Q3 2022: Top 20 World Cities by High Net Worth Individuals

[dimondpark]

You can also click on a list of the Top 20 cities as far as growth in this segment.

In any event, more numbers to look at.

High Net Worth Individuals, $1M+:
New York 345,600
Tokyo 304,900
San Francisco 276,400
London 272,400
Singapore 249,800
Los Angeles 192,400
Chicago 160,100
Houston 132,600
Beijing 131,500
Shanghai 130,100
Sydney 129,500
Hong Kong 125,100
Frankfurt 117,400
Toronto 116,100
Zurich 105,100
Seoul 102,100
Melbourne 97,300
Dallas 92,300
Geneva 90,300
Paris 88,600

Multi-Millionaires, Worth $10M+:
New York 15,470
San Francisco 12,890
London 9,210
Los Angeles 8,590
Geneva 8,300
Singapore 8,040
Chicago 7,400
Zurich 7,380
Tokyo 7,350
Houston 6,590
Beijing 6,270
Shanghai 6,150
Hong Kong 5,590
Seoul 4,640
Sydney 4,500
Dallas 4,340
Toronto 4,160
Frankfurt 3,840
Melbourne 3,480
Paris 2,320

Centi-Millionaires, Worth $100M+:
New York 737
San Francisco 623
London 406
Los Angeles 393
Beijing 353
Shanghai 350
Geneva 345
Chicago 340
Singapore 336
Houston 314
Hong Kong 280
Tokyo 263
Zurich 258
Seoul 241
Dallas 211
Sydney 188
Toronto 187
Frankfurt 161
Melbourne 149
Paris 121

Billionaires:
San Francisco 62
New York 59
Beijing 44
Shanghai 42
London 38
Los Angeles 34
Chicago 28
Hong Kong 28
Singapore 26
Houston 25
Seoul 25
Dallas 18
Toronto 17
Geneva 16
Sydney 16
Paris 15
Frankfurt 14
Melbourne 12
Tokyo 12
Zurich 12

2022 Year-to-date, Growth in
High Net Worth Population:
Houston +6%
Geneva +5%
San Francisco +4%
Dallas +3%
Melbourne +2%
Zurich +2%
Singapore +1%
Toronto -2%
Frankfurt -3%
Sydney -3%
Chicago -4%
Shanghai -5%
Beijing -6%
Los Angeles -6%
Tokyo -8%
London -9%
Seoul -9%
New York -12%
Paris -12%
Hong Kong -14%

https://www.henleyglobal.com/publica...report/2022-q3

[Steely Dan]

does this list take into account Ken Griffin's very recent official move from chicago to miami?

apparently he just spent like $100M on a waterfront property down there.

if not, -1 billionaire from the windy city and add it to miami.

[WhipperSnapper]

I opened this thread just to say who cares. However, a net worth of a million is not that much. Those numbers seem very low.

[iheartthed]

There seem to be far fewer billionaires now...

Originally Posted by WhipperSnapper

I opened this thread just to say who cares. However, a net worth of a million is not that much. Those numbers seem very low.

I think a million dollar net worth is still quite rare, when calculated by omitting the person's primary residence. I think that's how these lists are calculated.

[Investing In Chicago]

Originally Posted by iheartthed

There seem to be far fewer billionaires now...



I think a million dollar net worth is still quite rare, when calculated by omitting the person's primary residence. I think that's how these lists are calculated.

Number of $1M net worth does seem very low to me as well, and what is the point of omitting primary residence? Real Estate (including primary residence) should be included when calculating net worth.

[iheartthed]

Originally Posted by Investing In Chicago

Number of $1M net worth does seem very low to me as well, and what is the point of omitting primary residence? Real Estate (including primary residence) should be included when calculating net worth.

Because so many people are cash poor and house rich, particularly in places like NY and CA. The government doesn't allow primary residence to be included when calculating whether a person meets the bar for high net worth to become an accredited investor. This is done to protect people who are less financially savvy from manipulation.

[Investing In Chicago]

Originally Posted by iheartthed

Because so many people are cash poor and house rich, particularly in places like NY and CA. The government doesn't allow primary residence to be included when calculating whether a person meets the bar for high net worth to become an accredited investor. This is done to protect people who are less financially savvy from manipulation.

Yeah, I get that, just seems unusual to omit primary residence when factoring net worth, especially when real estate holdings allow people to leverage their equity tax free.

[jmecklenborg]

Originally Posted by WhipperSnapper

I opened this thread just to say who cares. However, a net worth of a million is not that much. Those numbers seem very low.

These numbers are a mess. Are they counting city limits or MSAs for the US? How do those compare to similar measuring sticks in other countries?

US apparently can't count their primary residence...but aren't most Chinese citizens prohibited from owning stocks?

Are they going just by assets - if so it's a useless metric since we don't know liabilities...but how do we know liabilities are correctly reported without digging into someone's finances?

[austlar1]

I think the $10 million plus numbers are absurdly low. $10 million is not a lot of money these days, and I think an awful lot of people have achieved that kind of wealth, many more than these numbers suggest. I personally don't have that much money, but I can think of three (and possibly more) members of my extended family who are worth that much dough. They either operate successful local businesses (DFW area, Houston and Atlanta) or inherited proceeds from successful local family owned businesses. I think a lot of this kind of wealth goes uncounted.

[Steely Dan]

Originally Posted by austlar1

$10 million is not a lot of money these days,

$10M is an unbelievable fuck-ton of money to 99% of people.

man, this place is out of touch sometimes.

[iheartthed]

^Yeah, a $10M net worth is well above top 1% lol.

[austlar1]

Might be useful to remember that 1% of US population amounts to over 3 million people. I've seen estimates that there are almost 1.4 million US households worth over $10 million.

[Labtec]

Originally Posted by austlar1

I think the $10 million plus numbers are absurdly low. $10 million is not a lot of money these days, and I think an awful lot of people have achieved that kind of wealth, many more than these numbers suggest. I personally don't have that much money, but I can think of three (and possibly more) members of my extended family who are worth that much dough. They either operate successful local businesses (DFW area, Houston and Atlanta) or inherited proceeds from successful local family owned businesses. I think a lot of this kind of wealth goes uncounted.

This is just city proper instead of the metro area numbers. Atlanta has a very small city proper so it's not on the list.

[austlar1]

Originally Posted by Labtec

This is just city proper instead of the metro area numbers. Atlanta has a very small city proper so it's not on the list.

Not sure this list is city or metro, but the city of Atlanta is big enough. Buckhead remains part of the the city of Atlanta, and I guarantee you there are several hundred or more residents of Buckhead alone who have a net worth in excess of $10 million. This list is very suspect.

[N90]

Originally Posted by Labtec

This is just city proper instead of the metro area numbers. Atlanta has a very small city proper so it's not on the list.

This is by metro area, the footnotes explain it. Chicago proper does not have 28 billionaires but Chicago metro does.

[austlar1]

I think the figures for number of billionaires and centi-millionaires might be reasonably accurate. Such large fortunes have a higher visibility and tend to be in the hands of institutions and professional money managers. Hence they are more quantifiable. Smaller individual and family fortunes in the five million dollar or ten million dollar range are often tied up in extant privately held businesses, valuable but illiquid real estate holdings (both urban and rural), mineral interests, privately managed stock portfolios, living trusts, and other wealth vehicles that escape notice when efforts are made to quantify this level of wealth.

[JManc]

Originally Posted by Steely Dan

$10M is an unbelievable fuck-ton of money to 99% of people.

man, this place is out of touch sometimes.

No shit.

[twinpeaks]

Originally Posted by Steely Dan

$10M is an unbelievable fuck-ton of money to 99% of people.

man, this place is out of touch sometimes.

yeah - blows my mind.. they probably live in Sim City.

[chris08876]

Originally Posted by Steely Dan

$10M is an unbelievable fuck-ton of money to 99% of people.

man, this place is out of touch sometimes.

1 million USD is a ton of money for 7 billion+ people. I believe half the world lives on less than 10 dollars a day. If it makes folks feel better, if you make 100k a year, you are better off than 7+ billion other people. Financially that is. Happiness wise... eh... that is a topic for another day.

Hell, even living near a crack house where folks blast loud music at night is better than living on less than 10 dollars a day.

[ocman]

Question: How exactly would this firm know the net worth of people? This seems unknowable. Where and when have we ever reported our net worths as individuals that they would be privy to this information? Does Bank of America tell them this guy has 1M in his checking/savings account? Their methodology doesn’t even really say anything.