London is officially one of the world’s richest cities in 2024

It might not feel like it to most of us, but London has been revealed as one of the world’s richest cities. A new report by Henley and Partners has revealed the top 50 cities on the planet for millionaires, and the capital of Old Blighty made the top five.

The World’s Wealthiest Cities Report 2024 tracked global wealth migration trends from around the world to determine where the richest people were living. According to the study, London has a whopping 227,000 millionaires, 370 centi-millionaires and 35 billionaires living here.

In the ranking, London was beaten by New York, the Bay Area (San Francisco and Silicon Valley), Tokyo and Singapore. The Big Apple took the spot for the world’s richest city, being home to 349,500 millionaires and 60 billionaires.

In the UK, Manchester also made the list, ranking as the world’s 50th richest city with 23,200 millionaires and seven billionaires. You can find the full ranking online here. 

The world’s 10 richest cities in 2024, according to Henley and Partners

1. New York
2. The Bay Area
3. Tokyo
4. Singapore
5. London
6. Los Angeles
7. Paris
8. Sydney
9. Hong Kong
10. Beijing

Time Out’s take 

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. However, the wealth divide has never felt so massive. 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.

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