New York City Is The World’s Wealthiest City, Having 340,000 Millionaires

New York City Has 340,000 Millionaires & Is The World’s Wealthiest City

New York City bounced back from a mass exodus of wealthy people during the pandemic and maintains its spot as the city with the highest number of ultra-rich people, but it might have to reckon with the reality that several other burgeoning hubs are starting to attract more millionaires.

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The Big Apple is the world’s wealthiest city by a wide margin, according to a new report released Wednesday by investment migration consultancy Henley & Partners.

 

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The global financial and cultural hub boasted 340,000 high-net-worth individuals last year, defined as people worth over $1 million, while 290,300 millionaires lived in the world’s second-wealthiest city, Tokyo.

New York also came out on top for being home to the most centimillionaires, with 724 people worth more than $100 million, 95 more than second-place Bay Area, which includes San Francisco and Silicon Valley. When it came to where the wealthiest of all chose to settle down, however, NYC slipped to second place, welcoming only 58 billionaires compared to the Bay Area’s 63.

But the biggest sign that the picture of America’s wealth is changing may not be in how many rich people are still in New York City, but in how fast smaller hubs are gaining ground on the country’s traditional economic hotspots.

Cities in the U.S. Sunbelt have become havens for wealthy retirees and high-flying tech multimillionaires, with generally lower tax burdens, more space, and the modern ability to work from anywhere.