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The number of millionaires residing in Tel Aviv and Herzliya declined to 22,600 in 2024, down from 24,300 in 2023, according to a report published Tuesday by Henley & Partners in collaboration with global research and analysis firm New World Wealth.
The 7% drop in wealthy individuals marks a concerning shift for Israel, especially as other major global cities have witnessed notable increases in their affluent populations.
The report attributes part of the decline to the emigration of 1,700 high-net-worth individuals from Israel over the past year, reflecting a broader trend of financial uncertainty and geopolitical concerns.
Despite a 25% growth in millionaires over the past decade, Israel’s rate of wealth accumulation has slowed significantly compared to the previous decade’s 45% increase.
Tel Aviv and Herzliya were jointly ranked 47th on the list of the world’s wealthiest cities. Together, they are home to 76 individuals worth over $100 million and nine billionaires.
Globally, New York City retained its top position as the richest urban hub, boasting 384,500 millionaires, 818 centimillionaires (individuals worth over $100 million), and 66 billionaires.
The Bay Area, which includes San Francisco and Silicon Valley, came in second with 342,400 millionaires and 82 billionaires — the highest number of billionaires in any single city. Tokyo ranked third with 292,300 millionaires, followed by Singapore with 242,400.
The United States continues to dominate the upper echelons of the wealth charts, with 11 cities appearing in the global top 50. Los Angeles, Chicago, and Houston were notable entries with 220,600, 127,100, and approximately 82,000 millionaires respectively.
While Tel Aviv and Herzliya remain Israel’s wealth epicenter, other Israeli cities also made the list. Jerusalem was ranked 105th, home to 27 individuals worth over $100 million. Netanya followed at 125th, with 15 centimillionaires.
In stark contrast to Israel’s downward trend, Dubai experienced the most significant leap in the rankings. The Emirati city jumped from 21st place in 2023 to 18th in 2024, now housing 81,200 millionaires, 237 centimillionaires, and 20 billionaires.
Dubai has seen a 102% rise in millionaires over the past decade, a growth attributed to its favorable tax environment and emergence as a global financial hub.
Meanwhile, Monaco continued to reign as the world’s wealth capital in terms of per capita wealth. More than 40% of Monaco’s residents are millionaires, with the average net worth per person exceeding $20 million.
Real estate prices in the city have soared to a record $38,800 per square meter, underscoring the exclusivity of the principality.
Looking ahead, the report predicts that both Dubai and Abu Dhabi will double their number of centimillionaires over the next decade.
This projection has fueled optimism among Israeli economists and business leaders that the Abraham Accords — the normalization agreements signed between Israel and several Gulf nations — could eventually pave the way for increased regional investment and wealth transfer.
While the number of millionaires in Tel Aviv and Herzliya may have dipped, Israel’s economic community remains hopeful that stronger regional ties and favorable policy shifts will help reverse the trend.