Beijing ranked eighth in the world’s wealthiest cities in 2023

Photos: @zhangkaiyv/Unsplash.com

Beijing is the eighth-wealthiest city in the world, according to the latest report from Henley & Partners. The report, which posits that the total private wealth is a far better gauge of the financial health' of an economy than GDP, claims that the capital is home to 128,200 HNWIs (high-net-worth individuals), aka high-rollers possessing investable wealth of one million USD or more, placing the city behind other Asian wealth hubs including Tokyo (second), Singapore (fifth), and Hong Kong (seventh) at 290,300, 240,100, and 129,500 HNWIs respectively.

It should be noted that the cities on this list rank particularly high due to two main reasons: a high overall population and significantly large numbers of high-income individuals. While the list was compiled by analysing the spending habits of over 150,000 HNWIs from 97 cities across the world, focusing on well-paid individuals with work titles such as founder, chairperson, CEO, and director, it doesn't mention how this wealth is actually distributed.

In the case of Beijing, the capital came fifth in the richest cities in the world in 2018. Despite slipping to number eight on the rich list, the report shows Beijing has experienced the second highest growth in its HNWI population on the top ten list from 2012 to 2022 – at 70 percent – trailing only Shanghai with 72 percent.

China itself has one of the fastest growing economies in the world, yet notoriously also has one of the widest income gaps, with a 2012 report from Peking University reporting that only one percent of China's population controls one third of the country's total wealth.

So, congrats, Beijing, again on this (slightly dubious) honour. Check out the list below for the other richest cities in the world.

The 10 richest cities in the world in 2023 (according to Henley & Partners)

1. New York City 

2. Tokyo 

3. The Bay Area 

4. London 

5. Singapore 

6. Los Angeles 

7. Hong Kong 

8. Beijing 

9. Shanghai 

10. Sydney

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