- The number of millionaires in Hangzhou more than doubled over the past decade, per a new report.
- The Chinese city topped Henley & Partners' list of cities where the number of millionaires is rising the fastest.
Hangzhou in southeast China tops the list of cities where the number of millionaires is rising the fastest, according to a new report.
The number of high net worth individuals, defined as people worth more than $1 million, more than doubled between 2012 and 2022, per the report by Henley & Partners.
The top ten also includes two further Chinese cities, three US cities, two Indian cities, and one city in each Vietnam and the United Arab Emirates.
According to the report, Hangzhou has around 30,400 people who are worth more than $1 million, including 98 residents worth more than $100 million. Twelve of these people are billionaires.
Hangzhou is the capital the province of Zhejiang and has a population of more than 10 million. The port city, located along the former Silk Road trade route, is around 700 miles from Beijing and 100 miles from Shanghai.
Austin, meanwhile, is the highest-ranking US city on Henley & Partners' list, coming second. Like Hangzhou, the number of millionaire residents in the Texan capital has more than doubled over the last decade. Many businesses and workers relocated to the Lone Star state during the pandemic because of the rise in remote work, coupled with Texas' low taxes.
New York City, meanwhile, has the most residents worth $1 million or more, at around 340,000, per Henley & Partners' report. It's followed by Tokyo, the San Francisco Bay Area, London, and Singapore.
Solely in terms of billionaires, the Bay Area tops the list, with 63 people worth more than $1 billion, closely followed by New York City at 58.