The data uncovers the scope of New York's wealth at a time when some of the city's richest people are grappling due to a power shift to Florida as the finance industry. While Miami ranked 33rd among the cities with the highest millionaires, up 78% over the past 10 years.
New York has almost 350,000 millionaires, which is the highest of any city and up by 48% from a decade ago, as per a global ranking of the wealthiest cities by Henley & Partners, an immigration consultancy. About one in every 24 of its 8.26 million residents has a seven-figure net worth, compared to about one in 36 in 2013. New York still has many ultra-rich too: the report found that it has 60 billionaires and 744 people with massive wealth of over $100 million.
The data uncovers the scope of New York's wealth at a time when some of the city's richest people are grappling due to a power shift to Florida as the finance industry. While Miami ranked 33rd among the cities with the highest millionaires, up 78% over the past 10 years.
The Bay Area is positioned second, with 305,700 people with a seven-figure net worth living in the region that includes San Jose, San Francisco and Palo Alto. Tokyo ranks third with 298,300, a figure that fell 5% over the past decade. Singapore at. 4, has become a preferable destination for migrating millionaires with about 3,400 high net-worth individuals in 2023 alone.
The exodus in financial markets in the past few years has triggered growth in the world's richest cities, according to Juerg Steffen, Henley & Partners' chief executive officer. Global equities rose by 20% in 2023 and 7% this year.
However, some global cities have witnessed a drop of rankings. London lost 10% of its millionaires in the past decade, which included the UK's move to exit the European Union. Hong Kong witnessed a 4% decline in its millionaire ranks as millionaires moved to Singapore after China's pandemic-era crackdown.
Some new cities featured in the list include China's Shenzhen, where the number of millionaires has risen by 140% over the past decade. India’s Bengaluru; Ho Chi Minh City, Vietnam; and Scottsdale, Arizona in the US, have also witnessed their millionaire population more than double in the past 10 years.
Dubai is the richest city in the Middle East, with rank of 21 globally.
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