New Yorkers still possess more wealth than any other metropolis in the world, even with all the talk of a big-money flight from the city. This wealth exceeds $3 trillion.
According to Henley & Partners, an immigration consultant, New York has about 350,000 millionaires, the highest of any city and a 48% increase over the last decade. That indicates that around one in every 24 of its 8.26 million residents has a seven-figure net worth, up from one in every 36 in 2013.
New York still has a high percentage of the ultra-rich: according to the research, there are 60 billionaires and 744 persons with investable worth of more than $100 million.
The findings highlight the magnitude of New York’s wealth at a time when some of the city’s wealthiest residents are concerned about power shifting to Florida as the banking sector establishes a Wall Street South. Miami placed 33rd among the cities with the most millionaires, gaining 78% over the last 10 years.
The Bay Area finished second overall, with 305,700 persons with a seven-figure net worth residing in the region that comprises San Jose, San Francisco, and Palo Alto. Tokyo finished in third with 298,300, a 5% decrease over the previous decade. Singapore, ranked fourth, has emerged as a major destination for migrating millionaires, with over 3,400 high net-worth people relocating there in 2023 alone.
The boom in financial markets in the past few years has driven growth in the world’s richest cities, according to Juerg Steffen, Henley & Partners’ chief executive officer. Global equities surged 20% in 2023 and are up almost 7% this year.
However, some global cities have seen their fortunes reverse. London lost 10% of its millionaire population in the past decade, which included the UK’s decision to exit the European Union. Hong Kong saw a 4% decline in its millionaire ranks as wealthy expats left for Singapore following China’s pandemic-era crackdown.
Some cities on the rise include China’s Shenzhen, where the number of millionaires has surged 140% over the past decade. Bengaluru, India; Ho Chi Minh City, Vietnam; and Scottsdale, Arizona in the US, have also seen their millionaire population more than double in the past 10 years.
Dubai is the richest city in the Middle East, ranking No. 21 globally. Based on wealth per capita, Monaco ranks No. 1 in the world, with more than 40% of its residents being millionaires. New York City comes second.
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