New York has almost 350,000 millionaires, which is the most of any city in the world, and up 48% from a decade ago, according to a global ranking of the wealthiest cities by Henley & Partners, an immigration consultancy. That means that about one in every 24 of its 8.26 million residents has a seven-figure net worth, compared with about one in 36 in 2013.
New York City still has a large share of the ultra-rich, too: the report found that it has 60 billionaires and 744 people with investable wealth of more than $100 million.
The Bay Area came in second overall, with 305,700 people with a seven-figure net worth living in the region that includes San Jose, San Francisco and Palo Alto.
Tokyo came in third with 298,300, a figure that has slid 5% over the past decade.
Global Financial Markets Fuel Wealth Growth
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 by an impressive 20% in 2023, with a further 7% uptick recorded in the current year-to-date.
However, some global cities have seen their fortunes reverse. London lost about 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.
By examining the shifting fortunes of global cities, it becomes apparent that economic, geopolitical, and societal factors shape the financial landscapes. While New York City has emerged as the global epicenter of wealth, other cities navigate the complex interplay of opportunities and challenges in their pursuit of prosperity.
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