The 2025 report for the Richest Cities in the World has been published. While the top cities in the ranking remain the same, the number of affluent individuals decreased in two capitals. How is Turkey faring, though?

According to a report prepared in collaboration with the leading investment migration and citizenship advisory firm, Henley & Partners, and the global data intelligence company, New World Wealth, the US maintained its leadership among the world’s richest cities with 11 cities in the top 50 ranking. The report highlighted that the US, with 11 cities in the top 50 ranking, solidified its position at the top with New York having 818 centi-millionaires (individuals with a net worth of $100 million or more) and 66 billionaires among 384,500 high net worth individuals. San Francisco and Silicon Valley’s Bay Area, with 342,400 millionaires, followed New York. The Bay Area, which saw a 98% growth in the number of wealthy individuals over the past decade, surpassed New York with 82 billionaires, positioning itself as a global hub of technological wealth.

CHINA IN SECOND PLACE
According to the report, China, listed in 5 cities in 2023, ranked second after the US with 6 cities among the top 50 cities in 2024 with the inclusion of Guangzhou. The number of affluent individuals is also increasing in major US cities. Scottsdale with a 125% increase and West Palm Beach with a 112% gain joined the list of cities that doubled the number of millionaires over the past decade from the US. Miami with a 94% growth, Washington DC with a 92% increase, and Austin with a 90% rise are noteworthy cities showcasing growth.

DECREASING AFFLUENCE IN TWO CAPITALS
London, one of the world’s wealthiest cities, continues its decline in the ranking. Having slipped to the 5th position in 2024, London now ranks 6th with 215,700 millionaires this year.

With a decrease exceeding 10% over the past 10 years, London, and Moscow, which has seen a 25% decline in the same period, dropped to the 40th place. These two cities stand out as cities from the top 50 list showing negative growth.

The effect of the recovery in Japan’s Nikkei 225 index last year has helped Tokyo maintain its 3rd place with 292,300 millionaires. Following Tokyo, Singapore ranks 4th with 242,400 millionaires, and Los Angeles surpassed London, rising to the 5th place with 220,600 millionaires.

HOW IS TURKEY FARING?
The report reveals that Turkey is home to 40,200 millionaires, 131 centi-millionaires, and 16 billionaires, with Istanbul hosting 15,000 millionaires, 58 centi-millionaires, and 10 billionaires. The total liquid wealth held in the country is recorded at around $945 billion, with a per capita liquid wealth of $11,200. Burak Demirel, Managing Partner of Henley & Partners Turkey, commented on the matter, stating, “Istanbul is not only Turkey’s financial hub but also a gateway between Europe and the Middle East. Istanbul and Bodrum are becoming more prominent in the global wealth map each year, with the lifestyle they offer to high net worth individuals, investment opportunities, and cultural richness.” Making note of the strong interest in Turkey’s investment migration programs, Demirel added, “For international investors, it is no longer just a holiday destination, but also a strong alternative for living and wealth.”