The World’s Richest Cities report has been released. While the top cities remain unchanged, the number of rich people has decreased in two capitals. But how is Turkey faring?

According to the report prepared in collaboration with Henley & Partners, a leading investment migration and citizenship advisory firm, and the global data intelligence company New World Wealth, the United States maintained its lead among the world’s richest cities with 11 cities in the top 50 ranking. The report shows that the U.S. maintained its lead with 11 cities in the top 50 ranking, and New York reinforced its position at the top with 818 centi-millionaires (individuals with a net worth of $100 million or more) and 66 billionaires among 384,500 individuals with high net worth. Following New York were the Bay Area covering San Francisco and Silicon Valley with 342,400 millionaires. The Bay Area saw a 98% growth in the number of rich individuals over the past decade and, with 82 billionaires, is now a recognized global center of wealth in technology.

CHINA IN SECOND PLACE
As per the report, China, which featured with 5 cities in the 2023 list, now stands second with 6 cities among the top 50, following the U.S., as Guangzhou was added in 2024. Alongside China, there has been an increase in the number of rich individuals in major U.S. cities. Scottsdale from the U.S. saw a 125% growth, West Palm Beach 112%, becoming cities that doubled the number of millionaires in the past decade. Miami with 94%, Washington DC with 92%, and Austin with 90% growth were also notable cities in the list.

A DECLINE IN RICHNESS IN TWO CAPITOLS
London, one of the world’s richest cities, continues to drop in the ranking. Falling to the 6th place this year, London currently hosts 215,700 millionaires. Alongside London, Moscow has also dropped to the 40th place with a 25% decline over the last 10 years. These two cities are noticeable as the ones showing negative growth within the top 50 list.

The report suggests that Tokyo maintains its 3rd place with 292,300 millionaires due to the recovery of Japan’s Nikkei 225 index last year. Following Tokyo, Singapore stands 4th with 242,400 millionaires, and Los Angeles rose to the 5th place by surpassing London with 220,600 millionaires in total.

WHAT ABOUT TURKEY?
In the same report, Turkey is home to 40,200 millionaires, 131 centi-millionaires, and 16 billionaires, with Istanbul accommodating 15,000 millionaires, 58 centi-millionaires, and 10 billionaires. The report indicates that the total liquid wealth held in the country is around $945 billion, with a per capita liquid wealth of $11,200. Providing insights on the matter, Managing Partner of Henley & Partners Turkey, Burak Demirel, stated, “Istanbul is not only the financial center of Turkey but also a gateway between Europe and the Middle East. Istanbul and Bodrum are becoming more visible on the global wealth map each year with the lifestyle, investment opportunities, and cultural richness they offer to high net worth individuals.” Demirel highlighted the significant interest in Turkey’s investment migration programs among international investors, emphasizing that Turkey is now seen not only as a holiday destination but also a robust alternative in lifestyle and asset management.