London, the capital of the United Kingdom and a global hub for culture, finance, and innovation, has secured its position among the world’s wealthiest cities. According to the 2024 World’s Wealthiest Cities Report by Henley and Partners, London ranks as the fifth-richest city globally, boasting a staggering 227,000 millionaires, 370 centi-millionaires (those with over $100 million in assets), and 35 billionaires.

While this level of wealth might feel distant to the average Londoner, the data confirms the city’s enduring status as a magnet for the world’s elite.

The Wealthiest Cities in the World: Where London Stands

The Henley and Partners report evaluates global wealth migration trends, tracking where the wealthiest individuals choose to live. Among the top five cities in 2024, London is in illustrious company, trailing only:

New York – Home to 349,500 millionaires and 60 billionaires, the Big Apple is the wealthiest city.

The Bay Area (San Francisco and Silicon Valley) – Known for tech tycoons, this region ranks second.

Tokyo – A bustling financial and cultural powerhouse, Tokyo ranks third.

Singapore – A growing wealth haven, Singapore comes fourth.

London’s continued prominence reflects its appeal as a global financial center and a desirable location for ultra-high-net-worth individuals.

Photo: unsplash.com/@artifactflash

London’s Wealth Distribution

The capital is not just a city for millionaires; it has a diverse population, contributing to its vibrancy and global reputation. However, the concentration of wealth is notable:

Millionaires: London’s 227,000 millionaires place it well above many other cities globally.

Centi-Millionaires: These 370 individuals signify London’s role in hosting ultra-wealthy residents.

Billionaires: With 35 billionaires, London remains a key player in global wealth.

Other UK Cities in the Rankings

Manchester, the UK’s second representation on the global list, ranked as the 50th-richest city. It boasts 23,200 millionaires and seven billionaires, showcasing the growing economic influence of this northern city.

The report also highlights broader trends in wealth migration. While London remains one of the world’s top cities, it has faced competition from cities like Singapore and New York, which have seen significant wealth influxes in recent years.

The Top 10 Richest Cities in 2024

1. New York
2. The Bay Area (San Francisco and Silicon Valley)
3. Tokyo
4. Singapore
5. London
6. Los Angeles
7. Paris
8. Sydney
9. Hong Kong
10. Beijing

Photo: unsplash.com/@alxndr_london

London’s status as one of the world’s wealthiest cities underscores its enduring importance as a global financial and cultural powerhouse. While challenges such as rising living costs and socio-economic disparities persist, the city’s allure for the wealthy remains undiminished.

As we progress, seeing how London adapts to retain its place among the top wealth destinations in an increasingly competitive global landscape will be fascinating.