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The 2025 list of the world’s 10 richest cities is dominated by New York, San Francisco, Tokyo, Singapore, and Hong Kong. Discover analysis of global economic trends, Asia’s wealth surge, and the driving factors behind these shifts.

27 May 2025 2 min

Major global cities are vying to demonstrate their economic power. According to the latest 2025 report from Henley & Partners, the list of the world’s 10 richest cities has shifted in interesting ways. New York still leads, but Singapore and Hong Kong have made the elite list, signaling Asia’s increasingly dominant economic growth.

Based on the number of high-net-worth individuals (HNWI), the world’s richest cities this year are dominated by New York, San Francisco Bay Area, Tokyo, and Singapore. New York is home to 384,500 millionaires, while San Francisco stands out thanks to its booming tech sector. Tokyo and Singapore also impress, with Singapore boasting more than 242,000 millionaires and a strategic position in Asia.

London, previously a consistent top-five city, has dropped in ranking due to the impacts of Brexit and shifting tax policies. Meanwhile, Paris, Hong Kong, Sydney, and Chicago continue to maintain their status as global wealth centers.

Singapore and Hong Kong have experienced significant surges in the number of wealthy individuals, fueled by political stability and investment-friendly tax policies. Both cities are now prime destinations for the world’s millionaires and billionaires. In addition, Tokyo’s rapid growth reinforces the ongoing shift of global wealth centers to Asia.

The United States dominates with four cities in the top 10, underscoring its status as an economic giant. San Francisco, anchored by Silicon Valley, has seen nearly 100% millionaire growth over the past decade. In contrast, London has suffered a -12% decline due to geopolitical shifts and less investor-friendly fiscal policies.

The COVID-19 pandemic temporarily slowed growth, but major cities rebounded quickly through innovation and rapid digitalization. Outside the U.S. and Asia, cities like Paris and Sydney have remained consistent business and lifestyle hubs.

Many readers wonder if any Indonesian cities made this list. As of 2025, no Indonesian cities are in the world’s top 10. However, the number of wealthy individuals in Indonesia continues to trend upward.

The 2025 list of the world’s richest cities highlights the gradual shift of global wealth centers to Asia, especially Singapore, Hong Kong, and Tokyo. With steady economic growth, Asian cities are poised to challenge the long-standing dominance of the West.

The world’s richest cities are more than just business centers—they are symbols of shifting global economic power. While the U.S. still holds strong, Asia’s rapid rise signals a new era for the world’s economy.