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Despite falling over the last decade, the number of high-net-worth individuals in Africa is predicted to nearly double in the decade to 2032.

The US is home to 770 billionaires, according to London-based consulting firm Henley & Partners.  

New York, Tokyo, London, Singapore, and California’s Bay Area emerged as the five wealthiest cities according to the report.

Singapore takes the fifth spot for the second year running, with 240,100 resident millionaires. New York City holds the top spot, with Tokyo and London following closely behind.

New York leads list with 340,000 millionaires last year.

In total, 10 U.S. cities rank among the richest globally.

New York City bounced back from a mass exodus of wealthy people during the pandemic and maintains its spot as the city with the highest number of ultra-rich people, but it might have to reckon with the reality that several other burgeoning hubs are starting to attract more millionaires.

Number of HK millionaires dropped 27 per cent between 2012 and 2022, while number in Singapore grew by 40 per cent

“The citizens of Africa’s wealthiest countries have very low passport power, and poor economic mobility,” it said.

Namibia has 2,100 US$-millionaires, and its millionaire population is expected to grow by 60% or more over the next decade, up to 2032.

An increasing number of people are looking out for a Plan B in their lives. That can often entail a second passport, which is one of the reasons why the citizenship business is booming.

The Africa Wealth Report 2023 revealed that the number of millionaires in Mauritius grew by 69% – the biggest increase in Africa.