The latest Wealthiest Cities ranking by Henley & Partners has revealed that the world’s jet set still rates Switzerland very highly. In their latest report, Canton Zurich was found to be home to the 18th most million and billionaires in the world, while Geneva placed 20th.

Which cities are the wealthiest on Earth?

To create the annual report, Henley & Partners uses its in-house database of 150.000 “high-net-worth individuals” to calculate which cities around the world are the most attractive for the super-rich. Around half of those included in the database are company founders, while the remainder are those who hold top positions in highly valued companies.

For 2024, Henley CEO Juerg Steffen noted that many places around the world have seen their super-rich populations skyrocket thanks to a booming stock market and rapid advancements in technology such as AI and robotics. However, global tensions such as the ongoing war in Ukraine, “Which has seen Moscow’s millionaire population plummet by 24 percent to 30.300, is a stark reminder of the fragility of wealth in an uncertain and unstable world.”

Big Apple home to the most millionaires

This year, New York City has maintained its status as the home of the highest number of rich people - with its reputation for Wall Street magnates and divisive entrepreneurs, this is perhaps not a surprise. According to the study, the Big Apple is home to 349.500 millionaires, 744 centi-millionaires and 60 billionaires.

America’s Bay Area, San Francisco and Silicon Valley, took second place with a millionaire population of 305.700 - the region has seen its millionaire population grow by 82 percent between 2013 and 2023. However, the Chinese cities of Shenzhen and Hangzhou have recorded the biggest growth in millionaire residents in the last 10 years at 140 and 125 percent respectively.

By contrast, Moscow (24 percent), Osaka (12 percent), London (10 percent), Tokyo (5 percent) and Hong Kong (4 percent), have all seen their super-rich populations fall in the last decade.

Zurich and Geneva among the world's richest cities

This year, Zurich was found to have the 18th most super rich in the world, with the canton hosting 88.400 millionaires, 205 centi-millionaires and 10 billionaires. The wealthy population of Canton Zurich was found to have grown by 20 percent between 2013 and 2023.

Placing just behind was Geneva in the 20th with 79.800 millionaires, 244 centi-millionaires and 14 billionaires. Geneva’s jet-set population has increased by a whopping 36 percent in the last decade.

However, while 18th and 20th place doesn’t sound impressive, bear in mind that Zurich and Geneva are rubbing shoulders with some of the largest cities in the world. According to the data, approximately 15 percent of Canton Geneva residents are millionaires, compared to 5,8 percent of people in Canton Zurich, 4,19 percent of New York residents, 3,94 percent of Bay Area locals and 0,8 percent of people in Tokyo. 

The 10 wealthiest cities on Earth

In all, here are the 10 cities in the world with the most millionaires:

1. New York City (349.500)
2. The Bay Area (305.700)
3. Tokyo (298.300)
4. Singapore (244.800)
5. London (227.000)
6. Los Angeles (212.100)
7. Paris & Île-de-France (165.000)
8. Sydney (147.000)
9. Hong Kong (143.400)
10. Beijing (125.600)

To see which other cities made the cut, and for more information about the ranking, check out the official website.

Thumb image credit: KILO LUX / Shutterstock.com