Athens is an emerging center of wealth
Henley & Partners puts Athens on its list of cities to watch as it recovers from the debt crisis
Athens is among the rising centers of wealth, according to this year’s edition of the World’s Wealthiest Cities study by Henley & Partners, a consultancy on high-income immigration issues.
According to the research data, 22,600 millionaires (having at least $1 million) live in Athens today, with their population having increased by 15% in the last decade, i.e. from 2013 to 2023. The Greek capital is also home to 42 people with a fortune of more than $100 million, as well as 3 billionaires.
Henley & Partners puts Athens on its list of cities to watch as it recovers from the debt crisis and enters the radar of high net worth individuals.
“Athens is one of the oldest cities in the world, with its recorded history exceeding 3,000 years,” note the company’s consultants. “Despite a difficult start to the decade, following the Greek economic crisis, Athens has recovered strongly, with property prices and the number of high-income earners in the city increasing significantly in recent years especially, largely due to its Golden Visa program.”
As Henley & Partners notes, its figures concern Athens but also the nearby coastal areas, such as Glyfada and Piraeus.
Opportunity score
On the other hand, Greece “scores” low on Henley’s opportunity index, which measures whether good studies and a residence permit in a certain city can help a wealthy immigrant advance his career, increase his property and to ensure the legacy he will leave behind. In the relevant index, Greece ranks last among the countries examined, with a total opportunity score of 48%, compared to 88% achieved by Switzerland, the first on the list.
The World’s Wealthiest Cities Report 2024 captures the new map of wealth, which is changing significantly due to investor migration programs that give high-income earners the opportunity to move to the most promising cities.
The data shows that the US remains the main “magnet” of wealth, as 11 of the world’s 50 richest cities are American. New York City topped the list with 349,500 millionaires, followed by California’s Bay Area with 305,700 millionaires and Los Angeles with 212,100 millionaires.
