Top 15 Emerging Wealth Hubs: Cities Attracting the World’s Millionaires in 2024

In 2024, several cities around the globe are rapidly becoming hotspots for high-net-worth individuals (HNWIs), reflecting their growing economic influence and attractiveness to the affluent.

1. Abu Dhabi: 22,700 Millionaires
   Abu Dhabi is emerging as a major millionaire hub, supported by its substantial oil and gas reserves and the presence of the Abu Dhabi Investment Authority, the largest sovereign wealth fund in the Middle East. The city’s wealth is expected to increase further with the growth of the Abu Dhabi Global Market as a global family office hub.
2. Athens: 22,600 Millionaires
   One of the world’s oldest cities, Athens, has rebounded impressively from the Greek financial crisis. Real estate prices and the number of HNWIs have surged, partly driven by the country’s golden visa program. The wealth figures include the city and nearby beachfront areas like Glyfada and Piraeus.
3. Lisbon: 21,800 Millionaires
   Lisbon has seen a significant influx of wealthy residents over the past decade, attracting individuals from across Europe, Brazil, China, South Africa, Turkey, the UK, and the USA. Despite changes to Portugal’s golden residence permit program, Lisbon continues to draw high-net-worth individuals.
4. Riyadh: 18,200 Millionaires
   Riyadh, the heart of Saudi Arabia’s non-oil GDP, hosts the Saudi Stock Market (Tadawul) and the Public Investment Fund. Affluent areas such as the Diplomatic Quarter and historic Diriyah add to its appeal for wealthy residents.
5. Luxembourg City: 18,000 Millionaires
   Luxembourg City boasts one of the highest millionaire densities globally, with major sectors including offshore banking, steel, and wealth management. Its reputation for safety and excellent governance, along with a residence-by-investment program, attracts many affluent individuals.
6. Monaco: 15,600 Millionaires
   Monaco has the world’s highest concentration of millionaires, with over 40% of its residents falling into this category. Known for its luxurious lifestyle and high real estate prices, it remains the top city globally in wealth per capita.
7. Calgary: 15,000 Millionaires
   Calgary, Canada’s energy capital, is also a fast-growing tech and aerospace hub. Its location along the Bow River and robust economic contributions make it an attractive destination for HNWIs.
8. Scottsdale: 14,500 Millionaires
   Part of the Greater Phoenix metropolitan area, Scottsdale has seen significant wealth growth, becoming home to exclusive golf and lifestyle estates. This Arizona desert city is increasingly popular among the wealthy.
9. Bengaluru: 13,200 Millionaires
   Bengaluru, known as the “Silicon Valley of India,” is rapidly growing as a millionaire hotspot. With a thriving tech sector and global companies like Infosys and Wipro, it is one of the fastest-growing cities for HNWIs.
10. Greenwich and Darien: 12,500 Millionaires
    Greenwich and Darien, affluent towns on Connecticut’s Gold Coast, are popular among wealthy investment bankers, hedge fund managers, and financiers. Their proximity to New York City, safety, large residential properties, and excellent private schools enhance their desirability.
11. Palm Beach and West Palm Beach: 10,200 Millionaires
    South Florida’s Palm Beach and West Palm Beach are increasingly favored by retirees from New York and California, as well as affluent individuals in the fund management and entertainment sectors, especially post-Covid.
12. Jeddah: 7,500 Millionaires
    Jeddah, a historical city on the Red Sea, is home to many of Saudi Arabia’s wealthiest families. It serves as the country’s main port and is located close to the holy city of Mecca.
13. Cape Town: 7,400 Millionaires
    Cape Town, with its desirable suburbs like Camps Bay and Clifton, is becoming Africa’s top city for millionaires, attracting wealthy individuals from other parts of South Africa and Europe. It is on track to overtake Johannesburg as Africa’s wealthiest city by 2030.
14. Ho Chi Minh City: 7,200 Millionaires
    Formerly known as Saigon, Ho Chi Minh City is rapidly emerging as Asia’s next big millionaire hotspot, with growth in sectors like technology, electronics, financial services, textiles, and tourism.
15. Nairobi: 4,400 Millionaires
    Nairobi, East Africa’s economic powerhouse, houses some of Kenya’s oldest luxury neighborhoods like Karen and Muthaiga. It accounts for nearly half of Kenya’s total wealth and over 60% of its millionaires, with a mild climate due to its high altitude enhancing its appeal.

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