New York City has emerged as the wealthiest city in the world, with 340,000 resident millionaires, according to a new report published by Henley & Partners and New World Wealth 2023.

* The report analysed the number of high-net-worth individuals (HNWIs) with investable wealth of over USD 1 million, and found that cities in the USA and China dominated the Top 10 list.

* Only one European city, London, made it onto the list, dropping down to 4th place with 258,000 resident HNWIs.

* Tokyo, which was the wealthiest city ten years ago, fell to 2nd place with 290,300 millionaires.

* The San Francisco Bay Area and Los Angeles came in 3rd and 6th places, with 285,000 and 205,400 resident HNWIs, respectively.

* Singapore, widely regarded as the most business-friendly city in the world and a top destination for migrating millionaires, ranked 5th with 240,100 resident millionaires. While Sydney comes in 10th place with 126,900 millionaires.

* China had three cities in the Top 10, with Hong Kong, Beijing, and Shanghai taking 7th, 8th, and 9th places, respectively.

* Hangzhou in China topped the charts as the fastest-growing city for resident millionaires, with 105 percent growth between 2012 and 2022..

Source : CNBC