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Before we get to the guessing, and you really should nail the answer, it’s worth qualifying what a millionaire means.
We’re not talking about someone with a net worth of R1 million, because where’s the fun in that?
To qualify as a high-net-worth individual (HNWI), you must have a net wealth of seven figures or more in US dollar terms.
At today’s exchange rate, that would mean a net worth of roughly R17,4 million. Sorry to burst your bubble, maybe next year.
The latest report by residency advisory firm Henley & Partners has detailed where the world’s HWNIs live. Of the top 10 cities, five are in the US which will lock in number one if you’re still unsure.
Robb Report has the details:
Unsurprisingly, New York sits at the very top of the list, with 345,600 high-net-worth individuals. Tokyo (304,900 HNWIs) and the Bay Area (276,400 HNWIs) came in second and third, respectively. The top five were rounded out by London (272,400 HNWIs) and Singapore (249,800 HNWIs).
The cost of living in New York City is through the roof (case in point – the rental cost of our embassy) so unless you’re pulling in decent money (or using taxpayer money), your lifestyle is probably not too glamorous.
Surprisingly, New York has actually seen a decline of 12% in the number of HNWIs through the first half of 2022, with second-place Tokyo declining by 8%.
With regards to the fastest-growing cities in the world in terms of their HNWI population, those with oil and gas resources feature. Riyadh, the capital of Saudi Arabia, is the fastest-growing, followed by Sharjah in the United Arab Emirates.
We’ll wrap up with a look at the top 20 cities for millionaires, as per the Henley & Partners report:
- New York
- Tokyo
- San Francisco Bay Area
- London
- Singapore
- Los Angeles
- Chicago
- Houston
- Beijing
- Shanghai
- Sydney
- Hong Kong
- Frankfurt
- Toronto
- Zurich
- Seoul
- Melbourne
- Dallas
- Geneva
- Paris
Johannesburg is home to 15 200 HNWIs and Cape Town 6 800 HNWIs.
Both have seen a decline over the past six months, with the UK, Australia, and the US proving popular emigration locations.
[source:robbreport]
