s Family Office Buzz newsletter was as popular as ever with stories on how family offices should rethink inheritance, how one investor turned $1.2M into $450M and a look at Japan’s most beautiful bathhouses (don’t tell us we’re not eclectic!).

Until next week, see you on 𝕏 or LinkedIn.

X