![](https://www.wealthsanta.com/wp-content/uploads/2022/09/wp-header-logo-3118.png)
LONDON, Sept. 13, 2022 /PRNewswire/ — The USA dominates the world's Top 20 Cities with the Most Millionaires in 2022, with New York taking the crown with 345,600 millionaires, and five other American cities — San Francisco, Los Angeles, Chicago, Houston, and Dallas — securing places on the coveted world's wealthiest cities ranking. Tokyo is in 2nd place with 304,900 resident high-net-worth individuals worth over USD 1 million, and London, the wealthiest city in the world for many years, drops to 4th place below the San Francisco Bay Area with just 272,400 millionaires, according to the latest Henley Global Citizens Report, which tracks private wealth migration trends worldwide.
Two Chinese cities, Beijing (9th) and Shanghai (10th), make it into the Top 10, and Switzerland and Australia each manage to secure two top city spots, with Sydney (11th), Zurich (15th), Melbourne (17th), and Geneva (19th) all making the cut. Singapore (5th), Hong Kong (SAR China) (12th), Frankfurt (13th), Toronto (14th), Seoul (16th), and finally Paris, plummeting 3 places to 20th, make up the rest of the 2022 ranking.
The report features exclusive data from global wealth intelligence firm New World Wealth , and includes the five wealthiest cities in each major region, and the 25 fastest growing cities in terms of millionaire growth.
Dr. Juerg Steffen , CEO of Henley & Partners , points out that 14 of the Top 20 are in countries that host investment migration programs. " The right to live, work, study, and invest in leading international wealth hubs such as New York , London , Singapore , Sydney ,and Toronto can be secured via residence by investment . Being able to relocate yourself, your family, or your business to a more favorable city or have the option to choose between multiple different residences across the world is an increasingly important aspect of international wealth and legacy planning for private clients."
The millionaire populations of Dubai, Mumbai, and Shenzhen are expected to break into the Top 20 wealthiest cities by 2030, according to Andrew Amoils , Head of Research at New World Wealth. "Cities with strong oil and gas industries are performing especially well this year, including the likes of Riyadh, Sharjah, Luanda, Abu Dhabi, Doha, and Lagos. Others on the fastest-growing list include Lugano, a Swiss hotspot for affluent retirees, Bengaluru, the 'Silicon Valley of India', and Hangzhou, one of China's most scenic cities."
Commenting on the latest Henley Global Citizens Report ,Dr. José Caballero, Senior Economist at the IMD World Competitiveness Center, says "quality of life is a fundamental driver of global mobility, and for business executives, high living standards and effective institutions are significant city drawcards."
Dr. Steffen agrees, saying "cities are centers of opportunity, innovation, prosperity, and culture. We've seen record growth this year, with more and more high-net-worth investors exploring investment migration solutions that offer location fluidity and optionality, enabling them to live and conduct their businesses across a wide range of different jurisdictions and cities."
Read the Full Press Release
SOURCE Henley & Partners
Meta Platforms was trading lower Tuesday and is just a few dollars away from making a new 52-week low. Let's check out the charts and indicators to weigh the risks and determine what might be the new price targets.
Chris Zaccarelli of Independent Advisor Alliance knows what Tuesday's inflation print means for the Fed: “Not only are they going to end up causing a recession, but it is going to be a bad one."
Ford Motor (NYSE: F) stock sank 4.2% within minutes of the market's opening Tuesday, reversing its gains from the previous day as the markets digested the latest inflation data and tried to make sense of what it could mean for the economy and automotive companies that are highly sensitive to inflation and interest rates. The S&P 500 plunged today after the August Consumer Price Index (CPI) unexpectedly rose 0.1% versus July, despite a fall in gasoline prices. Also, although inflation dropped year over year in August, it still remains sky-high at 8.3%, significantly overshooting the Federal Reserve's annual target inflation of 2%.
The euro has been lifted further above parity with the U.S. dollar this week, driven in part by optimism over [Ukraine’s progress in the war](https://www.wsj.com/articles/ukraines-eastern-advance-puts-forces-close-to-key-town-11662718470?mod=article_inline) with Russia. The euro has risen more than 1% against the dollar this week to $1.02. Just last week, the euro fell to a new 20-year low below $0.99 as investors feared a worsening energy crisis due to Russia's decision to [indefinitely shutdow
UK teeters on edge of recession after ‘feeble’ rebound FTSE 100 jumps 1.3pc; Pound slumps against euro Roger Bootle: We face a succession of Black Wednesdays – but good things can come out of bad Sign up here for our daily business briefing newsletter
NEW YORK (Reuters) -JPMorgan Chase and Bank of America, the two largest U.S. banks by assets, expressed caution about job cuts in contrast with Goldman Sachs, where hundreds of layoffs could start as early this month. "You need to very careful when you have a bit of a downturn to start cutting bankers here and there because you will hurt the possibility for growth going forward," Daniel Pinto, president and chief operating officer of JPMorgan, told investors at a conference Tuesday. That stance compares with plans by Goldman Sachs Group Inc, according to a source familiar with the matter, to cut jobs as early as this month after pausing the annual practice for two years during the pandemic.
(Bloomberg) — A broad-based selloff has equities poised for their worst day in more than two years after hotter-than-expected inflation data fueled bets on a jumbo hike by the Federal Reserve next week. Treasury yields surged and the dollar gained.Most Read from BloombergUS Inflation Tops Forecasts, Cementing Odds of Big Fed HikeThe World’s Hottest Housing Markets Are Facing a Painful ResetNasdaq 100’s Dive Tops 5% as Yields Surge Post-CPI: Markets WrapUkrainian Successes Raise Russian Collapse
Deutsche Bank runs through a list of pros and cons for why the world's largest economy might achieve a soft landing, and concludes that it won't.
Its meltdown could scarcely come at a worse time for Xi Jinping
David Solomon, the CEO of Goldman Sachs, famously moonlights as a DJ, but soon he'll be dropping pink slips, not beats. The legendary Wall Street…
(Bloomberg) — Investors, analyst and economists alike received a harsh reality check on Tuesday as inflation for the month of August topped expectations and sent US stocks tumbling by the most more than two weeks.Most Read from BloombergUS Inflation Tops Forecasts, Cementing Odds of Big Fed HikeThe World’s Hottest Housing Markets Are Facing a Painful ResetNasdaq 100’s Dive Tops 5% as Yields Surge Post-CPI: Markets WrapUkrainian Successes Raise Russian Collapse to Realm of PossibilityHedge Fund’
(Bloomberg) — Rates traders are now betting the Federal Reserve will lift its benchmark rate by at least three-quarters of a percentage point next week, with some chatter that the increase might need to be even bigger than that after consumer-price inflation data came in hotter than expected.Most Read from BloombergUS Inflation Tops Forecasts, Cementing Odds of Big Fed HikeThe World’s Hottest Housing Markets Are Facing a Painful ResetNasdaq 100’s Dive Tops 5% as Yields Surge Post-CPI: Markets W
The U.S. federal budget deficit widened 29% from the same month last year, the Treasury Department said Tuesday.
President Biden is slated to tout the passage of Democrats' Inflation Reduction Act, but his celebration coincides with a hotter-than-expected CPI report.
Gasoline prices used to tell you everything you need to know about inflation. Now you have to read the fine print on your utility bill.
Inflation slowed for the second consecutive month as energy costs fall
An oversold bounce over the past four days helped to create the expectation that the CPI report would come in lower than expected. The fall in oil and gas helped to fuel the positive expectation. Market expectations proved to be dead wrong as CPI came in substantially higher than expected.
(Bloomberg) — US consumer prices were resurgent last month, dashing hopes of a nascent slowdown and likely assuring another historically large interest-rate hike from the Federal Reserve.Most Read from BloombergUS Inflation Tops Forecasts, Cementing Odds of Big Fed HikeThe World’s Hottest Housing Markets Are Facing a Painful ResetNasdaq 100’s Dive Tops 5% as Yields Surge Post-CPI: Markets WrapUkrainian Successes Raise Russian Collapse to Realm of PossibilityHedge Fund’s Decade-Long Wait for Yua
Analysts expect inflation to steady in August, staying put at 10.1%, with a peak lower than previously anticipated.
Falling energy prices brought down the cost of gasoline, but the mild slowdown in consumer prices isn't enough to derail the Fed's rate-hike plans.