Drawing on 2025 data from investment migration consultancy Henley & Partners and other public sources, cities such as San Francisco, New York, London, Hong Kong, and Beijing emerge as leading hubs for billionaires and millionaires, combining financial opportunity, political stability, and prestigious real estate districts that reshape local housing markets.


Analysts say these locations function as command centres for global capital, concentrating high-net-worth individuals (HNWIs) in specific neighbourhoods whose property prices now far exceed citywide averages. Critics, however, argue that the clustering of extreme wealth raises questions about inequality, housing affordability, and urban resilience.


How Cities Became Magnets for the Global Super-Rich

According to Henley & Partners’ 2025 Global Citizens and Wealth Reports, the world’s ultra-wealthy continue to gravitate toward cities that combine strong financial sectors, legal predictability, and transport connectivity. Their rankings, based on millionaire and billionaire counts sourced from wealth-intelligence providers such as New World Wealth, place the San Francisco Bay Area, New York City, and London among the most significant centres of private wealth.


Economists interviewed by outlets including the Financial Times and the Economist highlight a familiar pattern: deep capital markets, thriving tech or finance sectors, and access to elite services attract wealthy residents, who in turn drive demand for luxury property, private education, and bespoke financial products.


Yet urban researchers also point to downsides. Studies from institutions such as the International Inequalities Institute at the London School of Economics link high-net-worth clustering to housing cost inflation and growing divides between affluent districts and the rest of the city.


Frankfurt: Europe’s Central Banking Capital

Frankfurt, home to the European Central Bank and a major stock exchange, is one of Germany’s primary wealth centres. Henley & Partners data cited in 2025 reporting indicates that the city hosts around 13 billionaires, 132 centi-millionaires (individuals with assets of at least $100 million), and some 80,300 millionaires.


Many of Frankfurt’s HNWIs work in finance, investment management, banking, and technology. Local analysts note that the city’s role as a post‑Brexit gateway to the European Union’s financial system has reinforced its appeal for international banks and asset managers relocating staff from London.


The wealthiest residents tend to cluster in exclusive districts such as Westend-Nord and Westend-Süd, where high-end apartments and penthouses dominate the skyline. In 2025, average residential prices in Frankfurt were reported at about €506 per square foot (around €5,448 per square metre), but in Westend this almost doubled to roughly €1,031 per square foot (about €11,100 per square metre), underscoring a stark intra-city property premium.


Geneva: Political Stability and Lakeside Luxury

Geneva’s reputation as a hub for private banking, diplomacy, and multinational organisations continues to draw wealthy residents. Henley & Partners figures suggest the city counts about 70,200 millionaires, 25 centi-millionaires, and 14 billionaires, supported by Switzerland’s long-standing tradition of financial services and political neutrality.


Among the well-known billionaires based in or near Geneva are Ernesto Bertarelli, whose family built a pharmaceutical and biotech fortune, and Gianluigi and Rafaela Aponte, founders of the Mediterranean Shipping Company, one of the world’s largest container shipping lines. Geneva’s combination of high-quality healthcare, education, and infrastructure is widely cited in Swiss media as a key draw.


On the left bank of Lake Geneva, the suburb of Cologny — often dubbed the “Beverly Hills of Geneva” in local press — is one of the most prestigious enclaves. Historic villas and modern estates sit behind tall hedges, and the area is known for private schools and members-only sports clubs. Median house prices in Cologny have been reported at around CHF 5.5 million, compared with roughly CHF 3.2 million in the wider Geneva area, illustrating how billionaire demand accentuates price differentials.


Toronto: Tech Growth Meets Established Fortunes

Toronto is one of North America’s leading financial centres and Canada’s primary banking hub. According to Henley & Partners’ 2025 estimates, the city is home to about 20 billionaires, 184 centi-millionaires, and 108,400 millionaires, supported by a robust financial sector and a fast-growing technology industry.


Multinational technology firms such as Meta, Microsoft, LinkedIn, and IBM have expanded their presence in Toronto over the past decade, while a local startup ecosystem in artificial intelligence, fintech, and clean tech has attracted both domestic and international investors. Local wealth includes figures such as media and publishing heir Sherry Brydson, frequently described by Canadian outlets as the country’s richest woman, and real estate developer Peter Gilgan.


The city’s housing market reflects this concentration of high incomes. The Toronto Regional Real Estate Board reported that by mid‑2025, the average home price was just over CA$1.1 million, with detached houses approaching CA$1.5 million. In the Bridle Path, a gated neighbourhood established in the 1940s and long associated with the city’s elite, average prices around CA$3.3 million limit access to the wealthiest buyers. The area has hosted high-profile residents, including business figures, media owners, and international entertainers.


Sydney: Gateway to Asia-Pacific Wealth

Sydney, Australia’s largest financial centre, occupies a strategic position in the Asia-Pacific region and has become a major hub for investment banking, asset management, and technology. Henley & Partners data for 2025 places the city’s population of wealthy residents at 22 billionaires, 224 centi-millionaires, and 152,900 millionaires, representing a 28% growth in millionaire numbers since 2014.


Prominent Sydney-based billionaires include property developer Harry Triguboff, businessman James Packer, and Atlassian co-founders Scott Farquhar and Mike Cannon-Brookes. Analysts from Australian think tanks note that a combination of strong commodities trade, financial services, and software entrepreneurship has underpinned the city’s high-net-worth expansion.


The waterfront suburb of Point Piper, east of central Sydney, is frequently cited by Australian real estate agencies as one of the country’s most expensive postcodes. Median home values there are estimated at around AU$17.2 million, far above Sydney’s overall median house price of just under AU$1.7 million as of early 2025. High-profile mansions such as “Wingadal”, a harbourside estate that reportedly sought around AU$200 million in 2024 listings, illustrate the scale of top-end pricing.


Paris: Luxury, Culture, and Corporate Power

Paris remains a central node in global luxury goods, finance, and aerospace. According to Henley & Partners’ 2025 wealth data, approximately 160,100 millionaires, 277 centi-millionaires, and 22 billionaires live in the French capital, despite high living costs and evolving tax policies.


Headquarters of major corporations — including LVMH, the luxury conglomerate led by Bernard Arnault — anchor significant private fortunes in the region. Arnault, whose wealth is regularly cited by Forbes and Bloomberg Billionaires Index near the top of global rich lists, and telecoms entrepreneur Xavier Niel are among the city’s best-known ultra-wealthy residents.


Within Paris, the sixth arrondissement, encompassing parts of Saint‑Germain‑des‑Prés and the Luxembourg Gardens area, commands some of the highest property values. Data reported by French real estate agencies puts standard apartments at about €1,486 per square foot (roughly €16,000 per square metre), and luxury homes at around €2,323 per square foot (about €25,000 per square metre). For urban historians, this pattern illustrates how long-established bourgeois neighbourhoods have become investment assets in their own right.


London: A Global Financial Capital Under Pressure

London has for decades been one of the world’s preferred cities for the super-rich, combining a major stock exchange, deep capital markets, and strong legal infrastructure. Henley & Partners’ 2025 figures suggest that around 215,700 millionaires, 352 centi-millionaires, and 33 billionaires reside in the UK capital.


However, wealth advisers interviewed in British media note that London’s millionaire population has fallen by about 12% since 2014, citing factors such as Brexit-related uncertainty, rising taxes, and changes to the UK’s “non-domiciled” tax regime. Despite this decline, the city remains home to significant fortunes tied to hedge funds, private equity, and multinational conglomerates, including the Hinduja family and Ukrainian‑British businessman Sir Leonard Blavatnik.


Wealth tends to be concentrated in districts such as Kensington and Chelsea, Mayfair, and Belgravia, as well as northern suburbs like Hampstead. In 2025, property portal analyses identified Winnington Road in Hampstead as one of the UK’s most expensive streets, with average home prices around $16 million. Urban planners argue that the presence of high-value assets in relatively small pockets of the city illustrates a broader “patchwork geography” of wealth and affordability.


Beijing: Tech and State Power Drive Rapid Wealth Creation

Beijing has emerged as a major centre of billionaire wealth, reflecting China’s broader economic transformation. Hosting many state-owned enterprises and large technology firms such as ByteDance and Baidu, the capital has seen its high-net-worth population rise sharply. Henley & Partners report a 72% increase in HNWIs since 2014, bringing the city’s totals to about 114,300 millionaires, 316 centi-millionaires, and 38 billionaires.


Among Beijing’s leading tech entrepreneurs is Lei Jun, co‑founder of smartphone and electronics group Xiaomi, whose net worth is estimated by global rich lists in the tens of billions of dollars. Analysts in Chinese financial media see such fortunes as emblematic of a wave of private-sector innovation in e‑commerce, hardware, and internet services, although regulatory shifts in the technology sector since 2020 have introduced new uncertainty.


The city’s priciest addresses include Shunyi District in the northeast and Chaoyang District closer to the centre, both popular with international expatriates. New-build homes in Beijing averaged around ¥4,281 per square foot in early 2025, while existing housing reportedly fetched about ¥6,384 per square foot, according to local property data. High-end supply is dominated by serviced apartments and gated villa communities, reflecting a preference among affluent residents for security and amenities.


Hong Kong: Dense City, High Wealth Concentration

Despite recent political and economic shifts, Hong Kong remains one of the world’s densest concentrations of wealthy individuals. Henley & Partners calculations for 2025 show about 40 billionaires, 346 centi-millionaires, and 154,900 millionaires among the city’s roughly 7.4 million residents, supported by a strong stock market, extensive private banking, and a role as a gateway to mainland China.


The government has actively sought to draw in more family offices — entities managing private fortunes for individuals or clans — through tax incentives and new visa pathways, according to official policy announcements and reporting in the South China Morning Post. Sectors including finance, real estate, and art trading continue to be prominent sources of local wealth.


With land scarce, Hong Kong’s richest households increasingly look to elevated neighbourhoods such as Victoria Peak. Property consultancies cite average prices there of around HK$38,741 per square foot (over HK$417,000 per square metre), among the world’s highest. Reported homeowners in this enclave include business figures such as Yeung Kin-man, founder of smartphone glass supplier Biel Crystal, and Alibaba co‑founder Jack Ma, although details of specific transactions are often closely held.


New York City: Finance, Media, and Culture

New York City remains one of the world’s most influential financial and cultural hubs. It hosts the New York Stock Exchange and NASDAQ — the largest stock exchanges by market capitalisation — along with a substantial gold repository at the Federal Reserve Bank of New York. Henley & Partners data show the city has about 66 billionaires, 818 centi-millionaires, and 384,500 millionaires.


Many local fortunes are tied to hedge funds, private equity, real estate, and media. Among the best-known billionaires with close ties to New York are Michael Bloomberg, media owner and former mayor; Rupert Murdoch, whose media interests include U.S. outlets; and entertainer Jerry Seinfeld, who has accumulated significant wealth from television and syndication. Wealth rankings from Forbes and Bloomberg regularly feature New York-based names near the top.


Residential property is highly stratified. Aggregate listing data in 2025 indicate a citywide median asking price of roughly $850,000, rising to around $1.5 million in Manhattan. Neighbourhoods such as Hudson Yards, Tribeca, and SoHo concentrate new luxury developments, with amenities tailored toward global investors and high-earning professionals.


San Francisco Bay Area: Billionaire Capital of the World

The San Francisco Bay Area — including San Francisco, Silicon Valley, and surrounding counties — is described by Henley & Partners as the world’s leading billionaire hub in 2025. Their wealth counts show around 82 billionaires, 756 centi-millionaires, and 342,400 millionaires in the region, supported by decades of technology-driven growth.


The area is home to major technology companies including Apple, Alphabet (Google’s parent company), and numerous software and social media firms. Venture capital ecosystems centred in Sand Hill Road and San Francisco, documented by research from the Kauffman Foundation and others, have helped transform startup founders into some of the world’s richest individuals. Henley & Partners estimates that the Bay Area’s millionaire population has grown by about 98% since 2014.


Property prices reflect this surge. In San Francisco, the median sold home price reached around $1.5 million in 2025. Across Northern California, 39 of the United States’ 100 most expensive ZIP codes are now located in the region, according to analyses by property platforms such as Realtor.com and Redfin. In Palo Alto, where Facebook co‑founder Mark Zuckerberg and Google co‑founder Larry Page are reported to maintain primary residences, median sold prices hover around $3.3 million, underscoring the close link between technology wealth and local housing inflation.


Comparing the World’s Wealth Capitals

While San Francisco, New York, and London remain among the most significant centres for ultra-wealthy residents, wealth advisory firms note differing trajectories. U.S. tech hubs and parts of Asia, such as Beijing and Hong Kong, have seen rapid high-net-worth growth this decade. By contrast, some European centres have experienced slower expansion or modest outflows, influenced by changing tax and regulatory environments.


Urban economists and sociologists hold differing views on these trends. Proponents of attracting wealthy residents argue — in publications from organisations such as the World Economic Forum — that concentrations of capital help fund innovation, generate high-paying jobs, and anchor global headquarters. They also point to philanthropic giving and investment in cultural institutions as secondary benefits.


Critics, including researchers at universities such as UC Berkeley and UCL’s Institute for Global Prosperity, emphasise rising inequality and housing stress for middle- and lower-income residents. They note that soaring prices in districts favoured by billionaires often spill over into surrounding areas, contributing to long commutes, displacement, and pressure on public services. Some city governments have responded by debating luxury property taxes, vacancy taxes, or restrictions on foreign ownership, though policies vary widely.



Visualising Global Wealth Hotspots

The distribution of billionaires and millionaires across a relatively small group of cities highlights how global capital has clustered in specific financial and technology corridors over the past decade.


Major global urban corridors, such as the U.S. East and West Coasts, Western Europe, and East Asia, overlap closely with today’s leading wealth hubs. Image: NASA / Wikimedia Commons, public domain.

Satellite imagery of global urban corridors, such as those published by NASA and reproduced on Wikimedia Commons, illustrates how the brightest, most connected metropolitan areas often correspond to the highest concentrations of private wealth.


What the Geography of Wealth Reveals

The latest 2025 data underline how a relatively small number of cities — including the San Francisco Bay Area, New York, London, Hong Kong, and Beijing — now host substantial shares of the world’s ultra-wealthy. Within these cities, specific neighbourhoods such as Palo Alto, Victoria Peak, the Bridle Path, and Cologny have become symbols of global affluence, with property prices that far exceed surrounding markets.


As policymakers, investors, and residents weigh the benefits and challenges of this concentration, the evolution of these wealth centres is likely to play a significant role in shaping debates over urban planning, taxation, migration, and economic opportunity in the decade ahead.