Have you ever been curious where the wealthiest cities in the world are?
According to insights from a recent Henley & Partners study, it was revealed New York City now ranks as the world’s wealthiest city, surpassing global hubs like Tokyo, London, and Hong Kong. This prestigious title is attributed to New York’s significant population of millionaires, totaling 340,000 residents.
Citizens International wants to emphasize the importance of citizenship and residency by investment for residents of such affluent cities. Over the past few years, we have witnessed the growth in these areas – the number of applications from North Americans and Europeans has increased significantly. Why? Our clients are deeply concerned with the trajectory of their home countries and therefore motivated to put a hedge in place for themselves and their families. Political decisions, onerous taxation and the desire for a better life, underpin the move to secure a second citizenship, often described as the ultimate ‘Plan B’. Moreover, when purchasing property in most Caribbean countries, there are tax savings to be made should you purchase and later sell, as a citizen. And the best part is, many of these cities have direct daily flight access to Antigua and Barbuda so it’s easy to remain connected.
Ultimately, second citizenship creates a personal and financial foothold in another jurisdiction and gives you peace of mind for the future. This approach is increasingly becoming a key factor in wealth and legacy planning for private clients, providing the flexibility to relocate families or businesses to more favorable environments or maintain multiple residences worldwide.
The study also ranks other cities based on their millionaire populations: Tokyo with 290,300 millionaires, California’s Bay Area with 285,000, London with 258,000, and Singapore with 240,100. Los Angeles and Chicago are also prominent on this list. In terms of billionaire residents, the Bay Area leads, followed by New York City and Beijing. The full list is here:
- New York City — 340,000
- Tokyo — 290,300
- The Bay Area — 285,000
- London — 258,000
- Singapore — 240,100
- Los Angeles — 205,400
- Hong Kong — 129,500
- Beijing — 128,200
- Shanghai — 127,200
- Sydney — 126,900
Citizens International highlights these findings to underscore the opportunities and lifestyle benefits available in these global wealth hubs, especially for those considering residency by investment. If you’re interested in learning more, do not hesitate to set up a free consultation with our team of licensed agents on the ground in Antigua.