The World's Wealthiest City Is Dominating Global Rankings With A Record-Setting Millionaire Count

New York City is at the top of a lot of lists. It's the bagel capital of the world, the most populated city in the United States, and one of the most expensive cities in the world to live in. With good reason, then, New York has been named the world's wealthiest city, setting a record for the number of millionaires who reside there. The city is home to 384,500 millionaires (or at least their often vacant homes), according to a new report.

In April 2025, Henley & Partners collaborated with global wealth intelligence firm New World Wealth to produce the World's Wealthiest Cities Report for 2025. The report not only tracked millionaires and billionaires per capita in major cities around the world but also tracked how expensive these cities are. While New York holds the record for millionaires, it is not the most expensive city or the fastest-growing wealth hub in 2025 (those titles go to the tiny European city of Monaco and Shenzhen, respectively).

For the over 7 million non-millionaires who live in the Big Apple — and tourists looking for the cheapest way to navigate New York City – the wealth gap can feel staggeringly large. A report by the Institute on Taxation and Economic Policy in 2022 (via Spectrum News) found that New York has the largest income gap in the country, with the wealthiest New Yorkers (0.4% of the state's population) owning a combined $6.7 trillion at the time. It's no Monaco, but it's hard to live comfortably in New York and not be a millionaire.

New York reigns supreme right now for millionaires, with the Bay Area ranking No. 2 with 342,400 millionaire residents, according to the World's Wealthiest Cities Report. Still within the top 10, Los Angeles ranked No. 5 and Chicago ranked No. 10. Of the 50 cities listed in the report, 11 are in the United States — the most of any single country in the report. New York City was also the unexpected winner of "Happiest City In America" for 2025, which may just have something to do with the wealth it houses.

Other cities to make the list around the world include Tokyo, Singapore, London, Paris, Hong Kong, and Sydney. The report found that London and Moscow notably fell in rankings, losing 12% and 25% of their millionaire populations over the last decade. Still, London, a walkable, lovable, iconic European vacation destination, was named the world's "best city of 2025" by market research company Ipsos. The "greatest city in the world" may be up for debate, but New York City is officially the wealthiest.