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New York ranks first and San Francisco fourth in Savills’ Next Generation Wealth Hubs Index, according to the exact order reported by Mansion Global. The ranking is about how well cities are positioned to attract and retain a specific group—not a count of actual moves—and it weighs much more than a city’s technology sector.
What the ranking measures
Savills describes its index as an assessment of more than 100 locations for their ability to attract and retain the next generation of wealthy people. That group is defined as people under 40 who have recently made or inherited wealth. It is not a ranking of all millionaires, young adults generally, or graduates. Savills’ October 2026 summary corroborates that New York, Miami, San Francisco and Los Angeles are all in the global top five, but does not publish their exact positions. The exact order below is the one reported by Mansion Global.
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| Reported position | City |
|---|---|
| 1 | New York |
| 2 | Miami |
| 3 | London |
| 4 | San Francisco |
The index evaluates four broad pillars: business, governance and connectivity; wealth clusters and local environment; wealth management and taxation; and lifestyle. Savills’ accessible summary does not disclose numerical weights or city-by-city scores for those pillars. It therefore supports the overall ordering, but not claims that New York beat San Francisco on a particular factor such as taxation, education, or business conditions.
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San Francisco’s association with AI and technology wealth is relevant context, but it is only one part of the location decision the index addresses. The framework also includes connectivity, wealth services, the local environment, governance and lifestyle. A city can therefore rank highly on technology activity without necessarily leading a broader assessment of where young, newly wealthy people might choose to live, invest and establish businesses.
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Savills World Research associate director Kelcie Sellers told Mansion Global that “as this wealth passes to a younger, more globally mobile and digitally connected generation, priorities are evolving, with lifestyle, education, wellness and personal values increasingly influencing where they choose to live, invest and establish their business.” The statement describes a shift in priorities; the published summary does not identify which of those considerations accounts for the gap between New York and San Francisco.
How this differs from millionaire and graduate rankings
Other rankings can look different because they count different people, use different geographies, or answer a different question. They should not be treated as direct checks on the Savills destination index.
| Source and measure | Reported figure or result | What it covers |
|---|---|---|
| Henley & Partners and New World Wealth, 2025 | New York: 384,500 resident high-net-worth individuals | A resident-wealth population estimate, not a destination-attractiveness score. |
| Henley & Partners and New World Wealth, 2025 | San Francisco Bay Area: 342,400 resident millionaires | The report’s Bay Area geography includes San Francisco and Silicon Valley; it is not San Francisco city proper. |
| JLL, 2025 | New York first; San Francisco second | JLL analyzed 1.47 million office-using U.S. graduates, not the Savills cohort of wealthy people under 40. |
The numbers and positions describe separate datasets. The Henley & Partners and New World Wealth figures estimate existing resident populations; JLL tracks graduate destinations; Savills compares cities’ appeal to its defined wealth cohort. None establishes how many wealthy young people actually relocated to New York rather than San Francisco during a given period.
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1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsWhat the ranking may mean for property markets
Savills frames the index around cities’ capacity to attract and retain an emerging generation of wealth holders, and suggests capital may become more selective as preferences evolve. That is an outlook, not evidence that the ranking has already caused property purchases, price changes, or migration. For real-estate readers, the useful takeaway is that appeal to this group is being assessed across a wider mix of business, wealth services, environment and lifestyle—not technology alone.
Savills cites a Capgemini estimate that US$84 trillion is expected to transfer between generations over the next two decades. It is a forward-looking estimate, not a measure of money already transferred or of wealth destined for either city.
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