The world has around 5.6 crore millionaires who control more than half of the global wealth while representing less than a percentage of the population. With people increasingly moving to cities for earning opportunities or to spend on a better lifestyle, 70 per cent of the world's population is expected to live in urban areas by 2050.
Home to the world's biggest financial district Wall Street, New York also has 3.4 lakh millionaires, which makes it the richest city globally.
Mumbai rising among centres of wealth
Mirroring the Big Apple New York in India, the country's financial capital and wealthiest city Mumbai is on the 21st position globally with 59,400 millionaires.
The city may move up several places in the years to come, as the number of millionaires is expected to double in a decade.
Delhi also made it to the global list and was second in India with 30,200 millionaires calling the national capital home, as per Henley and Partners.
Other trends and changing fotunes of cities
Going back to the global stage, Tokyo came after New York with 2.9 lakh millionaires, while San Francisco Bay Area was third.
But the Bay Area topped the list when it came to billionaires, and New York trailed, while Mumbai led the way in India with 66 billionaires.
Another trend that was visible from the report was a 27 per cent drop in the number of millionaires in Hong Kong, and a 40 per cent rise for Singapore.
This was triggered by businesses migrating from Hong Kong due to the erosion of democratic values and covid restrictions, to set up shop in Singapore.