According to Henley & Partners Group Consulting, the top three places, New York, Tokyo, and San Francisco Bay Area, are the wealthiest cities with home to most millionaires. While Beijing and Shanghai placed ninth and tenth respectively in the top 20.
The United Arab Emirates is expected to make the top 20 in 2030. The UAE’s low-tax regime and new residency schemes have attracted the super-rich. Wealthy Russian immigrants also contributed to the UAE’s record-breaking growth in the number of wealthy individuals.
According to Bloomberg, Riyadh, the capital of Saudi Arabia, and Sharjah have had the fastest growth in millionaires so far this year.
Five of the top 10 cities with the most millionaires are in the U.S. However, the number of millionaires is different in each city. For example, data shows that New York City lost 12% of its millionaires in the first half of 2022, while The San Francisco Bay Area saw a 4 percent increase. The number of London millionaires in fourth place fell by 9%.
Beijing and Shanghai currently rank ninth and tenth respectively on the list of cities with the most millionaires, but the number of millionaires in both cities is shrinking.
According to The Epoch Times Chinese, experts said the exodus of people and money could accelerate China’s social crisis.
In June, Henley & Partners also expected about 10,000 high-net-worth Chinese millionaires would migrate out of China in 2022. Bloomberg reported that about $48 billion would be withdrawn from China, second only to Russia.
Waves of China’s billionaires’ immigrants to the west started before the Zero COVID policy.
In 2017, a number of Chinese billionaires and wealthy people immigrated abroad, an estimated total of 10,000 people. In 2018 the number was 15,000, an increase of 50% compared to 2017.
In 2019, about 15,000 Chinese emigrated to the United States, Canada, Australia, Britain and other Western countries.