The allure of the French Riviera for millionaires remains undiminished, as highlighted by a recent study from the British consulting firm Henley & Partners. This study, which ranks the top 50 cities with the highest concentration of ultra-wealthy individuals, places the urban area stretching from Nice to Eze, including Beaulieu-sur-Mer, Saint-Jean-Cap-Ferrat, and Villefranche-sur-Mer, at 44th position. From 2013 to 2023, the number of millionaires residing in this region increased by 25%, reaching a total of 26,300. The area also boasts 95 centimillionaires and 9 billionaires. This section of the Alpes-Maritimes ranks as the second wealthiest area in France, trailing only the Paris region, which holds the 7th position with 165,000 millionaires, 286 centimillionaires, and 23 billionaires. No other French city made the list.
The United States, unsurprisingly, dominates the rankings with 11 cities among the top 50. Leading the pack is New York City, home to 349,500 millionaires and 60 billionaires. The Northern California Bay Area, encompassing San Francisco and Silicon Valley, claims the second spot, with its millionaire population having surged by an astounding 82% over the past decade. Tokyo, despite a 5% decline in its millionaire residents since 2013, holds the third position. Singapore has climbed two spots to fourth place, thanks to a remarkable 64% increase in its millionaire population, positioning it to soon surpass the Japanese capital.
China's rapid ascent over the past decade is noteworthy, with five cities making the list, three of which have seen triple-digit growth in millionaire numbers: Shenzhen (+140%), Hangzhou (+125%), and Guangzhou (+110%). Beijing, with 125,600 millionaires, enters the top 10 for the first time following a 90% growth in its wealthy population over the past decade, while Hong Kong secures the 9th position. Conversely, Moscow has seen its number of millionaire residents drop by 24% over ten years, falling to 38th place. London, holding the 5th spot, has experienced a 10% decline in millionaires since 2013.
Monaco, though not included in the ranking likely due to its small size, is known to have the highest density of millionaires globally. The rankings by Henley & Partners were compiled using data from New World Wealth, considering liquid assets, publicly traded company holdings, and residential real estate holdings without debt.