The number of millionaires in New York City has surpassed the number of people with a seven-figure net worth in the Bay Area and Singapore over the past decade.
The concrete jungle, with its staggering wealth of over $3 trillion, has rightfully earned the title of the richest metro in the world, a testament to its economic prowess and global influence.
According to a global ranking of the wealthiest cities in the world conducted by immigration consultancy Henley & Partners, there are around 350,000 millionaires in New York City.
The mounting number of millionaires represents a 48 per cent growth in the past ten years, more than any city across the globe.
The number of seven-figure bank accounts suggests that roughly one in every 24 of the city's 8.26 million population is a millionaire. In 2013, the number of millionaires was around one in 36 people.
The US city, renowned for its lavish lifestyle and "American Dream", also hosts a large share of billionaires. According to the Henley & Partners research, New York City has 60 billionaires and 744 residents with investable wealth measuring above $100 million, says the report.
As the financial sector establishes a Wall Street South in Florida, the findings underscore the resilience of New York's wealth, even in the face of a potential power shift. Despite Miami's wealth ranking 33rd, the city still boasts a significant number of millionaires, with the number of seven-figure bank accounts showing a remarkable 78 per cent increase over the past ten years.
The Bay Area came second overall, home to 305,700 people with a seven-figure net worth. The regions home to the most millionaires included San Jose, San Francisco and Palo Alto.
Tokyo was listed in third place, with 298,300 millionaires. The figures exposed a decrease in Tokyo's wealthy population, down by five per cent over the past decade.
Singapore was listed as fourth since becoming a top destination for millionaires migrating overseas. The research also found that, in 2023 alone, 3,400 high-net-worth individuals relocated to the city.
According to Juerg Steffen, the chief executive officer of Henley & Partners, the jump in financial markets over the past few years has boosted growth in the world's wealthiest cities.
Global equities also surged by 20 per cent in 2023 and increased by nearly seven per cent this year.
The UK's decision to exit the European Union has had a profound impact on the nation's economy. Over the past decade, research has revealed a significant decline in London's millionaire population, a loss of 10 per cent, primarily attributed to the economic fallout from Brexit.
Hong Kong also witnessed a 4 per cent decrease in its millionaire residents as China's pandemic-era crackdown on businesses pushed wealthy individuals to relocate to Singapore.
However, China's Shenzhen region saw an increase in seven-figure bank accounts. Over the past ten years, the city has seen its millionaires surge by more than 140 per cent.
India's Bengaluru, Vietnam's Ho Chi Minh City, and the US' Arizona have also seen a jump in their millionaire population, growing by more than 200 per cent in the past decade.
Dubai remains the richest city in the Middle East, ranking 21 globally.
Based on wealth per capita, Monaco was named the richest city in the world, with millionaires making up more than 40 per cent of its population.
New York City was named the second wealthiest city in the world.
