Henley Wealth Report 2025: US Tops Global Wealth Growth

Forbes

5 days ago

As globalization has expanded, residence and citizenship have become hot topics among the growing number of people traveling, working and living internationally. A country's (and its cities') global status and wealth can have a significant impact on its success as a travel destination—be it as an aspirational place to visit, an investment hub or a lifestyle magnet.
Times Square, 'the Crossroads of the world', in New York—more popular and rich than ever.
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In its annual Wealth Report for 2025, wealth and investment migration specialists Henley & Partners in collaboration with global data intelligence firm New World Wealth places the US firmly atop the world's rankings as the foremost private wealth hub. Home to more than six million high-net-worth individuals (HNWIs) with an investable wealth of at least $1 million, that translates to an incredible 37% of the world's millionaire population.
This dominance carries on even as you add zeros, with 36% of the world's $100+ million centi-millionaires and 33% of its billionaires also living in America, figures that don't quite tally exactly with Forbes' own list of cities with the most billionaires thanks to Henley's differing methodology.
From 2014 to 2024, the US saw a 78% increase in its millionaire population to lead the W10 list of the 10 wealthiest countries in the world by millionaire population. Just behind is China that enjoyed 74% growth but is still far behind the US in terms of resident millionaires.
By contrast, all other W10 countries have seen much slower growth over the same period, with the UK even suffering a 9% drop in its millionaire population—potentially a sign of economic stagnation post Brexit. Of the remaining W10, Australia's millionaire population increased by +30%, Switzerland's by +28%, Canada's by +26%, Italy's by +20%, Germany's by +10%, France's by +7% and Japan's by +5%.
Of the world's wealthiest cities in 2025, four in the US appear in the top ten according to Henley's report, highlighting the continued dominance of America's traditionally wealthy hubs, almost all of which are major tourist hubs as well.
Silicon Valley and the rest of the Bay Area saw huge wealth growth, down in no small part to the tech industry. Apple HQ, Cupertino.
AFP via Getty Images
New York remains the wealthiest city not only in the US but also the world. It's followed by the Bay Area, which includes San Francisco and Silicon Valley, also home to the highest concentration of billionaires with 82 residents. The Bay Area also saw the highest wealth growth of any top 10 US city, its millionaire population surging by 98%. Not far behind are Los Angeles, Chicago, Houston and Dallas, the latter two in particular seeing serious growth with 75% and 85% increases in their millionaire residents respectively. Rounding out the top ten are Seattle, Boston, Miami and Austin, the last two again demonstrating real growth with 94% and 90% millionaire growth respectively.
The report also highlights the rapid rise in emerging wealth hubs, pointing to their growing appeal and popularity among the world's wealthy and mobile. Scottsdale has emerged as the fastest growing city by millionaire population with a huge 125% increase over the past decade. Close behind is West Palm Beach with a 112% rise.
Blessed by nature, tourist-friendly Scottsdale is attracting millionaires faster than anywhere else in the US.
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Each is a showcase of broader demographic and economic shifts driven by a fast-expanding tech sector, skilled professionals and favorable regulatory conditions. As the city's fortunes right (both real and metaphorical), we can expect an increased interest in tourism as their facilities and brands improve in the global eye.
David K. Young, President at the Committee for Economic Development of The Conference Board (CED), points out in the report that 'despite a wave of policy changes and their subsequent implications around the world, the relative political stability, rule of law, economic prospects, culture of innovation, not to mention the US dollar remaining the global reserve currency, have squarely positioned the USA as an environment in which to do business and to invest.'
To find out more, read the full USA Wealth Report 2025.