New York City Reigns as the World’s Hub for Millionaires

More millionaires call New York City home than anywhere else in the world, according to a report from international wealth migration specialists Henley & Partners.

The Big Apple, which has seen its high-net-worth population jump by 48% over the past decade, is home to 349,500 millionaires, 744 centi-millionaires—those with liquid investable wealth of over US$100 million—and 60 billionaires, according to the firm, which collaborated with data intelligence firm New World Wealth for the analysis.

The city also ranked as the top spot for millionaires last year.

California’s Bay Area, encompassing San Francisco and the tech-mecca of Silicon Valley, ranked second. Wealth in the Bay Area has grown at one of the fastest rates in the world, increasing its number of wealthy citizens by a sizeable 82% over the past decade. It’s now home to 305,700 millionaires, 675 centi-millionaires, and 68 billionaires.

New York and the Bay Area were among 11 areas in the U.S. on the top 50 ranking, making the country the world’s foremost hub of moneyed residents.

Across the pond, London, which ranked as the wealthiest city in the world for many years, tumbled down the ranking, and now sits in fifth place with just 227,000 millionaires, 370 centi-millionaires, and 35 billionaires, a decline of 10% over the past decade, said the report, which was released earlier this week.

Cities with the fastest growing wealth, meanwhile, can be found in China.

Shenzhen’s wealthy population is snowballing most, with their numbers surging by 140% in the last 10 years, the report said.

“Hangzhou has also experienced a massive 125% increase in its [high-net-worth] residents, and Guangzhou’s millionaires have grown by 110% over the past decade,” said Andrew Amoils, head of research at New World Wealth, in the report.

Looking ahead, when it comes to wealth growth potential over the next decade, “cities to watch include Bengaluru, India; Scottsdale, Arizona; and Ho Chi Minh City in Vietnam,” he added. “All three have enjoyed exceptional growth rates of over 100% in their resident millionaire populations over the past 10 years.”

Underpinning the growth of the world’s wealthiest cities has been the robust performance of financial markets of late, from the S&P 500 to Bitcoin, according to Juerg Steffen, CEO of Henley & Partners.

Plus, “rapid advancements in artificial intelligence, robotics, and blockchain technology have provided new opportunities for wealth creation and accumulation,” Steffen said. “Yet, even as new opportunities emerge, old risks persist. The war in Ukraine, which has seen Moscow’s millionaire population plummet by 24% to 30,300, is a stark reminder of the fragility of wealth in an uncertain and unstable world.”

For self-employed Australians, navigating the mortgage market can be complex—especially when income documentation doesn’t fit the standard mould. In this guide, Stephen Andrianakos, Director of Red Door Financial Group, outlines eight flexible loan structures designed to support business owners, freelancers, and entrepreneurs.

1. Full-Doc Loan
A full-doc loan is the most straightforward and competitive option for self-employed borrowers with up-to-date tax returns and financials. Lenders assess two years of tax returns, assessment notices, and business financials. This type of loan offers high borrowing capacity, access to features like offset accounts and redraw facilities, and fixed and variable rate choices.

2. Low-Doc Loan
Low-doc loans are designed for borrowers who can’t provide the usual financial documentation, such as those in start-up mode or recently expanded businesses. Instead of full tax returns, lenders accept alternatives like profit and loss statements or accountant’s declarations. While rates may be slightly higher, these loans make finance accessible where banks might otherwise decline.

3. Standard Variable Rate Loan
A standard variable loan moves with the market and offers flexibility in repayments, extra contributions, and redraw options. It’s ideal for borrowers who want to manage repayments actively or pay off their loans faster when income permits. With access to over 40 lenders, brokers can help match borrowers with a variable product suited to their financial strategy.

4. Fixed Rate Loan
A fixed-rate loan offers repayment certainty over a set term—typically one to five years. It’s popular with borrowers seeking predictability, especially in volatile rate environments. While fixed loans offer fewer flexible features, their stability can be valuable for budgeting and cash flow planning.

5. Split Loan
A split loan combines fixed and variable portions, giving borrowers the security of a fixed rate on part of the loan and the flexibility of a variable rate on the other. This structure benefits self-employed clients with irregular income, allowing them to lock in part of their repayment while keeping some funds accessible.

6. Construction Loan
Construction loans release funds in stages aligned with the building process, from the initial slab to completion. These loans suit clients building a new home or undertaking major renovations. Most lenders offer interest-only repayments during construction, switching to principal-and-interest after the build. Managing timelines and approvals is key to a smooth experience.

7. Interest-Only Loan
Interest-only loans allow borrowers to pay just the interest portion of the loan for a set period, preserving cash flow. This structure is often used during growth phases in business or for investment purposes. After the interest-only period, the loan typically converts to principal-and-interest repayments.

8. Offset Home Loan
An offset home loan links your savings account to your mortgage, reducing the interest charged on the loan. For self-employed borrowers with fluctuating income, it’s a valuable tool for managing cash flow while still reducing interest and accelerating loan repayment. The funds remain accessible, offering both flexibility and efficiency.

Red Door Financial Group is a Melbourne-based brokerage firm that offers personalised financial solutions for residential, commercial, and business lending.