10 Cities With the Most Ultra-Wealthy Residents

In 2023, the global ultra-high-net-worth population — those with a net worth of $30 million or more — increased by 7.6% to a high of 426,330 individuals, according to Altrata's 2024 World Ultra Wealth Report. This elite group is now 20% larger than it was five years ago. A late-year rally in global equities boosted the ultra-rich populations total net worth by 7.1% to $49.2 trillion, the report said. The U.S., home to slightly more than a third of the global ultra-wealthy class, recorded a 13% rise in this group's population to 147,950 individuals. In contrast, China's ultra-wealthy numbers fell by 1%, reflecting a relatively sluggish economy and a deepening real estate downturn — and Hong Kong's numbers tend to follow suit. However, Asia's other leading wealth markets, Japan and India, enjoyed robust growth in 2023. Indeed, three of the top 10 fastest-growing cities for the very rich over the next five years will be in India. Bengaluru, Hyderabad and Delhi are all expected to grow at an annual average rate of 14% to 16%. Malaysia's capital, Kuala Lumpur, and Manila, capital of the Philippines, will also enter the ranks of the top 10 fastest-growing cities for the ultra-wealthy. According to the Altrata report, the world's major cities will be an increasingly important base for wealth generation. The firm forecasts that about 42% of the ultra-wealthy class will be based in one of the 50 biggest cities for this population by 2028, up from 38% in 2015. It also predicts that the ranking of the 10 largest cities will change little, topped by the same four as in 2023. See the gallery to the 10 global cities with the biggest ultra-high-net-worth populations. For purposes of the study, Altrata defined cities on the basis of urban agglomerations and metropolitan areas, which include the built-up areas outside the administrative core. New York, for example, comprises New York City and the New Jersey cities of Newark and Jersey City.