New York City, known for its affluence, boasts a total wealth of $3 trillion, according to recent figures. Henley & Partners reports that New York tops the global chart with nearly 350,000 millionaires, marking an impressive 48 percent growth over the last ten years. Other cities like Bengaluru in India, Ho Chi Minh City in Vietnam, and Scottsdale in Arizona, US, have also seen their millionaire counts more than double during this period.
New York City’s prominence as a wealth center is supported by its role as a major financial capital and its concentration of wealthy residents. The study reveals that currently, one in every 24 New Yorkers has a net worth of over a million dollars, up from one in 36 in 2013.
New York City is also home to 60 billionaires
The city is also home to a significant number of ultra-wealthy individuals, including 60 billionaires and 744 people with over $100 million in investable assets.
The statistics highlight New York’s sustained leadership in global wealth accumulation. Although Miami has seen its number of millionaires swell by 78 percent in the last decade, it still ranks 33rd worldwide among cities with the highest number of millionaires.
Following closely behind New York, the Bay Area, which includes cities such as San Jose, San Francisco, and Palo Alto, is the world’s second-richest region, boasting more than 305,700 millionaires.
Tokyo, Japan’s bustling capital known for its rich culture and prosperity, is third with 298,300 millionaires, despite experiencing a slight 5 percent decrease over the past decade.
Singapore, the vibrant “Lion City,” is fourth on the list, with 3,400 high net-worth individuals moving there in 2023 alone.
London and Hong Kong see a decline in millionaire residents
Conversely, cities like London and Hong Kong have seen declines in their millionaire populations, with London facing a 10 percent drop due to Brexit impacts, and Hong Kong’s numbers falling by 4 percent following pandemic-related restrictions.
Shenzhen, in China, has witnessed a 140 percent surge in its millionaire population over the decade. Meanwhile, Dubai in the UAE has risen as the Middle East’s richest city, ranked 21st globally. Monaco remains the leader in wealth density, with more than 40 percent of its population classified as millionaires.