According to a recent report by Henley & Partners, New York City has been named the richest city in the world, boasting a staggering 59 billionaires and an impressive 345,600 millionaires.
The report reveals that approximately 4% of New York’s 8.38 million residents possess investable assets exceeding $1 million, with a significantly smaller number surpassing the $10 million mark. The total private wealth held by New York residents exceeds a whopping $3 trillion, surpassing the total private wealth held in most major G-20 countries.
Following New York, Tokyo ranked second with 304,900 wealthy individuals, while the San Francisco Bay Area, home to Silicon Valley, secured the third spot with 276,400 rich individuals. Other U.S. cities in the top 10 include Los Angeles, Chicago, and Houston.
The report also highlights prime retirement destinations, with Florida gaining popularity among retired high-net-worth individuals, particularly those from the USA’s East Coast cities.
Despite New York’s leading position, the top five cities with the fastest-growing millionaire populations are all outside the U.S., namely Riyadh in Saudi Arabia, Sharjah and Dubai in the United Arab Emirates, Lusaka in Zambia, and Luanda in Angola. These cities have seen an up to 20% increase in their wealthy population, attributed to booming oil and gas industries and soaring energy prices.
Amoils, head of research at New World Wealth, revealed that the worldwide high-net-worth individual numbers were down by 5% in the first half of 2022 due to the poor performance of major stock market indices. This has led to a decline in wealthy populations in several major cities, signaling an overall decrease in global wealth.
Despite New York’s impressive ranking, the city has already seen a 12% decline in wealthy individuals in 2022, with similar trends observed in Los Angeles and Chicago. Additionally, Paris fell by three places to 20th, having lost 12% of its rich people.
Here are the top 10 wealthiest cities according to the report:
1. New York, U.S. (345,600)
2. Tokyo, Japan (304,900)
3. San Francisco Bay Area, U.S. (276,400)
4. London, United Kingdom (272,400)
5. Singapore, Singapore (249,800)
6. Los Angeles, U.S. (192,400)
7. Chicago, U.S. (160,100)
8. Houston, U.S. (132,600)
9. Beijing, China (131,500)
10. Shanghai, China (130,100)
