Asia's richest city home to 14 billionaires and an incredible 290,300 millionaires

Home to an impressive 37 million people in 2023, this vibrant capital city stands as Asia’s richest city and in the top three in the world, thanks to its incredible number of billionaires and millionaires.

Its eyewatering figures put it alongside the likes of New York City and the Bay Area in America.

Its standing as a major business hub, with a large emphasis on technology and manufacturing, has also contributed to its impressive wealth.

Japan’s capital, Tokyo, lies at the head of Tokyo Bay on the central coast of Honshu, the country’s largest island. As well as being the economic centre, it is also the seat of both the Japanese government and the Emperor of Japan.

As of figures from 2023, it is home to an impressive 14 billionaires, 250 centi-millionaires and an incredible 290,300 millionaires.

The Japanese capital is home to the headquarters of major companies such as Sony, Mitsubishi, Honda and Hitachi.

A large number of these millionaires, including high-level executives in large Japanese corporations, successful tech or finance entrepreneurs, and wealthy families, live in prestigious neighbourhoods like Azabu, Hiroo, or Minato.

Among Japan’s wealthiest are Tadashi Yanai, the founder of fashion brand Uniqlo and Masayoshi Son, the founder of SoftBank. Tadashi Yanai has a house worth around £59 million in Tokyo’s Shibuya district, which is also home to many government officials and famous CEOs.

Daikanyama also stands as one of the most fashionable districts that’s incredibly popular with celebrities, known for its upscale boutiques, stylish cafes and bookshops. Houses and apartments here are among the most expensive in Tokyo, with one mansion currently available for an eyewatering 698 million Japanese Yen (£3.7 million).

That being said, Tokyo does have a lower number of billionaires compared to other developed cities like Singapore, Los Angeles, Hong Kong and Shanghai.

This is largely due to its high inheritance tax rates - one of the highest in the world - reaching a maximum of 55%.

According to Henley & Partners, New York City is the world’s richest city, with an incredible 340,000 millionaires, 724 centi-millionaires, and 58 billionaires. It is the financial centre of the USA and is home to the world’s two largest stock exchanges by market cap (the NYSE and the Nasdaq). The city also features some of the world’s most exclusive residential streets, such as 5th Avenue in Manhattan where apartment prices can exceed £21,300 per square metre.

The Bay Area, which includes San Francisco and Silicon Valley, is home to 285,000 millionaires, 629 cents, and 63 billionaires. Most of the world’s top tech companies are based in the Bay Area, including Apple, Facebook (Meta), Google, HP, Netflix, Uber and Zoom.

In 2000, London was the top city in the world for millionaires but has since slipped down the list. Today it is home to 258,000 millionaires, 384 centi-millionaires, and 36 billionaires. It is still home to some of the world’s most exclusive residential suburbs, including Chelsea, Hampstead, Mayfair and Regents Park.