New York is the richest city in the world: almost 360 thousand millionaires live there

New York is the richest city in the world, according to a new study. It is home to 359 millionaires and 500 billionaires, reports CNBC.

According to report by Henley & Partners in collaboration with New World Wealth, the number of millionaires in New York City has grown by 48% over the past decade—now larger than the population of the entirety of Orlando or Pittsburgh. The total wealth of the residents of the Big Apple now exceeds $3 trillion, which exceeds the GDP of Brazil, Italy or Canada. 8,6 million people live in the Big Apple. If among them there are almost 360 thousand millionaires, then every 24th resident is a millionaire, and how New York millionaires live, read in our material.

However, San Francisco and the Bay Area are quickly catching up with New York. The number of millionaires in the Bay Area has grown 82% over the past decade, to 305. The Bay Area leads the nation in the number of billionaires with 700, according to a report comparing the size of the world's wealthy population as of December.

USA in the lead

According to the report, the United States is home to 11 of the world's 50 richest cities.

According to the Federal Reserve, the wealth of the richest 1% of people in America has grown by more than 40%.

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“It’s remarkable that over the past decade, U.S. cities have significantly outperformed other Western metropolitan areas in overall wealth and in the number of millionaires,” said Andrew Amoils, director of research at New World Wealth.

Other cities

Tokyo, which ten years ago was the richest city in the world, is now in third place. The number of millionaires there decreased by 5% - to 298 people.

London, which for many years held the leading position as the richest city in the world, fell to fifth place. Over the past decade, the number of millionaires in it has decreased by 10%.

China entered the top 10 for the first time. Over the past decade, the number of millionaires in Beijing has increased by 90%, to 125.

Singapore, benefiting from a redirection of wealth from China, rose two places to fourth place in the ranking with a 64% rise in the number of millionaires to 244. More than 800 millionaires moved to Singapore in 2023 alone. Amoils said Singapore would take Tokyo's place in the rankings "very soon."

Los Angeles also moved up two spots on the list to sixth place, and the number of millionaires increased by 45%.

Ranking of the richest cities in the world according to Henley & Partners and New World Wealth

1. New York

2. Bay Area, California

3. Tokyo

4. Singapore

5. London

6. Los Angeles

7. Paris and Ile-de-France

8. Sydney

9. Hong Kong

10. Beijing