Latest news with #JuergSteffen
Yahoo
4 hours ago
- Business
- Yahoo
This Is the Wealthiest City in the World—With 384,500 Millionaires and 66 Billionaires
New York City topped a report of the wealthiest cities in the world. Manhattan is home to 384,500 millionaires, 818 centimillionaires, and 66 billionaires. Eleven of the 50 cities on the list are located in the U.S., with the Bay Area ranking second, Los Angeles fifth, and Chicago wealth has tripled in two decades, and a lot of it is concentrated right here in the U.S. In April, Henley & Partners, a company focusing on residency and citizenship by investment, in partnership with global wealth intelligence firm New World Wealth, which tracks global wealth migration trends between countries and cities, released its joint World Wealthiest Cities Report. Its lists include the most expensive cities in the world, the fastest-growing wealth hubs, and one of the wealthiest cities, topped by New York City. According to the report, the Big Apple is home to 384,500 millionaires, 818 centimillionaires, and 66 billionaires, indicating a substantial concentration of wealth in Manhattan. Henley & Partners shared in a press release that 11 out of the 50 cities on the list are in our country. It added that the Bay Area, which includes San Francisco and Silicon Valley, came in a close second with 342,400 resident millionaires. However, the company also pointed out that the Bay Area is now home to more billionaires—82—than New York and "continues to thrive as the epicenter of technological wealth creation, enjoying exceptional millionaire growth of 98 percent over the past decade."Other cities to rise to the top of the list include Tokyo, in third place, followed by Singapore (fourth), Los Angeles (fifth), London (sixth), Paris (seventh), Hong Kong (eighth), Sydney (ninth), and Chicago (10th).The report also noted that London and Moscow are the "only two cities in the top 50 that have recorded negative growth over the past decade, with their millionaire populations declining by -12 percent and -25 percent, respectively."Juerg Steffen, CEO of Henley & Partners, stated that the winning ten cities are located in countries offering residence-by-investment programs, "creating direct pathways for entrepreneurs and investors seeking access to these wealth hubs." 'These urban centers share common DNA—robust legal frameworks, sophisticated financial infrastructure, and perhaps most critically, investment migration programs that welcome global talent and capital," Steffen added. See the full results at Related: 40 Best Things to Do in New York City, According to Local Experts Read the original article on Travel & Leisure
Yahoo
5 hours ago
- Business
- Yahoo
This Is the Wealthiest City in the World—With 384,500 Millionaires and 66 Billionaires
New York City topped a report of the wealthiest cities in the world. Manhattan is home to 384,500 millionaires, 818 centimillionaires, and 66 billionaires. Eleven of the 50 cities on the list are located in the U.S., with the Bay Area ranking second, Los Angeles fifth, and Chicago wealth has tripled in two decades, and a lot of it is concentrated right here in the U.S. In April, Henley & Partners, a company focusing on residency and citizenship by investment, in partnership with global wealth intelligence firm New World Wealth, which tracks global wealth migration trends between countries and cities, released its joint World Wealthiest Cities Report. Its lists include the most expensive cities in the world, the fastest-growing wealth hubs, and one of the wealthiest cities, topped by New York City. According to the report, the Big Apple is home to 384,500 millionaires, 818 centimillionaires, and 66 billionaires, indicating a substantial concentration of wealth in Manhattan. Henley & Partners shared in a press release that 11 out of the 50 cities on the list are in our country. It added that the Bay Area, which includes San Francisco and Silicon Valley, came in a close second with 342,400 resident millionaires. However, the company also pointed out that the Bay Area is now home to more billionaires—82—than New York and "continues to thrive as the epicenter of technological wealth creation, enjoying exceptional millionaire growth of 98 percent over the past decade."Other cities to rise to the top of the list include Tokyo, in third place, followed by Singapore (fourth), Los Angeles (fifth), London (sixth), Paris (seventh), Hong Kong (eighth), Sydney (ninth), and Chicago (10th).The report also noted that London and Moscow are the "only two cities in the top 50 that have recorded negative growth over the past decade, with their millionaire populations declining by -12 percent and -25 percent, respectively."Juerg Steffen, CEO of Henley & Partners, stated that the winning ten cities are located in countries offering residence-by-investment programs, "creating direct pathways for entrepreneurs and investors seeking access to these wealth hubs." 'These urban centers share common DNA—robust legal frameworks, sophisticated financial infrastructure, and perhaps most critically, investment migration programs that welcome global talent and capital," Steffen added. See the full results at Related: 40 Best Things to Do in New York City, According to Local Experts Read the original article on Travel & Leisure Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Scoop
30-04-2025
- Politics
- Scoop
Henley & Partners Responds To European Court Of Justice Ruling On Malta's Citizenship Program
Henley & Partners is disappointed by the characterization of Malta's citizenship program as an infringement of EU law or a "commercialization" of citizenship, as laid out in today's highly politicalised judgment by the European Court of Justice (ECJ). This ruling marks the conclusion of a case brought by the European Commission in March 2023. This case alleged that Malta's citizenship by investment program violated the principle of sincere cooperation (a vague principle in EU law) and supposedly undermined the integrity of EU citizenship. However, the EU Commission's, and now the ECJ's reasoning, lacks a solid foundation in EU law, as many leading legal scholars and the Court's own Advocate General have pointed out prior to today's ruling. Indeed, there is a stark contrast to the thoughtful and legally grounded opinion of the Advocate General, the ECJ's lead judge, who concluded that the Maltese program did not infringe EU law and that the EU Commission has no case. The Court has now reversed course by a staggering 180 degrees and issued a decision that appears politically motivated, as the reasoning provided by the court is tenuous at best. This undermines judicial consistency and confirms serious concerns about the increasing politicization of the EU's legal institutions. This undermines two of the most important values of the EU itself, democratic legitimisation and rule of law. An encroachment on national sovereignty Dr. Juerg Steffen, CEO of Henley & Partners, says 'at the heart of this case lies the principle of sovereignty and national competence in citizenship matters. Member States have the exclusive right to determine the criteria for the acquisition of their citizenship, which is clearly laid out in the EU treaties. This principle was first acknowledged but ultimately sidestepped by the ECJ in favor of a ruling that enables EU encroachment on national competence.' Even the EU itself, in its submission to the Court, explicitly stated that it does not seek to infringe on the sovereign discretion of Member States to confer citizenship. The EU just takes issue with the transparent and direct link of a specific amount of investment required — besides many other criteria needed to qualify — rather than the widely practiced and rather untransparent discretionary citizenship grants that happen in all EU countries, which the EU Commission acknowledged it does not want to touch. This ruling, targeting the smallest EU Member State, sets a worrying precedent for the undemocratic extension of EU competences beyond its treaty-based limits. It would be interesting to see what the outcome would have been if the case was against France or Germany. Ironically, such judicial overreach undermines the very EU values the Court claims to uphold, notably the rule of law and respect for democratic values. Misconceptions around 'commercialization' The portrayal of citizenship by investment as commercialization is fundamentally flawed. Investment migration is a legitimate, internationally recognized policy instrument used by sovereign states to responsibly attract global capital. Malta's program is underpinned by the strictest due diligence, multi-tiered vetting, and stringent eligibility criteria. While the United States, Canada, UAE, Singapore and other successful countries are leading the way in attracting investors and talent with investment migration programs, the European Union prefers to go backwards. Investor programs that allow the acquisition of citizenship are not casual transactions — they are structured and transparent legal pathways that demand lawful conduct, economic contribution, and commitment from applicants. Describing them otherwise diminishes the integrity and purpose of such programs. Countries can derive significant economic and social benefits from such well-structured programs, including Malta and by extension the European Union. It is a great pity that the ECJ has found that the European Union does not want its member states to attract talent and investors through such means. Malta's program in perspective The current scrutiny of Malta's program and the decision of the ECJ must also be viewed in the greater context. In 2023 alone, EU Member States collectively granted over 1.1 million citizenships — and often based on tenuous links to the granting country, such as a remote ancestry connection, without any current connection to the country granting citizenship and no other formal requirements, whether investments or residence time or other requirements. Moreover, among the largest recipients of EU citizenship are nationals from high-risk jurisdictions such as Morocco and Syria, with over 100,000 citizenships granted to individuals from each of these countries. Against this backdrop, the few hundred citizenships granted annually by Malta, under the most stringent security and background checks, hardly justify the non-factual, alarmist narrative promoted by the Commission and echoed in the ECJ's ruling. As the Court itself admitted, it is approaching the issue from a broad and abstract perspective — in effect, ruling essentially on a (current) political dislike in parts of the EU for the transactional nature of citizenship by investment. While we acknowledge and respect this institutional preference, the decision is nevertheless a blow to foundational European principles, with decisions, such as today's EU Commission vs. Malta ruling by the ECJ representing a further encroachment on the core sovereign rights of member states, which will, unfortunately, have far-reaching consequences for the EU. A call for rational dialogue Henley & Partners remains steadfast in its commitment to supporting investment migration programs that are governed by rigorous compliance, transparent processes, and social responsibility. Working on a global scale, we also see that these programs will continue to expand worldwide. Investment migration programs, when well-structured and properly run, serve as a bridge between global capital and talent, and national development goals. Dr. Christian H. Kälin, Chairman of Henley & Partners emphasizes that 'the idea that investment migration undermines solidarity within the EU is not only unfounded but reflects a troubling misunderstanding of the socio-economic role these programs play. Malta's framework exemplifies responsible nation-building — not opportunism. There are countless and major historic examples in Europe and elsewhere in the world. Rather than rejecting investment migration, the EU should focus on enhancing due diligence and harmonizing regulatory oversight, to attract the right people to the Union who contribute significantly and bring private investment, talent and entrepreneurship, which is urgently needed in Europe.' This judgment should not close the door to a more rational, fact-based conversation about the role of investment migration within the European project. Respecting national competences and fostering economic resilience — especially in smaller Member States — should be seen as part of a unified but diverse Europe. It remains to be seen how citizenship acquisition could be structured in the future so it is in compliance with the ECJ's ruling. Continued high demand for investment migration solutions As for Henley & Partners, the ECJ's ruling does, in fact, provide the firm with significant advantage, since the termination of Malta's citizenship program will only increase the demand for specialized advisors. More and more wealthy families from North America — the largest single client nationality advised by the firm — along with those in the Middle East and Asia are seeking alternative citizenship and residency solutions and diversification options. The EU will continue to be an attractive place of residence and citizenship. However, even more specialized legal advice will be needed if open and well-structured citizenship programs such as the one in Malta are no longer available in the EU. For example, the combination of residence rights in the EU and citizenship in third countries is likely to be increasingly sought out as a solution by wealthy families advised by Henley & Partners.
Gulf Insider
10-04-2025
- Business
- Gulf Insider
Dubai is Now Home to Over 81,000 Millionaires
Dubai now boasts 81,200 resident millionaires, including 237 centi-millionaires and 20 billionaires, a new report finds. In the latest World's Wealthiest Cities Report 2025 , the emirate cemented its position as one of the world's most dynamic wealth hubs, climbing three places to 18th. These findings represent an impressive 102 per cent growth in the city's millionaire population between 2014 and 2024, making it one of only three cities to outpace the Bay Area's growth rate, alongside Chinese cities Shenzhen (142 per cent) and Hangzhou (108 per cent), according to the report, published in collaboration with New World Wealth. Dubai's future looks even more promising, with forecasts suggesting it will more than double its centi-millionaire population over the next decade (2025-2035), leading the anticipated high-growth centres worldwide alongside Abu Dhabi. This reflects the region's strategic pivot towards becoming a global financial centre, bolstered by its zero income and capital gains tax regime. 'The world's centi-millionaires are increasingly designing their geographical footprints with the same strategic care they apply to their investment portfolios — diversifying their presence across multiple jurisdictions to mitigate risk while maximising opportunity. Formal investment migration pathways create systematic entry routes into these rapidly developing regions, enabling forward-looking individuals to situate themselves and their family members within environments designed for both safeguarding and multiplying personal wealth,' Dominic Volek, Group Head of Private Clients at Henley & Partners said. While Dubai shows remarkable growth, New York maintains its position as the world's top city for millionaires with 384,500 high-net-worth individuals, including 818 centi-millionaires and 66 billionaires. The United States continues to dominate the overall rankings with 11 cities in the top 50. The Bay Area, which includes San Francisco and Silicon Valley, holds 2nd place with 342,400 millionaires and 82 billionaires—more than New York. The region has experienced 98 per cent growth in its millionaire population over the past decade. 'These urban centers share common DNA — robust legal frameworks, sophisticated financial infrastructure, and perhaps most critically, investment migration programs that welcome global talent and capital. Seven of the Top 10 wealthiest cities are in countries with residence by investment programs, creating direct pathways for entrepreneurs and investors seeking access to these wealth hubs,' Dr. Juerg Steffen, CEO of Henley & Partners added. Tokyo secured 3rd place with 292,300 millionaires, followed by Singapore in 4th with 242,400. Los Angeles (220,600 millionaires) has overtaken London, pushing the UK capital out of the top 5 to 6th place with 215,700 millionaires. London and Moscow are the only two cities in the top 50 with negative growth over the past decade, declining by 12 per cent and 25 per cent respectively. Moscow now ranks 40th with 30,000 millionaires. Paris (160,100 millionaires) held onto 7th place, while Hong Kong (154,900) moved up to 8th, pushing Sydney (152,900) down to 9th. Chicago (127,100) entered the top 10 for the first time, leapfrogging Beijing and Shanghai, which fell to 12th and 14th places respectively. 'Asia's top tech hub, Shenzhen is the base city for global tech giants Huawei, Tencent, BYD, DJI and ZTE and has experienced especially strong wealth growth over the past 20 years. It is now arguably the world's leading city in a number of key tech sub-sectors including computer hardware, electric vehicles, Wi-Fi dongles, mobile phones, flying drones, 5G, energy units and electronics,' Andrew Amoils, Head of Research at New World Wealth added. Monaco tops the list of most expensive cities, with prime apartment prices exceeding $38,800 per square metre, followed by New York ($27,500), Hong Kong ($26,300), and London ($24,000). Also read: Dubai Real Estate: Property Market Sees Strong Q1 2025 Growth, Shift Towards Homeownership
Arabian Business
09-04-2025
- Business
- Arabian Business
Dubai is now home to over 81,000 millionaires
Dubai now boasts 81,200 resident millionaires, including 237 centi-millionaires and 20 billionaires, a new report finds. In the latest World's Wealthiest Cities Report 2025, the emirate cemented its position as one of the world's most dynamic wealth hubs, climbing three places to 18 th. These findings represent an impressive 102 per cent growth in the city's millionaire population between 2014 and 2024, making it one of only three cities to outpace the Bay Area's growth rate, alongside Chinese cities Shenzhen (142 per cent) and Hangzhou (108 per cent), according to the report, published in collaboration with New World Wealth. Dubai emerges as star performer in global wealth hubs Dubai's future looks even more promising, with forecasts suggesting it will more than double its centi-millionaire population over the next decade (2025-2035), leading the anticipated high-growth centres worldwide alongside Abu Dhabi. This reflects the region's strategic pivot towards becoming a global financial centre, bolstered by its zero income and capital gains tax regime. 'The world's centi-millionaires are increasingly designing their geographical footprints with the same strategic care they apply to their investment portfolios — diversifying their presence across multiple jurisdictions to mitigate risk while maximising opportunity. Formal investment migration pathways create systematic entry routes into these rapidly developing regions, enabling forward-looking individuals to situate themselves and their family members within environments designed for both safeguarding and multiplying personal wealth,' Dominic Volek, Group Head of Private Clients at Henley & Partners said. While Dubai shows remarkable growth, New York maintains its position as the world's top city for millionaires with 384,500 high-net-worth individuals, including 818 centi-millionaires and 66 billionaires. The United States continues to dominate the overall rankings with 11 cities in the top 50. The Bay Area, which includes San Francisco and Silicon Valley, holds 2 nd place with 342,400 millionaires and 82 billionaires—more than New York. The region has experienced 98 per cent growth in its millionaire population over the past decade. 'These urban centers share common DNA — robust legal frameworks, sophisticated financial infrastructure, and perhaps most critically, investment migration programs that welcome global talent and capital. Seven of the Top 10 wealthiest cities are in countries with residence by investment programs, creating direct pathways for entrepreneurs and investors seeking access to these wealth hubs,' Dr. Juerg Steffen, CEO of Henley & Partners added. Tokyo secured 3 rd place with 292,300 millionaires, followed by Singapore in 4 th with 242,400. Los Angeles (220,600 millionaires) has overtaken London, pushing the UK capital out of the top 5 to 6 th place with 215,700 millionaires. London and Moscow are the only two cities in the top 50 with negative growth over the past decade, declining by 12 per cent and 25 per cent respectively. Moscow now ranks 40 th with 30,000 millionaires. Paris (160,100 millionaires) held onto 7 th place, while Hong Kong (154,900) moved up to 8 th, pushing Sydney (152,900) down to 9 th. Chicago (127,100) entered the top 10 for the first time, leapfrogging Beijing and Shanghai, which fell to 12 th and 14 th places respectively. 'Asia's top tech hub, Shenzhen is the base city for global tech giants Huawei, Tencent, BYD, DJI and ZTE and has experienced especially strong wealth growth over the past 20 years. It is now arguably the world's leading city in a number of key tech sub-sectors including computer hardware, electric vehicles, Wi-Fi dongles, mobile phones, flying drones, 5G, energy units and electronics,' Andrew Amoils, Head of Research at New World Wealth added. Monaco tops the list of most expensive cities, with prime apartment prices exceeding $38,800 per square metre, followed by New York ($27,500), Hong Kong ($26,300), and London ($24,000).
