New York again topped the list of the world’s wealthiest cities, boasting some 340,000 millionaires last year, according to investment migration firm Henley & Partners.
(Bloomberg) — New York again topped the list of the world’s wealthiest cities, boasting some 340,000 millionaires last year, according to investment migration firm Henley & Partners.
That showing helped the US surpass all countries with 10 of the 50 richest cities in the world, with New York followed by Tokyo, California’s Bay Area, London and Singapore. The annual survey looked at 97 cities in nine regions around the world.
The Big Apple held its top spot after the number of high net worth individuals surged 40% in the 2012-2022 period. That was the same as Singapore, but lagged behind cities such as Shanghai, Houston, Dubai and Mumbai.
China followed the US with five cities in the top 50, putting it just ahead of Australia, which had four.
In an even more elite category, California’s Bay Area won out when it came to the total number of billionaires — 63 call the region surrounding Silicon Valley and San Francisco home, according to the report. That was followed by New York, Beijing, Los Angeles and Shanghai.
The ten-year growth in high net worth individuals was led by the Chinese city of Hangzhou, which saw a 105% rise, while Austin, Texas came in second with a 102% increase. Miami and West Palm Beach, Florida — which benefited from a number of high profile business leaders and financial firms moving to South Florida during the pandemic — saw the number of high net worth individuals climb 75% and 90% respectively.
At the other end of the spectrum, Russia’s war in Ukraine and the combination of sanctions and an exodus of citizens it sparked appears to have hit Moscow hard. The number of millionaires calling the Russian capital home plunged 44% from a decade earlier, while St. Petersburg saw a 38% slump.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.