Wealth Hubs New York Leads as Miami and Dubai Rise

Wealth hubs like New York still lead, but fast-growing cities Miami and Dubai are rapidly climbing the global wealth rankings.

July 15, 2025

Nina Dale

New York City leads globally with 818 centimillionaires and 66 billionaires, reflecting a 10% annual increase despite narratives of wealth flight.
The US dominates with four of the top 10 wealth hubs: NYC, Bay Area (756 centimillionaires), Los Angeles (516), and Chicago (295).
Miami is booming, with a 94% increase in millionaires over the past decade. Its centimillionaire population of 180 is expected to more than double by 2035.
The Global South is rising, with Dubai, Shenzhen, and Bengaluru seeing the fastest millionaire population growth thanks to tech and tax advantages.

Key Takeaways

New York Still Reigns Supreme

CNBC reports that despite concerns over high taxes and wealthy residents relocating, New York City retains its title as the wealthiest city in the world, according to Henley & Partners and New World Wealth. As one of the top global wealth hubs, NYC boasts 384,500 millionaires, 818 centimillionaires, and 66 billionaires—marking a 10% growth across the board over the last year.

US Cities Continue to Dominate

The Bay Area and Los Angeles round out the top three, while Chicago lands in eighth. The US placed 11 cities in the global top 50 and added 86,000 millionaires and 160 centimillionaires over the past year. The Bay Area alone added 36,700 millionaires and 81 centimillionaires—the highest annual gain globally.

Top 10 locations for millionaires and centimillionaires

Miami’s Meteoric Rise

Miami didn’t crack the top 10 yet, but it’s one of the fastest-growing wealth hubs in the US Over the past decade, its millionaire population surged by 94%, reaching 38,800, with a 10% gain last year alone. With a current count of 180 centimillionaires, Miami is on track to more than double that number by 2035.

Global Shifts in Wealth Creation

Technology and favorable tax climates are driving rapid wealth accumulation in the Global South. Cities like Dubai, Bengaluru, and Hangzhou are experiencing explosive growth. Dubai, for instance, has 237 centimillionaires today and is projected to double that in the next 10 years, benefiting from zero income and capital gains taxes.

Bengaluru, India’s tech hub, and Malta and Lugano, with investor-friendly migration programs, also show strong future wealth potential.

Cities with the most centimillionaires in 2025

Why It Matters

Global wealth is becoming more dispersed. While traditional financial capitals like NYC and London remain influential, emerging tech hubs and low-tax cities are rapidly climbing the ranks. For investors, developers, and family offices, tracking these shifts is crucial to identifying the next hotspots for opportunity.

What’s Next

As technology remains the top driver of wealth, expect continued growth in cities that blend startup ecosystems, tax advantages, and investment-friendly immigration policies. According to Henley & Partners, we could see significant reshuffling in the next decade as more wealth migrates south and west—both in the US and globally.