NYC claims world’s richest city title with most millionaires
New York City has claimed the title of the world’s wealthiest city, boasting more millionaires than any other global hotspot, according to a recent study by Henley and Partners. With nearly 350,000 millionaires, which translates to one in every 24 residents, the Big Apple’s affluent population significantly surpasses that of other renowned cities.
The report highlights that New York is not just leading in numbers but also in wealth quality, with 744 centi-millionaires and 60 billionaires contributing to a combined resident wealth of over $3 trillion. This financial dominance holds even as some of New York’s ultra-rich migrate to Miami, newly christened as “Wall Street South,” following the trend of finance firms relocating to Florida.
Trailing behind New York, the California Bay Area ranks second with 305,700 millionaires. Tokyo and Singapore also make the top spots, reflecting their strong economic positions on the global stage. The shift in millionaire populations, particularly with Miami’s 78% growth in wealthy residents since 2013, underscores the dynamic nature of global wealth distribution.
This surge in millionaire concentrations in cities like New York and the Bay Area reflects broader economic trends, including the technology sector’s boom and the enduring appeal of these metropolitan areas as centers of finance and innovation. The report provides a revealing glimpse into how cities like New York continue to shape global economic landscapes through their concentration of wealth and investment.
Source: CBS News
NYC claims world’s richest city title with most millionaires
