New York City has the most wealthy people in the world, according to a new report from investment migration consultancy Henley & Partners.
About 345,600 millionaires reside in the city, alongside 15,470 multimillionaires who have assets worth more than $10 million, 737 centimillionaires (wealth of $100 million or more) and 59 billionaires, according to the report. making the financial center of the United States the richest. city in the world by a big gap.
The report finds that about 4% of New York City’s 8.38 million people have investable assets – property, cash or stocks – worth more than $1 million. The number drops dramatically to 15,470 when assessing those with over $10 million in assets.
The total private wealth held by New York residents was found to exceed $3 trillion. Remarkably, this is more than the total private wealth held in most major G-20 countries.
Japan’s capital, Tokyo, ranked second with 304,900 wealthy people. A much smaller proportion of them have assets worth more than $10 million. The report found that 7,350 people in Tokyo are multi-millionaires, 263 are over $100 million, and 12 are billionaires.
San Francisco Bay, home to Silicon Valley, rounds out the top 3 wealthiest cities, with 276,400 wealthy individuals, including 12,890 multi-millionaires. The report says 623 have assets worth at least $100 million and 62 billionaires live in the city.
Los Angeles, Chicago and Houston are the other US cities in the top 10, ranking 6th, 7th and 8th respectively.
Additionally, these cities have become prime retirement destinations, Andrew Amoils, head of research at wealth intelligence firm New World Wealth, which collaborated on the report with Henley & Partners, told CNBC.
“Florida is an increasingly popular destination for affluent retirees, especially those from cities on the eastern seaboard of the United States,” he said.
However, the top five cities with the fastest growing millionaire populations are not in the United States.
Riyadh in Saudi Arabia, Sharjah and Dubai in the United Arab Emirates, Lusaka in Zambia and Luanda in Angola are in the lead. In the first half of 2022, they saw an increase of up to 20% in their affluent population.
The report links this to the booming oil and gas industries, which have flourished as energy prices soared and boosted stock markets in these regions.
Many major cities have dropped in the rankings or seen a significant reduction in the ultra-rich people living there.
Of the top 10 cities with the most wealthy individuals, seven saw declines. Only the San Francisco Bay Area, Singapore and Houston saw growth. New York has already seen a 12% drop in wealthy people in 2022, while Los Angeles has seen a 6% drop and the proportion of ultra-wealthy citizens in Chicago has dropped 4%.
Another factor to consider is that overall wealth has declined in 2022, Amoils said in an article published alongside the report.
“The number of high net worth individuals globally declined by 5% in the six-month period to June 2022. This decline was mainly due to the poor performance of major stock indices,” he said.
This means declines in affluent populations aren’t just related to people moving to different cities — there are also simply fewer people falling into the category.
The French capital Paris fell three places to 20th as the city lost 12% of its wealthy.
These are the 10 richest cities in the world and the number of wealthy individuals who live in each of them according to the Henley & Partners report.
1. New York, USA (345,600)
2.Tokyo, Japan (304,900)
3. San Francisco Bay Area, USA (276,400)
4. London, UK (272,400)
5. Singapore, Singapore (249,800)
6. Los Angeles, USA (192,400)
7. Chicago, USA (160,100)
8. Houston, USA (132,600)
9. Beijing, China (131,500)
10. Shanghai, China (130,100)