It doesn't take too much for a city to be considered a tourist hotspot – a few interesting landmarks and perhaps some attractions to keep little ones busy. But for a city to become a hub for Ultra High Net Worth Individuals (UHNWIs) – people who are worth more than $30 million (£23m) – there needs to be a perfect storm of business opportunities, thriving culture, and a certain je ne sais quoi. Each of these cities have all of those things in spades. So, read on to find out where the richest people in the world call home...
Often dubbed ‘China’s Silicon Valley’, Shenzhen is part of the Pearl River Delta, a sprawling metropolitan area that connects Hong Kong with the Chinese mainland. It was designated as the country’s first special economic zone in 1980, meaning it is free market-oriented and offers tax incentives that make it an attractive destination for foreign investors. Shenzhen is home to big Chinese companies like Huawei and its founder Ren Zhengfei (pictured right), as well as 527 other ultra-rich people, many of who see it as a strategic base for their businesses to tap into the Chinese market.
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From culture to politics, media to science, Germany’s capital city really does have it all. Berlin was first established in the 13th century at the intersection of two key European trade routes, and it remains an important business hub today, with prestigious companies such as Daimler, BMW and Siemens headquartered there. In recent years, the city has become something of a start-up hub – in 2015, it generated the most venture capital for young companies in Europe, which many of its 531 ultra-rich residents benefitted from.
Sprawling across 14 individual islands, Stockholm is a vital economic hub for Scandinavia, accounting for over a third of Sweden’s GDP alone. The city is home to some of Europe’s top-ranking educational establishments, including the Karolinska Institute and the Royal Institute of Technology, and over 100 museums. It’s also one of the cleanest cities in the world, and was named as Europe’s first ‘green capital’ in 2010, making it a choice destination for entrepreneurs that seek urban buzz with rural benefits. It’s no wonder 559 ultra rich people, such as Spotify’s billionaire CEO Daniel Ek (pictured), call it home.
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Montreal’s freezing winter temperatures haven’t put off the 582 UHNWIs that have made this Canadian city their home. Bilingual entrepreneurs fit in particularly well here – over 59% of the population speak both English and French. Along with being one of the most important ports in Canada and an important aerospace research centre, Montreal has recently become a global artificial intelligence hub, with Facebook, Microsoft, Google and DeepMind all electing to set up shop here.
Located on Israel’s Mediterranean coastline, Tel Aviv is often seen as a gateway city between Europe and the Middle East. With a strong profile of educational establishments and a burgeoning business environment, Tel Aviv has become a centre for IT development and scientific research. The city is home to 585 ultra-rich people, including four of the fifteen Israeli-born billionaires alive today. A recent high-profile recruit is Russia-born billionaire Roman Abramovich (pictured) who was granted Israeli citizenship in 2018 following issues with his UK visa. Abramovich who is worth $13.4 billion (£10.3bn) was reported to be moving to Tel Aviv.
Madrid’s thriving metropolitan area is home to almost 6.5 million people, 613 of which are classed as UHNWIs. Here, historic culture and modern innovation exist alongside one another, with prestigious institutions such as the Cibeles Palace and the Prado Museum butting up against the headquarters of firms such as Telefónica and IAG. Organisations such as the United Nations World Tourism Organisation (UNWTO) and the Public Interest Oversight Board (PIOB) are also located here, making Madrid symbolic an important research and regulatory centre.
Until the 1940s, Riyadh was a small, relatively isolated town, until a plan by King Shah Saud catalysed development, allowing it to become the modern city it is today. Despite safety concerns amid a number of terrorist attacks, Riyadh has continued to grow economically, and is now home to 622 ultra-rich people. Like the rest of Saudi Arabia, the city’s economy has historically been based on oil revenues, but it is currently in the midst of an ambitious diversification plan, bolstered by increasing foreign investment.
Ranked third on the 2016 Mercer Quality of Living Study, Auckland is considered as one of the most desirable places to live in Oceania. The unique city is surrounded by rainforest and dozens of dormant volcano cones, meaning there are plenty of opportunities for residents, which include 669 ultra-rich people, to escape into nature at weekends. Auckland’s central business district (CBD) is a key economic centre and is home to many of the country’s top businesses, such as Air New Zealand, and investment firm Rank Group, which is owned by New Zealand’s richest man, Graeme Hart.
Not only is Mumbai the most populous city in India, with an estimated 12.4 million residents, but it also boasts 797 UHNWIs, the highest number of millionaires and billionaires in the whole country. Key financial institutions such as the Reserve Bank of India and the National Stock Exchange of India are located here, along with a wealth of nuclear and scientific institutes, making it an important research centre. As a result 70% of India’s capital transactions take place in Mumbai, and it accounts for more than 6% of the country’s GDP.
Despite being home to 963 UHNWIs and the most millionaires in the whole of Germany, Hamburg is quite an understated city. It’s the largest city in Europe that isn’t a capital, so doesn’t have the steady flow of tourists that Berlin or Paris do. Instead it’s popular with businesses such as Airbus and Unilever, and is home to weekly news magazine Der Spiegel. Hamburg also has a buzzing cultural scene with many museums, theatres and concert halls, one of which, the Laeiszhalle, has played host to the Bee Gees, Pink Floyd and Elton John.
Istanbul’s location on the Bosporus strait, which connects Europe and Asia, makes it a key trade crossover point and a strategic location for international businesspeople to set up shop. On one side of the natural harbour, named the Golden Horn, is Beyoglu, a cultural hub that is home to a number of modern art galleries and prestigious schools. Across the water lies the city’s historic centre, which is a designated UNESCO World Heritage site. Istanbul also has one of the fastest growing metropolitan economies in the world, which accounts for 27% of Turkey’s GDP. This combination of business and leisure credentials has made it the destination of choice for 991 ultra-rich people.
Writer Mary Ann Evans, known under the pen name George Eliot, once called Rome the city of “visible history”, and what a history Italy’s capital has to boast about. Ostensibly founded in 753BC, the city has retained many of its ancient landmarks, from the Coliseum to the Trevi fountain, which remain a draw for millions of international visitors annually. From Roman emperors to fashion designers, Rome has a rich history that has attracted 1,015 UHNWIs who currently call this beautiful city home.
Moscow’s Arctic winter temperatures haven’t stopped 1,021 ultra-rich people, including billionaire Mikhail Prokhorov (pictured), from making this city their home. Despite being the northernmost and coldest megacity on earth, Russia’s capital is also one of the greenest cities in Europe, with over 40% covered by vegetation. The country’s powerful political institutions are located here, along with the headquarters of eminent national businesses including natural gas giant Gazprom. Moscow is renowned for its high society, and many of the Russian elite are often spotted shopping at the city’s haute couture stores, watching ballet at the Bolshoi Theatre, or dining at Café Pushkin.
It’s no surprise that Los Angeles is home to 1,075 UHNWIs, as its one of the most star-studded places on earth and the home of Hollywood. Actors from across the globe flock to this Californian city, lured by the possibility of appearing on the big screen and perhaps even earning a star on the Hollywood Walk of Fame. While the city is mostly dominated by film stars and directors, entrepreneurs such as Tesla owner Elon Musk (pictured) also live in Los Angeles, and the city’s technology sector is expanding rapidly.
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Mexico’s capital expanded exponentially over the course of the 20th century, and it is one of the most important economic hubs in Latin America today. As the city has developed, luxury businesses have flocked there to capitalise on the growth of a middle class with substantial purchasing power. At the upper end of the financial spectrum, Mexico City is home to 1,256 ultra-rich people, including Latin America’s richest man, Carlos Slim Helú (pictured), whose business empire accounts for 40 percent of the listings on the Mexican stock exchange.
Located in the Yangtze River Delta on China’s east cost, Shanghai has emerged as a global financial powerhouse and a vital business centre. It boasts the world’s busiest container port and is often described as the “showpiece” of China’s booming economy. But it’s not all work and no play in Shanghai: in the Bund quarter, dozens of historic buildings line the banks of the Huangpu river, and the city now has its own twice-annual fashion week, showcasing new collections from Chinese designers. As many as 1,263 ultra-rich people call Shanghai home, and businesses including Alipay and the Commercial Bank of China are based there.
Straddling the banks of the River Isar, Munich is the second-largest city in Germany, the capital of the state of Bavaria and home to 1,290 ultra-rich people. It’s often nicknamed “Toytown” by English expats living there, who can’t quite believe just how safe and clean the city is – according to the Mercer 2018 survey, Munich residents have the third-highest quality of life of urban dwellers worldwide. Tourists flock in the autumn for Oktoberfest, but otherwise life in the city is relatively peaceful, thanks to the abundance of parks, which include the Englischer Garten, which is larger than New York’s Central Park.
From intriguing architecture to a buzzing cultural life, there’s plenty to love about Toronto. Well, 1,328 UHNWIs certainly think so anyway, as they’ve made the Canadian metropolis their home. Toronto is generally considered to be the financial capital of the country, and is home to the seventh-largest stock exchange, as well as the headquarters of dozens of leading businesses. The city is also an internationally recognised creative centre, and welcomes up-and-coming artists and directors each year for the Toronto Film Festival.
Geneva’s lakeside position and financial credentials have certainly boosted its reputation, but the Swiss city is best known as a worldwide centre for peace and diplomacy. The United Nations and the Red Cross are among the hundreds of international organisations that have their headquarters here, and it was the location for the signing of the crucial Geneva Conventions, which set out standards for humanitarian treatment during wartime. Today, 1,344 ultra-rich people are based here, including Gianluigi Aponte (pictured), owner of MSC, the world’s second-largest shipping container line.
It’s no wonder Sao Paulo’s Latin motto translates to “I am not led, I lead". The city is the high-energy economic centre of Brazil, with the largest GDP in the Southern Hemisphere, and unsurprisingly is home to 1,352 UHWNIs. Sao Paulo is a melting pot of communities and nationalities, all of whom live side by side in one of the safest cities in Latin America. It’s also renowned for its rich culture, boasting a smorgasbord of restaurants and dance bars, along with galleries such as the Sacred Art Museum and the Catedral da Sé.
Zurich may have a relatively small population, but it has established itself as a economic powerhouse in recent years. It has been ranked the second-most competitive financial centre in Europe after London, and many top banks, including UBS, are based here. Zurich has been named as the city with the highest quality of life in the world every year since 2010 by consulting firm Mercer, thanks to its excellent work, housing, leisure and educational opportunities. It’s also one of the cleanest and safest cities worldwide – yet another reason why 1,507 ultra-rich people have chosen to make it their home.
From its state-of-the-art public transport system to its buzzing business district, every part of Taipei screams high-tech. Perhaps that’s why 1,519 UHNWIs have chosen to make the capital of Taiwan their home. The local economy is expanding at around 5% per year, and firms such as Facebook, Amazon, Apple, JP Morgan and PwC have chosen the city as a key hub for their businesses in Asia. In 2018, both Microsoft and IBM announced they would be opening research labs in Taipei, in order to capitalise on the skills of its highly educated population in areas such as artificial intelligence, blockchain and cloud computing.
The South Korean economic boom in the early 1950s, commonly known as the Miracle on the Han River, transformed Seoul into the thriving metropolis it is today. It is the fourth largest metropolitan economy in the world, bigger than both London and Paris, and in 2015, it was rated Asia’s most liveable city. The Seoul Capital Area boasts no less than five UNESCO World Heritage Sites, which neighbour modern architectural landmarks such as the Dongdaemun Design Plaza and the 63 Building. The city is home to 1,594 ultra-rich people, including Suh Kyung-bae (pictured), the owner of AmorePacific Corporation, which owns a number of cult K-beauty brands.
Paris may be known as the city of love, but it’s also a city of wealth, with 1,667 UHNWIs currently living in the French capital. It boasts many world-famous museums, such as the Louvre and Musée d’Orsay, and architectural landmarks like the Eiffel Tower and the Arc de Triomphe. Luxury lovers certainly won’t be disappointed after a shopping trip to the Champs-Elysées, an elite boulevard lined with stores such as Chanel, Dior and Louis Vuitton. In fact, there’s not much that isn’t opulent in Paris – even the lampposts are plated with gold.
From the skyscrapers to the pizzas, New York City certainly subscribes to the “bigger is better” mantra. It is the largest metropolitan area in the world, with over 20 million people residing in its six distinct boroughs. More than 120 top universities are located here, including Columbia and NYU, along with the world’s two largest stock exchanges. The fate of the global economy is concentrated in the hands of bankers on Wall Street, whose market-making moves can bring huge gains or devastating losses to companies worldwide. This all goes to explain why 3,378 ultra-rich individuals have made it their home.
Singapore truly is one-of-a-kind. It’s the only island city state in the world, and is renowned for having gone from being a Third World to First World nation in the space of a single generation. Today 3,598 of the ultra-rich call Singapore home, including investor Peter Lim and the Kwee family, who own the Pontiac Land Group, a luxury property development firm, with low tax rates making it an attractive location for international businesses. However, you tend to need money to live here: Singapore has been ranked as the most expensive place on earth to live since 2013.
Japan’s capital city frequently tops indexes for both financial and cultural excellence – it ranks first in the Global Economic Power Index, and is an alpha+ world city, meaning it is a vital cog in the global trade system. It was also named the safest world city in 2017, and next year, will host the Olympics, making it the only city in Asia to host the event twice. Cuisine in Tokyo is world-renowned, and The Michelin guide has awarded more stars to the city than anywhere else in the world. It’s no surprise, then, that 3,732 UHNWIs call Tokyo home – many come for the city’s phenomenal business opportunities, and stay for the lifestyle.
As the old saying goes, “London streets are paved with gold.” They certainly are for the 4,944 ultra-rich people that call the UK’s capital city home. It’s no surprise that London comes out on top for wealth – it has not one, but two, key financial centres: Canary Wharf and the City of London. And while the cost of living may be extremely high, London residents benefit from more than just business opportunities, as the capital has real cultural clout, from galleries such as Tate Modern to the world-renowned British Museum. However, with Brexit on the horizon, and Britain's richest man Sir Jim Ratcliffe already choosing to leave the capital for Monaco, 2020 could see London's top spot go to another city, as the ultra-rich look for more attractive places to live.