How many millionaires live in Tel Aviv - and where does it rank in the Middle East?

A new Henley Global Citizens report reveals that 42,400 millionaires and 12 billionaires live in Tel Aviv, the second-most out of all Middle East cities.

 Israelis are seen visiting the beach in Tel Aviv amid a heatwave on the Passover holiday, on April 18, 2022. (photo credit: AVSHALOM SASSONI/MAARIV)
Israelis are seen visiting the beach in Tel Aviv amid a heatwave on the Passover holiday, on April 18, 2022.
(photo credit: AVSHALOM SASSONI/MAARIV)

A new report published Tuesday by Henley Global Citizens reveals that 42,400 millionaires live in Tel Aviv. Of these, 2,260 have a fortune of more than 10 million dollars, 118 residents have a fortune worth more than 100 million dollars - and there are 12 billionaires.

The Israeli city is placed second in the list of the five richest cities in the Middle East according to the number of millionaires who live there, after Dubai. Abu Dhabi, Doha and Riyadh were ranked 3-5. Also according to the report, New York is the richest city with the largest number of millionaires and billionaires.

What makes a millionaire? 

The report defines a millionaire as someone who has investable assets worth a million dollars or more. This includes cash, savings accounts and investments in stocks, government bonds and mutual funds.

The world's richest cities 

 Lower East Side, Manhattan (credit: Aleks Marinkovic/Unsplash) Lower East Side, Manhattan (credit: Aleks Marinkovic/Unsplash)

New York - which ranked first - is home to 345,600 millionaires, including 737 millionaires with a net worth of $100 million or more, and 59 billionaires, according to the report based on June 30 data.

Tokyo ranked second, with 304,900 millionaire residents, and 12 billionaires. London, San Francisco and Singapore complete the opening five.

In addition to New York and San Francisco (3rd place), four other cities in the United States - Los Angeles (6th), Chicago (7th), Houston (8th) and Dallas (18th) entered the 20 richest cities based on the population of millionaires living in them . Houston made the biggest progress, jumping four spots from last year.

The richest cities in the world according to the number of millionaires living in them are Beijing (9), Shanghai (10) and Hong Kong (12); in Europe - Zurich (15), and Geneva (19); and in Australia - Sydney (11) and Melbourne (17).

Fourteen  of the 20 richest cities are in countries with a "golden visa" or "golden passport" program, which grants the wealthy resident or citizen rights in exchange for a significant investment, according to the report. "The right to live, work and invest in international wealth centers such as New York, London, Singapore, Sydney and Toronto can be secured through investment," the report states.