Tel Aviv's position as one of the world's wealthiest cities took a big knock over the past year as it slipped from 42nd to 48th in investment advisors Henley & Co.'s "World's Wealthiest Cities" Top 50 ranking.
According to the report published today, Tel Aviv saw a decline in each of the categories examined by the company: the number of millionaires, the number of centi-millionaires (over $100 million) and the number of billionaires. In Tel Aviv, the number of millionaires has fallen by 8% from 24,300 to 22,600; the number of centi-millionaires has fallen from 82 to 76, and the number of billionaires has fallen from ten to nine.
The rate of increase in millionaires over the past decade in Tel Aviv has been 25%, a modest rate compared to other cities on the list. It is possible that the differences in the shekel exchange rate against the dollar between December 2024 (the current calculation date) and the previous calculation date explain some of the gaps. Jerusalem is also on the list of cities with the most centi-millionaires in the world, in 104th place (27 wealthy people) and Netanya is in 124th place, with 15 wealthy people.
New York in first place for number of millionaires
The top ten rankings for the number of millionaires was taken up by New York, San Francisco bay area, Tokyo, Singapore, Los Angeles, London, Paris, Hong Kong, Sydney and Chicago.
Los Angeles (220,600 millionaires, including 516 centis and 45 billionaires) has now overtaken London to claim the 5th spot, pushing the UK capital out of the Top 5 to 6th place with just 215,700 millionaires (including 352 centi-millionaires and 33 billionaires). London and Moscow (which ranks 40th, with 30,000 millionaires, including 178 centis and 23 billionaires) are the only two cities in the Top 50 that have recorded negative growth over the past decade, with their millionaire populations declining by -12% and -25%, respectively.
Of the Top 50 cities, only Shenzhen (in 28th place, with 142% millionaire growth, and now home to 50,800 millionaires), Hangzhou (35th, with 108% growth and 32,200 millionaires), and Dubai (18th with 102%) grew faster than the Bay Area between 2014 and 2024. Dubai (which now boasts 81,200 resident millionaires, including 237 centis and 20 billionaires) also takes the prize for the biggest climber in the Top 50 over the past year, moving from 21st to 18th place. Seoul is the biggest faller, dropping to 24th place from 19th last year.
Published by Globes, Israel business news - en.globes.co.il - on April 8, 2025.
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