Multiple cities have been featured in a recently published list of the top 10 wealthiest places in the world for millionaires, with three locations in particular being known as a must-live place for millionaires.
The report, which contains analysis on how many millionaires currently live in or are moving to an area, highlighted that three cities in the US appeared on this list, with one US city topping it.
These cities are New York City, the San Francisco Bay Area and Los Angeles, which came first, fourth and sixth, respectively.
New York has 340,000 millionaires, according to the firm. In comparison, the San Franciso Bay Area and Los Angeles have 285,000 and 205,400 resident high-net-worth individuals (HNWIs).
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HNWIs is the term used to describe anyone who has an investable wealth of over $1million (£798,000).
However, three other US cities are described as millionaire hotspots as the rich are increasingly flocking to them.
The three fastest-growing millionaire hotspots in the US are Austin, Texas, West Palm Beach, California and Scottsdale, Arizona.
Austin has seen a 102 percent growth in resident HNWIs, while West Palm Beach and Scottsdale have experienced 90 percent and 88 percent, respectively.
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In light of the success of Austin, West Palm Beach and Scottsdale, experts are sharing how metropolitan areas become havens for millions.
Dr Juerg Steffen, CEO of Henley & Partners, highlighted that seven of the top 10 wealthiest cities in the world are in countries that host formal investment migration programs.
He said these nations actively encourage foreign direct investment in return for residence or citizenship rights.
He explained: “The right to live, work, study, and invest in leading international wealth hubs such as New York, London, Singapore, Sydney, and Hong Kong can be secured via residence by investment.
“Being able to relocate yourself, your family, or your business to a more favorable city or have the option to choose between multiple different residences across the world is an increasingly important aspect of international wealth and legacy planning for private clients.”
Andrew Amoils, the head of Research at New World Wealth, emphasised that cities across the world have only become millionaire hotspots quite recently.
Mr Amoils said: “Arguably the world’s top safe haven for the super-rich, the average wealth of a person living in Monaco exceeds USD 10 million, making it the top-ranked city on a wealth per capita basis.
“It is also the world’s most expensive city, with apartment prices regularly exceeding USD 35,000 per square meter.
“Dubai is another established international wealth centre, with its low tax rates making it a magnet for migrating millionaires from all over the world. Approximately 3,500 high-net-worth individuals moved to the city in 2022 alone.”
