Cities With Most Millionaires: After all, in which country and in which city are the biggest rich in the world? The answer to this question is- New York. Although the number of millionaires is decreasing from this city, but it is still far ahead of the number two city Tokyo.
The world’s top investment-migration firm Henley & Partners, in collaboration with wealth intelligence firm New World Wealth, has named the world’s top 20 millionaire cities in its latest Global Citizens Report. According to the report, New York City is number one on the list of riches, but surprisingly, the city has lost 12 per cent of its millionaires in the first six months of this year, still the second most millionaire city of Tokyo. In comparison, there are still thousands of millionaires in New York. Keep in mind that here we are talking in dollars, so these are rich dollar millionaires.
The US city of San Francisco saw a 4 percent increase in the number of millionaires. Besides New York, Los Angeles and London also lost millionaires in 2022. Six percent of Los Angeles millionaires moved elsewhere. On the other hand, 9 percent of millionaires from London moved to other places. According to the report, the reason for this is the rising crime rate in the city. Hong Kong, ranked 12th on the list, experienced a 14% drop in millionaires. This is the biggest drop among the top 20 millionaire cities. Indeed, Hong Kong saw a flood of exits amid the extended Corona lockdown. Paris, which finished last on the list, saw a drop of 12 per cent despite remaining a top tourist destination.
The rich may be moving away from well-known metropolises, but where are they really going? The US city of Houston, ranked eighth on the list, saw the biggest increase in millionaires at 6 per cent. Dallas and Fort Worth saw a 3 percent increase in the number of millionaires, so it seems that rich people are moving to Texas. The report attributes the change to several companies that have moved their headquarters to Texas, leading to strong funding growth.
Additionally, the report listed Austin, West Palm Beach, Houston, Greenwich and Miami in a separate category, showing the world’s 25 fastest-growing cities – each with 5 percent or more of millionaires. More growth was observed. Austin saw the biggest increase at 14 percent.
Geneva and Paris rank at the bottom of the list of millionaire cities, and Frankfurt and Zurich are ranked 13th and 15th respectively. Europe’s fastest growing cities were mostly in Switzerland and France, indicating that the concentration of European wealth remained constant.
Tokyo, Singapore, Beijing and Shanghai were all in the top 10, but each city except Singapore saw a decrease in the number of millionaires from 5 per cent to 8 per cent. Smaller Chinese cities are growing rapidly, with millionaires in Hangzhou and Shenzhen growing 10 percent and 9 percent respectively.
New York – the richest city on earth
There are 345,600 millionaires in New York, including 737 centi-millionaires (with net worth of $100 million or more) and 59, billionaires. New York is the financial center of America and by many measures the wealthiest city in the world. It is also home to the two largest stock exchanges in the world by market cap (the Dow Jones and the Nasdaq). The total private wealth held by city residents is more than $3 trillion – more than the total private wealth held in most of the major G20 countries.
The city includes the five boroughs of the Bronx, Brooklyn, Manhattan, Queens and Staten Island and has some of the most exclusive residential neighborhoods in the world, including 5th Avenue in Manhattan where prime apartment prices can exceed $28,000 per square meter. It should be noted that there are many affluent commuter cities located outside of New York City that also have a large amount of top-tier property. Notable include: Greenwich, Great Neck, Sands Point and Old Westbury. If these cities are included in our New York City statistics, the number of billionaires in the city combined would exceed 120.