A new study shows that New York is the wealthiest city in the world, with 359,500 millionaires and 60 billionaires. However, the Bay Area of California is also very close in terms of wealth.
The number of millionaires in New York has increased by 48% in the last ten years, even though there were concerns about wealthy people leaving the city and the impact of the Covid-19 pandemic on the affluent population. This information comes from a report by Henley & Partners in partnership with New World Wealth. The number of millionaires in New York is now greater than the total populations of Orlando or Pittsburgh. Residents of New York now have over $3 trillion in wealth, which is more than the total GDPs of Brazil, Italy, or Canada.
However, San Francisco and the Bay Area are quickly catching up. The number of millionaires in the Bay Area has increased by 82% over the past ten years, reaching a total of 305,700 people. The Bay Area has the highest number of billionaires, with 68 billionaires, according to the report. The report compared the wealthy populations worldwide as of December.
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The United States is becoming the country with the most millionaires and billionaires in the world. According to the report, 11 of the top 50 richest cities are located in the U.S.
In the last ten years, there has been a significant increase in wealth in the technology industry, along with a rise in the stock market and business transactions, resulting in the creation of unprecedented levels of wealth. The pandemic fiscal stimulus greatly boosted the creation of wealth, particularly for the wealthiest individuals. The wealth of America’s top 1% increased by over 40%, as reported by the Federal Reserve.
“The United States remains the leader in the world’s richest cities because of its strong presence in the global financial, technology, and entertainment industries,” said Andrew Amoils, the head of research at New World Wealth. “According to Amoils, U.S. cities have done much better than other western cities in terms of overall wealth and the growth of millionaires in the past ten years.”
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Certain cities around the world have experienced a change in their luck. Tokyo, which used to be the richest city in the world ten years ago, is now in third place. The number of millionaires in Tokyo has decreased by 5% to 298,300 people.
London, which was the richest city in the world for a long time, has now fallen to fifth place. This is because of factors like Brexit, Russian sanctions, and other policies that have caused a decrease in the movement of wealth. The number of millionaires in the city has decreased by 10% in the last ten years.
China has entered the top 10 for the first time. The number of millionaires in Beijing has increased by 90% over the past decade, reaching 125,600 millionaires. However, due to its slowing economy and the movement of wealth out of the country, there has been a decline in wealth creation. According to Amoils, the number of millionaires decreased by 4% last year.
Singapore has moved up two spots to become the fourth country with the most millionaires. This is because many wealthy people from China have been investing in Singapore, leading to a 64% increase in the number of millionaires in the country, which now stands at 244,800 people. In 2023, over 3,400 millionaires relocated to Singapore. Amoils predicts that Singapore will soon surpass Tokyo in terms of popularity.
Los Angeles also moved up on the list, going from eighth place to sixth place. The number of millionaires in Los Angeles increased by 45%.
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Juerg Steffen, the CEO of Henley & Partners, stated that financial markets have been the primary driver of wealth generation globally in the last ten years.
“Last year, the S&P 500 went up by 24%, the Nasdaq went up by 43%, and bitcoin went up by 155%. This has made wealthy investors very happy,” he said. “The fast progress in artificial intelligence, robotics, and blockchain technology has opened up new chances to create and accumulate wealth.”
These are the cities that are ranked as the richest in the world, 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 & Île-de-France
8. Sydney
9. Hong Kong
10. Beijing
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