The 2025 report for the Richest Cities in the World has been released. The cities at the top of the list remain unchanged, but two capitals have seen a decrease in the number of wealthy individuals. What is the situation in Turkey?

According to the report prepared in collaboration between Henley & Partners, a leading investment immigration and citizenship advisory firm, and the global data intelligence company New World Wealth, the United States maintained its leadership among the world’s richest cities with 11 cities in the top 50 city rankings. The U.S. continues to lead with 11 cities in the top 50 city rankings, with New York solidifying its position at the top with 818 centi-millionaires (individuals with a net worth of $100 million or more) and 66 billionaires, including 384,500 individuals with high net worth. Following New York were the Bay Area, including San Francisco and Silicon Valley, with 342,400 millionaires. The Bay Area registered a 98% growth in the number of wealthy individuals in the last decade, surpassing New York with 82 billionaires, establishing itself as the global center of technology wealth. CHINA RANKS SECOND In the report, China, which had 5 cities in the list in 2023, ranks second after the U.S. with 6 cities among the top 50 cities in 2024, following Guangzhou’s inclusion. The number of wealthy individuals is also increasing in major U.S. cities. Scottsdale saw a 125% increase and West Palm Beach registered a 112% growth, placing them among the cities that doubled the number of millionaires in the last 10 years. Miami with a 94% growth, Washington DC with 92%, and Austin with 90% growth are other cities drawing attention in the list. DECREASING NUMBER OF WEALTHY INDIVIDUALS IN TWO CAPITALS London, one of the world’s richest cities, continues to decline in the rankings. Falling to the 5th place in 2024, London now ranks 6th this year with 215,700 millionaires. Along with London experiencing a more than 10% drop in the last decade, Moscow has also slipped to the 40th place with a 25% decrease over the past 10 years. These two cities are notably showing negative growth among the top 50. According to the report, supported by the recovery of the Nikkei 225 index traded in Japan last year, Tokyo maintains its 3rd place with 292,300 millionaires. Following Tokyo, Singapore ranks 4th with 242,400 millionaires, and Los Angeles moved up to 5th place surpassing London with 220,600 millionaires. WHAT IS THE SITUATION IN TURKEY? The same report highlights that Turkey is home to 40,200 millionaires, 131 centi-millionaires, and 16 billionaires, with Istanbul hosting 15,000 millionaires, 58 centi-millionaires, and 10 billionaires. The report records the total liquid wealth held in the country at about $945 billion, with the liquid wealth per person at $11,200. Making comments on the issue, Burak Demirel, the Managing Partner of Henley & Partners Turkey, stated, “Istanbul is not only the financial hub of Turkey but also a gateway between Europe and the Middle East. The lifestyle, investment opportunities, and cultural riches it offers make Istanbul and Bodrum more visible on the global wealth map each passing year.” Demirel also noted the intense interest in Turkey’s investment immigration programs, stating, “For international investors, it is no longer just a holiday destination, but also a strong alternative for living and asset management.”