Yahoo Finance N.Y.C. Has More Millionaires Than Any Other City in the World
New York City is positively teeming with high-net-worth individuals.
The Big Apple has more millionaires than any other metro city in the world, Bloomberg reported on Tuesday. That’s according to a new ranking from the immigration consultancy Henley & Partners that shows New York is home to some 350,000 millionaires—or one in every 24 residents. In total, the city has a cumulative wealth of more than $3 trillion.
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The number of New York’s millionaire population is an impressive 48 percent increase from a decade ago, Bloomberg noted. The city also counts dozens of the ultra-rich among its residents: There are 60 billionaires and 744 people with investable wealth of more than $100 million.
Following New York in the ranking is the Bay Area, with just over 300,000 millionaires—a whopping 82 percent jump from a decade prior. Despite a 5 percent decrease, Tokyo comes in third with 298,300 millionaires. The top five is rounded out by Singapore (244,800 millionaires; a 64 percent increase) and London (227,000 millionaires; a 10 percent decline).
Notably, New York has taken the top spot despite some outcry that the city’s wealth is moving south. Notable names in the Big Apple’s financial scene have recently relocated to Florida, giving the Sunshine State the nickname “Wall Street South.” Yet Miami is just the 33rd city with the most millionaires, according to the report. While that is a 78 percent jump from 2013, it’s not enough movement to catapult Miami into the upper echelons of the richest cities.
Elsewhere around the globe, several locales have become more attractive to the wealthy over the past few years. Shenzhen, China, saw its millionaire population skyrocket 140 percent in just 10 years. Scottsdale, Arizona; Ho Chi Minh City, Vietnam; and Bengaluru, India, have similarly seen their number of millionaires more than double in the past decade, Bloomberg noted.
Not all cities have been so lucky, though. As mentioned, London’s millionaire population dropped by 10 percent, thanks in part to the United Kingdom’s split from the European Union. And Hong Kong, which ranks at ninth with 143,400 millionaires, experienced a 4 percent decrease, as wealthy residents fled to Singapore when China cracked down on Hong Kong.
Despite all the handwringing about New York, it’s still the place to be if you’ve got a good deal of money in the bank.
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