New York secured the top spot in the global rankings(Image: Getty Images)

The world's richest cities laid bare - London takes fifth place

The wealth study called the World’s Wealthiest Cities Report 2024 showed London has a remarkable number of extremely wealthy people

by · The Mirror

The world's richest cities have been confirmed, with London making the top 10. A report by financial analysts tracked global wealth migration trends from around the world to determine where the richest people were living. According to the financial study, titled the World’s Wealthiest Cities Report 2024, London has a remarkable 227,000 millionaires. But it also showed those with more wealth including 370 centi-millionaires - those with wealth of £100 million - and an astonishing 35 billionaires who live there.

The UK capital was pipped to the post by New York, the Bay Area, which includes San Francisco and Silicon Valley, in addition to Tokyo and Singapore. The north-eastern US state took the title of the world’s richest city in the Henley and Partners report which notched-up a figure of 349,500 millionaires and an amazing 60 billionaires.

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London has a remarkable 227,000 millionaires according to the global analysis( Image: Getty Images/iStockphoto)

London, however, was not the only UK city to make the global rankings. Manchester also found itself on the list, but not in the Top 10. It was ranked 50th richest city in the world with 23,200 millionaires and an impressive seven billionaires

The world’s 10 richest cities in 2024

1. New York

2. The Bay Area

3. Tokyo

4. Singapore

5. London

The Bay Area of San Francisco, US which was second in the wealth league( Image: Getty Images)

6. Los Angeles

7. Paris

8. Sydney

9. Hong Kong

10. Beijing

Travel bible Time Out was not surprised by the London listing and said its position was shown by the high number of cash-rich residents who wanted to make the city their home. It said: "Given the high cost of things in London these days, and our amazing offerings in food, drink, theatre etc., it’s not so surprising that the mega rich want to live here."

An aerial view of Tokyo which came 3rd in the listing( Image: Getty Images/iStockphoto)

The publication, however, recognised there was a massive 'wealth divide' It added: "The UK capital might be a playground for the extremely wealthy, with new skyscrapers and luxury flat developments going up every day, but many people, and businesses, are struggling. For example, more than 3,000 clubs, pubs and bars have closed in London since the pandemic, and restaurants are feeling the squeeze too."

The Mirror earlier reported on another study which found a billionaire is either running or the principal shareholder of more than a third of the world ’s top 50 corporations. Those businesses have a stock market value of £10trillion.

The world’s richest 1% of people had more wealth than the bottom 95% put together, according to report from Oxfam. Analysis also highlighted the influence of billionaires such as Mark Zuckerberg, founder of Facebook owner Meta, and Amazon tycoon Jeff Bezos. over the global economy.

Singapore also secured a top ten place in the analysis of people's income( Image: Getty Images/iStockphoto)

Oxfam warned efforts to respond to critical global challenges, including the climate crisis and persistent poverty and inequality, are being “undermined by the ultra-wealthy and mega-corporations fueling inequality within and between countries.”

Amitabh Behar, Oxfam International’s executive director, claimed the impact of the United Nations to tackle such issues “is increasingly feeling diminished in a world in which billionaires are calling the shots.”