Henley built a pretty lucrative business around Golden Passports/Visas, a product/service that has, at minimum, become controversial (most of the EU ex. Malta) and in some quarters is considered disreputable (Interpol and other transnational orgs.)
From Henley&Partners, May 7:
For immediate release: London, Tuesday 07 May 2024
When it comes to the number of resident millionaires with liquid investable wealth of USD 1 million or more, the US leads the pack, with 11 cities in the Top 50, including New York City, which holds firmly onto 1st place in the 2024 World’s Wealthiest Cities Report, published annually by international wealth migration specialists Henley & Partners in collaboration with global data intelligence firm New World Wealth. The total wealth held by the Big Apple’s residents now exceeds USD 3 trillion — higher than the total wealth held in most major G20 countries — and a staggering 349,500 millionaires, 744 centi-millionaires (with investable wealth of over USD 100 million), and 60 billionaires live in the city.
Hot on its heels in 2nd place is Northern California’s Bay Area, encompassing the city of San Francisco and Silicon Valley. The Bay Area has enjoyed one of the world’s highest wealth growth rates, increasing its millionaire population by a whopping 82% over the past decade, and is now home to 305,700 millionaires, 675 centi-millionaires, and 68 billionaires.
Tokyo, on the other hand, which led the pack as the world’s wealthiest city a decade ago, has suffered a 5% decline in its resident high-net-worth-individual (HNWI) population over the past ten years, and now sits in 3rd place with just 298,300 millionaires. City-state Singapore has climbed two places to 4th on the global ranking following an impressive 64% increase in millionaires over the past 10 years and looks set to unseat Tokyo as Asia’s wealthiest city very soon. Widely regarded as the most business-friendly city on earth, Singapore is also one of the world’s top destinations for migrating millionaires — approximately 3,400 HNWIs moved there in 2023 alone and the city now boasts 244,800 resident millionaires, 336 centi-millionaires, and 30 billionaires.
London’s falling
London, the wealthiest city in the world for many years, continues to tumble down the ranking, and now sits in 5th place with just 227,000 millionaires, 370 centi-millionaires, and 35 billionaires — a decline of 10% over the past decade. By contrast, Los Angeles, home to 212,100 millionaires, 496 centi-millionaires, and 43 billionaires, has jumped up two places over the 10-year period to 6th place and has enjoyed a notable 45% growth in its wealthy population. Paris, the wealthiest city in mainland Europe, retains its 7th place on the ranking with 165,000 resident millionaires, while Sydney ascends to 8th position with 147,000 HNWIs, after experiencing exceptionally strong wealth growth over the past 20 years.
Dr. Juerg Steffen, CEO of Henley & Partners, says a key factor driving growth in the world’s wealthiest cities has been the strong performance of financial markets in recent years. “The S&P 500’s 24% gain last year, along with the Nasdaq’s 43% surge and Bitcoin’s staggering 155% rally, has buoyed the fortunes of wealthy investors. Additionally, rapid advancements in artificial intelligence, robotics, and blockchain technology have provided new opportunities for wealth creation and accumulation. Yet, even as new opportunities emerge, old risks persist. The war in Ukraine, which has seen Moscow’s millionaire population plummet by 24% to 30,300, is a stark reminder of the fragility of wealth in an uncertain and unstable world.”
China’s millionaire boom....
....MUCH MORE
