The number of millionaires in Tel Aviv and Herzliya dropped to 22,600 in 2024, compared to 24,300 in the previous year (2023), according to a report by Henley & Partners on Tuesday.
The report was done in collaboration with the global research and analysis company, New World Wealth.
The decline in the number of millionaires in Israel, partly due to the departure of 1,700 wealthy individuals from Israel in the last year, comes at a time when other cities around the world are showing impressive growth in the number of their wealthy residents, the report,
In the ranking of the world's richest cities, Tel Aviv and Herzliya were placed together in 47th place, with 76 wealthy individuals valued at more than $100 million as well as nine billionaires. Although the last decade has seen a 25% growth in the number of millionaires, this is a significant slowdown compared to the previous decade, when the increase was 45%.
New York leads the global ranking, with a record number of 384,500 millionaires living locally, 818 people with a fortune of over $100 million, and 66 billionaires, according to the report. It is followed by the Bay Area in the US, which includes San Francisco and Silicon Valley, with 342,400 millionaires and 82 billionaires – the highest number of billionaires in one city, probably in light of the city's connection to the high-tech world.
The report's data shows that the US is a major hub for the rich, with 11 cities ranked in the top 50, including Los Angeles (220,600 millionaires), Chicago (127,100), and Houston (about 82,000). Tokyo is in third place with 292,300 millionaires, and Singapore is in fourth place with 242,400.
In Israel, Jerusalem and Netanya also appear in the ranking. In 'golden' Jerusalem, ranked 105th, there are 27 wealthy people with a net worth of over $100 million, and in Netanya, ranked 125th, there are 15 such wealthy people.
Abraham Accords millionaires
Dubai has made the biggest jump in this year’s ranking compared to the previous year, going from 21st place in 2023 to 18th place in 2024, with 81,200 millionaires, 237 with a net worth of over $100 million, and 20 billionaires. The Emirati capital has enjoyed a staggering 102% growth in the number of millionaires over the past decade.
It is interesting to note that Monaco, ranked as the world's wealth capital, has an extraordinary average net worth per resident – over $20 million, with over 40% of its residents being millionaires. Real estate prices in the principality reached a record of $38,800 per square meter.
The report predicts that in the coming decade, Dubai and Abu Dhabi will double the number of wealthy individuals with over $100 million, thanks to favorable tax policies and their transformation into global financial centers.
Israelis are left with hope that the Abraham Accords will not only create peace but will also infuse some of the wealth there into happiness here.