This Is The World's Richest City And It Has More Than 3 Lakh Millionaires, Says New Report
It looks like the worldĄ¯s wealthiest people like to flock to New York City.
According to a survey from the investment migration firm Henley & Partners, the Big Apple is the richest city in the world, with 3,40,000 high-net-worth individuals, Bloomberg reported on Tuesday. Over the past decade, the number of millionaires in the city has grown a whopping 40 per cent, helping N.Y.C. maintain its perch among the wealthiest areas across the globe.
US dominated the richest list
The city is followed by Tokyo and San Francisco Bay Area, with resident millionaire populations of 2,90,300 and 2,85,000, respectively.?The "World's Wealthiest Cities Report 2023" covers 97 cities across nine regions worldwide and includes most of the world's top wealth hubs. However, the United States dominated the list with four of its cities, including New York, The Bay Area, Los Angeles, and Chicago, while China had two cities on the ranking, Beijing and Shanghai.
In total, the United States had 10 cities crack the top 50 most affluent in the world, beating out China (with five cities) and Australia (with four). A few U.S. cities, particularly, have seen incredible growth since 2012. Austin, Tex., was second overall in that regard, with a 102 per cent increase in high-net-worth individuals. Both Miami and West Palm Beach, in Florida, also saw impressive numbers, with 75 per cent and 90 per cent growth, respectively. That could be thanks in part to the exodus of businesses to the state during the pandemic when remote work allowed CEOs and other leaders to relocate to a region with warmer climate.
Highest number of billionaires in US too
While, in general, affluent people seem to prefer New York, the uber-wealthy actually favour the West Coast. The Bay Area, which ranked third overall on the list of wealthiest cities, has the highest number of billionaires, touting 63 (New York, in comparison, has 58). That shouldn't be too surprising, given how many tech companies call Silicon Valley home.
Others in top 10 list of? 'World's Wealthiest Cities'
After New York City, Tokyo, and the Bay Area, London took the number four spot for most millionaires globally with 258,000. The city also had 36 billionaires.Singapore landed at number five with 240,100 millionaires and 27 billionaires, then Los Angles was number six with 205,400 millionaires and 42 billionaires.
China held the seventh, eighth and ninth spots, with Hong Kong's 129,500 millionaires and 32 billionaires, Beijing's 128,200 millionaires and 43 billionaires, and Shainghai's 127,200 millionaires and 40 billionaires.
Coming in at number ten globally was Sydney, Australia, with 126,900 millionaires and 15 billionaires.
Elsewhere, Russia has long been home to a good deal of the world's wealth, but the country's war with Ukraine, among other factors, has led to steep declines in the country's high-net-worth population. Moscow has seen a 44 per cent plunge over the past decade, while St. Petersburg has experienced a decrease of 38 per cent.
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