These are the major cities where millionaires around the world are concentrated

A report reported by the Australian website Property Update revealed that a third of millionaires around the world reside in 50 major cities around the world, which indicates that most of the wealth is concentrated in some specific areas more than others.

Millionaires residence centers

The report relied on the criterion for millionaires on those who have a huge number of wealth, which does not include those who have a fortune of 10 million dollars. Rather, the criterion for millionaires is those who have one hundred million dollars or more.
In other words, individuals with investable wealth worth more than $100 million.
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About 30 thousand millionaires around the world

According to a new report issued by Henlay & Partners and using data from New World Wealth, a global wealth consulting firm, there are currently 29,350 millionaires around the world, and their number has increased globally by 54% over the past decade.
The United States continues to dominate the millionaire city scene, occupying the first, second and third spots on the list of the top 50 millionaire cities and boasting a total of 15 major cities on the elite list.
However, there are two Australian cities in the top 50 and it is likely that two more Australian cities will be on this list in the future.

Ranking of the favorite cities of millionaires

New York City in the United States of America ranked first in the number of millionaires with 744 millionaires, while it was followed in second place by The Bay Area in the United States with 675 millionaires. Los Angeles Face came in third place with 496 millionaires, then London and 370 millionaires. Beijing came in fifth place with 347 millionaires, followed by Singapore with 336 and Shanghai and a number of millionaires. 322 millionaires and then Hong Kong (a Chinese administrative region In particular) with 320 millionaires, Chicago in America has 290, then in tenth place is Paris with 286 millionaires.
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Boom in the United States and China

The United States and China have seen what can be described as a boom in the number of million-dollar people as they have significantly outpaced their European counterparts.
The growth has been most dramatic in China, with its millionaire population expanding by 108% over the past 10 years, surpassing the United States, while the number of ultra-high-net-worth individuals grew by 81% over the same period.
Asian cities are rapidly climbing the ranks of ultra-rich cities, with four cities and regions now among the top ten hotspots for millionaires in the world.
Beijing ranks fifth in the world with 347 millionaires, while Singapore, a city-state punching above its weight, comes in sixth place with 336 of them.
Both Singapore and Hong Kong are expected to enjoy exceptionally high growth rates in the number of millionaires exceeding 100% in the next decade and a half until 2040.

Europe is falling behind

But Europe’s representation in the million-dollar scene tells a story of changing dynamics and mixed fates. London, once considered the financial capital of the world and a global center of wealth, is now ranked fourth with 370 million wealthy residents and a lackluster forecast of less than 50% when it comes to growth over the next year. The next sixteen years until 2040.