The definition of rich city tends to be subjective, but a report was recently published where there is a list of the 50 richest cities in the world, taking into account several previously defined criteria. The report highlights cities with great growth potential in the coming years and what is certain is that there is a Portuguese city that for the first time integrated the group of the richest.
The list of the 50 richest cities in the world is already known in 2025 and, for the first time, Lisbon is present in the ranking. The prestigious World’s Wealthiest Cities Reportdeveloped by Henley & Partners in partnership with New World Wealth, reveals that the Portuguese capital now occupies 50th position with 22,000 resident millionaires.
This presence marks an important turn to Portugal in the international financial landscape, highlighting the growing interest of foreign investors in the city. But there is more to explore than just the numbers.
United States maintain absolute rule
The United States continues to dominate the list widely, with 11 cities represented among the richest. New York remains at the top of the table, with an impressive total of 384,500 millionaires, being the home of 818 centi-millionaires and 66 billionaires. This concentration of wealth reflects the continuous role of the city as a global financial and commercial center. The diversity of industries and the talent attraction power continue to consolidate their world leadership.
In second position comes Bay Area, a region that includes San Francisco and the famous Silicon Valley. This territory has registered a remarkable growth of 98% in the last decade, now welcoming 342,400 millionaires. The technological concentration and the presence of giants such as Google, Apple and Meta explain much of this success. The region has become synonymous with innovation and wealth generation, being seen as an example of economic dynamism.
Dubai: The rising star
The report also underlines Dubai’s remarkable performance, which has climbed three positions last year and now occupies 18th place. With 81,200 millionaires and 20 billionaires, the city has benefited from its favorable fiscal policy, with null taxes on income and capital gains. This approach has attracted fortunes from various parts of the world, reinforcing the Dubai Statute as a global investment destination. Its growth is described as the fastest among all cities on the list.
Asia reinforces global protagonism
Tokyo and Singapore continue to guarantee a prominent place in 3rd and 4th places, respectively. Tokyo has 292,300 millionaires and Singapore with 242,400, reflecting stable and technologically advanced economies. Economic recovery in postpandeia and confidence in Asian markets have been key factors for strengthening these two cities. Both are recognized for their quality of life, safety and efficiency.
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London losing land for Los Angeles
London, who for years led the European ranking, has now fallen to 6th place, outdated by Los Angeles, who rose to 5th position with 220,600 millionaires. This descent can be partially attributed to the consequences of Brexit and increasing fiscal pressure in the UK. On the other hand, Los Angeles benefits from the strength of creative industries, entertainment and technology, as well as attracting international investors for their geographical position and favorable economic climate.
Other European cities also saw significant changes in their positions. Moscow registered a marked drop of 25% in the number of millionaires, which now put it in 40th position. This descent is related to economic sanctions, geopolitical instability and capital escape. Cities such as Zurich, Frankfurt and Paris remain stable in the ranking, demonstrating resilience despite the region’s economic challenges.
Lisbon: of tourist destination to millionaire refuge
Lisbon, when entering the ranking for the first time, is increasingly attractive for those looking for quality of life coupled with good investment opportunities. With 22,000 millionaires, 45 centi-millionaires and four billionaires, the Portuguese capital is no longer just a tourist destination, but a new polo of financial elites residence. Political stability, mild climate and gastronomy of excellence are just some of the attractions pointed out by analysts.
Real estate market fires in the capital
However, economic growth has direct reflexes in the real estate market. Buying home in Greater Lisbon is today 70% more expensive than the national average. The average price of a housing in the region is 360 thousand euros, contrasting strongly with the values recorded in other areas of the country, such as Alentejo. This appreciation trend has raised concerns about accessibility and gentrification, especially for local residents.
Sharp discrepancy in houses prices
According to the, Lisbon is since 2009 the most expensive region of Portugal for housing acquisition. Still, prices have increased significantly in recent years as the city becomes a foreign capital attraction center. The high demand for luxury properties and tax incentives granted to investors have driven the values rapidly. The phenomenon has been accompanied by a boom in the urban construction and rehabilitation sector.
The report also foresees the sharp growth of other cities in the next ten years. Shenzhen, Hangzhou, Bangalore and Warsaw are pointed out as promises on the international scenario, with the potential to double the number of millionaires by 2035. These cities have been benefiting from economic strategies focused on technological innovation, education and opening to foreign investment. The world is watching the rise of new financial centers outside the traditional axis.
Lisbon can take advantage of this wave if it continues to bet on its modernization and the creation of attractive conditions for entrepreneurs and investors. Positioning on the list of the 50 richest cities in the world is symbolic, but it also serves as a warning to the social challenges that this new reality can bring.
The balance between economic development and social cohesion will be essential to ensure that growth benefits all residents. The Portuguese capital thus enters a new phase of its historical path.
Who are the new Lisbon millionaires?
In addition to the real estate issue, the profile of the new millionaires resident in Lisbon is diverse. Many are foreigners from France, Brazil, the United Kingdom and the United States, but there is also a growing national upper class.
These residents seek safety, good infrastructure and a balanced lifestyle. With expanding luxury tourism and the city to gain international notoriety, Lisbon is preparing for a more prosperous but also more demanding urban planning future.
Global wealth and new local challenges
The 2025 report is a change of the change world, where old powers continue to dominate, but new cities gain strength on the map of wealth. Lisbon is now recognized globally as a destination for millionaires. It remains to know how the country will manage this new reality, trying to take the best party without leaving anyone behind. After all, being one of the richest cities in the world implies not only attracting wealth, but also knowing how to distribute it fairly.
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