Dubai Makes Significant Leap in Wealthiest City List

The latest Henley & Partners report reveals fascinating insights into the world’s wealthiest cities in 2025, highlighting some interesting trends in global millionaire populations. 

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The Top 10 Cities for Millionaires

The United States leads the pack, with 11 cities ranking in the Top 50, including New York City in 1st place and the Bay Area (San Francisco and Silicon Valley) coming in 2nd. This dominance reflects the country’s economic power, particularly in finance, technology, and innovation.

However, it’s not just the US that is seeing growth in wealth. Dubai is a standout, marking the most significant rise in the rankings. In just one year, the UAE's largest city climbed from 21st place to 18th, reflecting its ongoing economic expansion, infrastructure development, and increasing appeal as a global hub for business, finance, and luxury.

The Big Movers: Dubai and Seoul

While Dubai is celebrating a remarkable ascent, Seoul faces a much steeper challenge. South Korea’s capital dropped from 19th place to 24th, making it the biggest faller in the rankings. This shift signals challenges in Seoul's wealth growth, which could be attributed to various factors, including global economic fluctuations and a changing investment landscape.

Lisbon’s Impressive Debut

One of the more positive stories in the 2025 rankings is Lisbon. The Portuguese capital has made its first appearance in the Top 50, reflecting a growing number of high-net-worth individuals (HNWIs) choosing Lisbon as a destination. This marks a significant milestone for the city, which has been gaining popularity for its relatively lower cost of living, vibrant culture, and quality of life.

Auckland Drops Out

On the flip side, Auckland has dropped out of the Top 50, a surprising move for a city that had previously been a rising star. The reasons for this shift could be attributed to various factors, including changes in global investment patterns and possibly the effects of the pandemic on the New Zealand economy.

Negative Growth: London and Moscow

Two cities that have experienced consistent negative growth over the last decade are London and Moscow. Both cities have seen declines in their millionaire populations: London’s wealthy residents decreased by 12%, while Moscow saw a steeper drop of 25%. This trend is concerning, particularly for cities that once served as financial hubs, but it also highlights shifting patterns in global wealth, with individuals increasingly seeking alternative locations for investment and living.

What This Means for Global Wealth Trends

The 2025 rankings reflect the growing diversification of wealth across the globe. Cities like Dubai and Lisbon are on the rise, while traditionally wealthy capitals like London and Moscow face challenges. These shifts are not just a result of local economic changes but are also indicative of broader global trends in migration, investment preferences, and the search for cities that offer a better quality of life.

Dubai’s rise is particularly notable, as it continues to attract millionaires from all corners of the globe. This shift is due to the city’s visionary development plans, tax incentives, and status as a global business hub. With continued infrastructure development and a favorable economic climate, Dubai is likely to continue climbing the ranks in the coming years.

A Changing Global Wealth Landscape

The wealthiest cities rankings for 2025 show how the global landscape is changing, with new players rising and established cities facing challenges. While US cities remain dominant, cities like Dubai and Lisbon are making their mark, offering opportunities for high-net-worth individuals looking for new places to invest or settle.

As the world continues to evolve, these rankings serve as a reminder that wealth is increasingly being distributed across different regions, with factors like quality of life, economic stability, and infrastructure development playing pivotal roles in shaping these trends.

For more insights, check out the full Henley & Partners report here.