Tel Aviv drops in global ranking of top 50 wealthiest cities as millionaires decamp

Tel Aviv has dropped one spot to the bottom of the top 50 millionaire city hotspots in the world, according to an annual report of the World’s Wealthiest Cities released on Tuesday.

Tel Aviv has been ranked in 48th place, moving down one notch from last year after 1,700 millionaires left the White city and its surrounding areas, according to the 2025 report compiled by Henley & Partners, which tracks global trends in private wealth migration; and global data intelligence firm New World Wealth.

The report found that the number of high-net-worth individuals or millionaires residing in Tel Aviv and Herzliya declined to 22,600 from 24,300 a year earlier.

Out of the list of millionaires, the number of so-called centi-millionaires with assets of at least $100 million slipped from 82 to 76, and the number of billionaires decreased to nine from 10 year-on-year.

The outflow of high-net-worth individuals comes as Israel has been grappling with the months-long multifront war with the Hamas terror group and the Iran-backed Hezbollah, as well as the renewal of the government’s contentious judicial overhaul.

The ongoing war with Hamas pulled Tel Aviv down by 20 spots to 112th place in the Economist’s 2024 ranking of the world’s most livable cities, the biggest slump in the rankings.

“The decline in the number of high-net-worth individuals (HNWIs) in Tel Aviv and Herzliya is part of a broader trend of relocation among wealthy Israelis, primarily to the US and Mediterranean Europe,” Daniel Shmeilin, head of Henley & Partners’ Israel office, told The Times of Israel.

“These are strategic decisions driven by the war and judicial reforms, as well as tax optimization, higher quality of life, wealth preservation and asset protection, access to better education for children, and new business opportunities.”

“In a global reality where wealth is no longer geographically bound, affluent families are building their lives like investment portfolios — diversifying risks and seeking safe, smart, and rewarding environments for both their assets and their lifestyle,” Shmeilin added.

Jerusalem is home to 27 centi-millionaires, or ‘centis’ among its residents, placing the capital in 104th spot in the list of high-net-worth individuals with liquid investable wealth of at least $100 million.

Netanya was in 124th place with 15 centis.

New York is the world’s richest city, with 384,500 high-net-worth individuals, including 818 centi-millionaires and 66 billionaires.

Overall, the US continues to lead the top 50 list with 11 cities in the ranking.

The Bay Area, which includes the city of San Francisco and Silicon Valley, secures 2nd place with 342,400 millionaires and is now home to more billionaires (82) than New York.

Japan’s Tokyo, fueled by a strong recovery of the Nikkei 225 index over the past two years, solidified its position in 3rd place with 292,300 millionaires, followed by Singapore in 4th place with 242,400 millionaires.

Los Angeles boasts 220,600 millionaires, including 516 centis and 45 billionaires, overtaking London to claim the 5th spot.

“Cities that combine investment freedom with quality of life are more attractive to high-net-worth individuals,” said Shmeilin. “They typically have advanced legal systems, strong financial infrastructure, and investment migration programs.”

“Seven of the top 10 cities are located in countries that offer such programs,” he said.