Asia, a continent marked by its diversity, rich history, and cultural tapestry, has emerged as a global economic force. Within this dynamic landscape, certain cities stand out as economic powerhouses, driving innovation, commerce, and prosperity.
We will delve into the ten richest cities in Asia (more specifically, the Asian cities where the most number of rich people live), dissecting the economic engines that propel them to the forefront of the continent’s financial success.
Also Read
Richest Asian Cities By Number Of Millionaires [2023 Ranking]
Our ranking of the richest cities in Asia is based on a study conducted and published by Henley & Partners in partnership with New World Wealth, a wealth intelligence firm that tracks global wealth migration trends between countries and between cities.
It highlights the world’s wealthiest and fastest-growing cities with the most millionaires, centimillionaires, and billionaires. We extracted and ranked the Asian cities, adding their country and metropolitan population for extra perspective.
Tokyo
- Country: Japan
- Population: Over 40 million
Tokyo, the capital of Japan, holds the coveted title of the richest city in Asia. Boasting a massive metropolitan population of over 40 million, the megacity blends tradition with modernity seamlessly.
Tokyo’s economic prowess is multifaceted, encompassing finance, technology, and manufacturing. The city is home to the Tokyo Stock Exchange (TSE), one of the largest in the world, and serves as the headquarters for major global corporations, including Sony, Toyota, and Mitsubishi.
The immense wealth of Tokyo is a result of a diverse economic landscape, characterized by innovation, advanced infrastructure, and a highly skilled workforce. Approximately 290,300 millionaires, 250 centimillionaires, and 14 billionaires live in the Greater Tokyo Area.
Singapore
- Country: Singapore
- Population: Over 5.5 million
Singapore is a city-state nestled at the crossroads of Asia, standing as a beacon of economic success in a region of economic mediocrity.
With a metropolitan population of around 5.7 million, Singapore has established itself as a global financial hub and a thriving center for trade and commerce. Its strategic location as the largest port in Southeast Asia, pro-business policies, and emphasis on education have attracted multinational corporations and a highly skilled workforce.
Singapore’s wealth is underpinned by a robust financial sector, including banking and investment, and a commitment to technological innovation, making it a key player in the broader Asian economic landscape.
In 2023, there were 240,100 millionaires, 329 centimillionaires, and 27 billionaires living in Singapore, representing the highest wealth per capita in Asia.
Hong Kong
- Country: China (Special Administrative Region)
- Population: Over 7 million
Hong Kong is a vibrant metropolis and a global financial center. With a metropolitan population of around 7.5 million, the former British colony is small compared to China’s other rich cities but punches far above its weight.
Hong Kong’s economic strength is deeply rooted in its financial sector, which is characterized by a highly developed banking system, a robust stock exchange, and a business-friendly environment.
Strategically located as a gateway to China, Hong Kong is positioned as a crucial link between international investors and the vast Chinese market. The city’s impressive skyline, adorned with a multitude of towering skyscrapers, is a testament to its economic prosperity and global significance.
Some 129,500 millionaires, 290 centimillionaires, and 32 billionaires live in Hong Kong.
Beijing
- Country: China
- Population: Over 22 million
Beijing is the capital city of China, as well as one of its political and cultural centers. The massive city is a major player in both Asia’s and the world’s economic landscape, growing in significance by the year.
Beijing’s economy is closely tied to its role as the political hub of China, with the city hosting the headquarters of most of the country’s largest state-owned companies, the largest number of Fortune Global 500 companies in the world, and some of the world’s biggest financial institutions.
It is also a major transportation hub and has emerged as a technology and innovation center, with a focus on cutting-edge industries and a burgeoning startup scene.
Beijing is home to around 128,200 millionaires, 354 centimillionaires, and 43 billionaires.
Shanghai
- Country: China
- Population: Over 40 million
With a metropolitan population of over 40 million, Shanghai is not only China’s largest city but it’s also larger than most countries in the world. It is a global financial center and a symbol of the country’s rapid economic rise.
Shanghai’s wealth is derived from its strategic location on the Yangtze River Delta, making it a vital port and a key player in international trade. The city’s financial district, Lujiazui, houses the Shanghai Stock Exchange and serves as the headquarters for numerous multinational corporations.
Shanghai’s economic success is further propelled by its thriving manufacturing sector and a strategic focus on technology and innovation.
Around 127,200 millionaires, 332 centimillionaires, and 40 millionaires live in Shanghai.
Seoul
- Country: South Korea
- Population: Over 26 million
Seoul, the largest and capital city of South Korea, has established itself as a global economic powerhouse driven by innovation, technology, and a dynamic workforce. Its economy is dominated by industries such as electronics, automotive, and information technology.
Major global conglomerates and household names like Samsung, LG, and Hyundai all call the city home.
Seoul’s emphasis on education and research and development has positioned it as a leader in cutting-edge technologies, contributing to its status as one of Asia’s wealthiest cities.
Seoul has around 97,000 millionaires, 229 centimillionaires, and 24 billionaires.
Dubai
- Country: United Arab Emirates
- Population: Over 3.5 million
Situated in the United Arab Emirates (UAE) and epitomizing visionary leadership and strategic planning, Dubai is the richest city in the Middle East. The Arabian metropolis city was transformed from a desert backwater into one of the world’s most impressive cities in less than 50 years.
Dubai has positioned itself as a global hub for trade, tourism, and finance, deriving its wealth from a thriving real estate sector, a diverse economy including tourism and aviation, and a strategic focus on becoming a knowledge-based economy.
Dubai’s iconic skyline, marked by structures like the Burj Khalifa, reflects its ambition and economic success on the world stage.
There are 68,400 millionaires, 206 centimillionaires, and 15 billionaires living in Dubai.
Mumbai
- Country: India
- Population: Over 21 million
Mumbai is the richest city in India, serving as the country’s financial, commercial, and entertainment capital. A city of contrasts where the old and new coexist, it is home to the Bombay Stock Exchange (one of the oldest in Asia) and major financial institutions and multinational corporations.
Mumbai’s diverse economy also includes industries such as Bollywood, information technology, and finance. It generates over 6% of India’s GDP, 25% of industrial output, and 70% of maritime trade.
Mumbai is home to 59,400 millionaires, 238 centimillionaires, and 29 billionaires.
Shenzhen
- Country: China
- Population: Over 23 million
Once a small fishing village, Shenzhen has transformed into a global technological powerhouse. The city has been a pivotal player in China’s economic rise, particularly in the technology and manufacturing sectors.
Shenzhen is home to some of the world’s leading technology companies, including Huawei and Tencent. Its economic success is characterized by its focus on innovation, research and development, and a business-friendly environment that fosters entrepreneurship.
Around 45,700 millionaires, 140 centimillionaires, and 20 billionaires live in Shenzhen.
Osaka
- Country: Japan
- Population: Over 19 million
Osaka is the second-largest city in Japan and a vital economic hub with a rich cultural heritage. The city played a crucial role in Japan’s rise from post-war ruin to an economic superpower.
Osaka’s wealth is derived from its diverse industries, including finance, manufacturing, and commerce. Its strategic location as a gateway to Western Japan and its well-developed infrastructure contribute to its economic significance.
The city’s economic success is complemented by its vibrant food scene, historical landmarks, and cultural attractions. An estimated 44,900 millionaires, 72 centimillionaires, and 5 billionaires live in Osaka.
Honorable Mention: Tel Aviv
- Country: Israel
- Population: Over 4.1 million
Tel Aviv gets an honorable mention because of the sheer amount of innovation it produces. Often referred to as the “Startup Nation,” is a city that has made its mark on Asia’s wealthiest cities through a focus on innovation, entrepreneurship, and a dynamic business ecosystem.
Israel’s largest city is small compared to some other cities on this list but its impact on technology and startup culture is profound. A thriving high-tech sector, with numerous successful startups in areas such as cybersecurity, biotechnology, and artificial intelligence, has made it one of the most innovative cities in the world.
Tel Aviv has around 35,600 millionaires, 90 centimillionaires, and 11 billionaires in 2023.
20 Richest Cities in Asia Ranked By Number of Millionaires In 2023
| Rank | City (Metro) | Country | Millionaires | Centimillionaires | Billionaires |
| 1 | Tokyo | Japan | 290,300 | 250 | 14 |
| 2 | Singapore | Singapore | 240,100 | 329 | 27 |
| 3 | Hong Kong | China | 129,500 | 290 | 32 |
| 4 | Beijing | China | 128,200 | 354 | 43 |
| 5 | Shanghai | China | 127,200 | 332 | 40 |
| 6 | Seoul | South Korea | 97,000 | 229 | 24 |
| 7 | Dubai | UAE | 68,400 | 206 | 15 |
| 8 | Mumbai | India | 59,400 | 238 | 29 |
| 9 | Shenzhen | China | 45,700 | 140 | 20 |
| 10 | Osaka | Japan | 44,900 | 72 | 5 |
| 11 | Kyoto | Japan | 40,400 | 26 | 2 |
| 12 | Tel Aviv | Israel | 35,600 | 90 | 11 |
| 13 | Hangzhou | China | 30,400 | 98 | 12 |
| 14 | Delhi | India | 30,200 | 121 | 16 |
| 15 | Abu Dhabi | UAE | 24,200 | 68 | 4 |
| 16 | Guangzhou | China | 23,500 | 64 | 8 |
| 17 | Doha | Qatar | 21,500 | 48 | 3 |
| 18 | Riyadh | Saudi Arabia | 18,100 | 63 | 8 |
| 19 | Istanbul | Turkey | 16,300 | 62 | 10 |
| 20 | Jerusalem | Israel | 15,100 | 48 | 5 |
What is the Wealthiest City in Asia?
The wealthiest city in Asia is Tokyo. With 290,300 millionaires, 250 centimillionaires, and 14 billionaires living in the city, Japan’s largest city has the highest number of high-net-worth individuals on the content.
But Tokyo’s status as the richest Asian city won’t last long. China’s much larger population and rapid economic rise mean Beijing, Shanghai, or some other Chinese city will become the wealthiest Asia city in the near future.
What’s The Richest Area In Asia?
The richest region in Asia is East Asia. On average, Chinese, Japanese, and South Korean cities have larger populations and stronger economies than other regions of Asia, such as South Asia, Southeast Asia, and The Middle East, contributing to their immense wealth.
In terms of high-net-worth individuals, East Asian cities account for seven out of the 10 richest cities in Asia and four out of the 10 wealthiest cities in the world. Tokyo is the richest, followed not too far behind by Hong Kong, Beijing, Shanghai, and Seoul.
Where Do Most Billionaires Live In Asia?
The Asian city with the most billionaires is Beijing with 43 billionaires, followed by Shanghai with 40 billionaires. Tokyo has the largest number of high-net-worth individuals, but it does not have the most billionaires.
Beijing, Shanghai, and Hong Kong are Chinese cities that each over 30 billionaires, a testament to the economic strength of China. As China continues to grow and reach its economic potential, these Chinese cities and others will only get wealthier and create more billionaires and other high-net-worth individuals.
Conclusion
The ten richest cities in Asia — that is, the Asian cities with the highest concentration of wealthy people — reflect the region’s economic dynamism and growing global influence. From the technological prowess of Tokyo and Seoul to the financial dominance of Hong Kong and Singapore, these cities are pivotal players in shaping the economic landscape of not just Asia but also the world.
The economic ascent of Asia, driven prominently by the remarkable growth of China and India, will only make these cities and others on the continent wealthier in the coming years.
For instance, New York City is currently the richest city in the world, but it will likely be surpassed by a Chinese city in the next few decades considering China’s growing economic prominence.
But as things stand right now, Tokyo is the richest city in Asia with nearly 300,000 high-net-worth individuals, and Singapore is the second wealthiest with approximately 250,000 high-net-worth individuals.
