New York is the richest city in the world, home to 359,500 millionaires and 60 billionaires, although California's Bay Area comes close, according to a new study.
The number of millionaires in New York has risen 48% over the past decade, despite fears of wealth flight and the Covid-19 pandemic hollowing out the city's wealthy residents, according to a report by Henley & Partners in collaboration with New World Wealth. The number of millionaires in New York is now greater than the total population of Orlando or Pittsburgh. New Yorkers now own more than $3 trillion in wealth, greater than the GDP of Brazil, Italy, or Canada.
However, San Francisco and the Bay Area are quickly catching up. The number of millionaires in the Gulf region has increased by 82% over the past decade, to 305,700 people. The Gulf region leads the way in number of billionaires, with 68 billionaires, according to the report, which compared the global wealthy as of December.
The United States is increasing its leadership as the world's largest maker of millionaires and billionaires. According to the report, the United States contains 11 of the 50 richest cities.
Over the past decade, the surge in tech wealth, combined with the rise in the stock market and deal-making, has created record amounts of wealth. The pandemic financial stimulus has effectively contributed to enhancing the process of wealth creation, especially among the upper classes, with the wealth of the richest 1% in America rising by more than 40%, according to the Federal Reserve.
“The United States continues to dominate the world's richest cities due to its dominance of the global financial, technology and entertainment sectors,” said Andrew Amuels, head of research at New World Wealth. “It is worth noting that American cities have significantly outperformed other Western cities over the past decade when it comes to overall wealth and millionaire growth,” Amuels added.
Some cities around the world have seen a reversal of fortune. Tokyo, which was the richest city in the world a decade ago, is now in third place, with its millionaire population falling by 5% to 298,300 people.
London, the richest city in the world for many years, fell to fifth place, as Brexit, Russian sanctions and other policies slowed the migration of wealth. The number of millionaires in the city has declined by 10% over the past decade.
China occupied the top ten for the first time, as Beijing saw a 90% increase in the number of millionaires over the past decade, reaching 125,600 millionaires. However, its slowing economy and wealth flight are causing a reversal in wealth creation, with the number of millionaires falling by 4% last year, Amuels said.
Singapore, which has benefited from the outflow of wealth outside China, rose two places to fourth place in the rankings, with a 64% growth in the number of millionaires to 244,800 people. More than 3,400 millionaires moved to Singapore in 2023 alone, and Amoils said Singapore would replace Tokyo in the rankings “very soon.”
Los Angeles also rose on the list, rising two spots to sixth place with a 45% jump in the number of millionaires.
Jörg Steffen, CEO of Henley & Partners, said financial markets have been the main driver of wealth creation around the world over the past decade.
“The S&P 500's 24% gain last year, coupled with the Nasdaq's 43% rise and Bitcoin's astonishing 155% rise, boosted the fortunes of wealthy investors,” he said. “Rapid advances in artificial intelligence, robotics, and blockchain technology have opened up new opportunities for wealth creation and accumulation.”
Here's the full ranking of the world's richest cities, according to Henley & Partners and New World Wealth:
1. New York City
2. Bay Area, California
3. Tokyo
4. Singapore
5. London
6. Los Angeles
7. Paris and Ile-de-France
8. Sydney
9. Hong Kong
10. Beijing
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