New York ranks 38th among the world\’s richest cities, Taipei ranks 38th, and Sydney overtakes the United Arab Emirates to return to the world\’s top destination for wealthy immigrants.

According to the \”World\’s Richest Cities Report\” jointly released by global wealth intelligence company New World Wealth and immigration consulting firm Henley & Partners, several cities in China and Australia have squeezed into the top 50, with 7 and 4 cities respectively on the list. The richest city is New York, China\’s highest-ranked city is Hong Kong, ranked 9th, and Australia\’s highest-ranked city is Sydney, ranked 8th.

According to the \”World\’s Richest Cities Report\” jointly released by global wealth intelligence company New World Wealth and immigration consulting firm Henley & Partners, several cities in China and Australia have made it into the top 50, with 7 and 4 cities respectively on the list. The city was taken by New York. The highest-ranked city in China was Hong Kong at 9th place. The highest-ranked city in Australia was Sydney at 8th place.
Henley & Partners\’ survey report also shows that Australia has become the first choice for immigration among the world\’s wealthy, beating the United Arab Emirates, which topped the list of millionaires\’ favor during the height of the coronavirus pandemic.
New World Wealth compiled the report based on an internal database tracking the activities of more than 150,000 high net worth individuals, focusing specifically on individuals holding more than $30 million in listed company shares and taking into account property statistics, specifically the number of luxury homes in each city. High net worth individuals in the report ranked eighth among the top ten in the world, with 147,000 millionaires, 205 multi-millionaires and 20 billionaires.
The number of millionaires increased by a whopping 34% from 2013 to 2023.
According to a Henley & Partners research report, Australia attracts a large number of millionaires every year mainly from Asia and Africa but more recently from high-income countries such as the United Kingdom.
The report does not focus on business immigrants, but those who stay in a new country for more than half a year each year. This means that there are a large number of millionaires who are settling in Australia for a long time rather than investing temporarily.
In the past 20 years from 2002 to 2022, approximately 82,000 high-net-worth individuals immigrated to Australia, ranking second in the world.
According to the latest forecast, the total number of high-net-worth individuals immigrating overseas in 2023 will be 122,000, of which about 5,200 will immigrate to Australia. This year, the number of high-net-worth individuals immigrating overseas is expected to be 128,000.
Property industry analysts say an influx of hundreds of thousands of new immigrants will keep Australia\’s housing market rising even as the economy slips into recession.
Australian house prices have risen for three consecutive months, even though the market has recently predicted that the market will fall. Commonwealth Bank, Australia\’s largest bank, has also adjusted its housing market forecasts and predicts that house prices will increase by an average of 3% this year and 5% next year.
Ray White chief economist Nerida Conisbee believes the very wealthy coming to Australia may now start to look beyond traditional destinations such as Sydney and Melbourne.
She cited Brisbane\’s waterside suburb of New Farm as an example where average house prices have risen the most of any capital suburb.
New Farm prices have risen from $2.24 million to $2.9 million in the past 12 months.

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