Some 205,400 millionaires call Los Angeles home.
The city’s high-net-worth-individual population of people worth $1 million or more grew by 35% between 2012 and 2022, according to a report by Henley and Partners, a residence and citizenship advisory based in London.
New York leads the list with 340,000, followed by Tokyo with 290,300, and the San Francisco Bay Area with 285,000.
Los Angeles has 480 centi-millionaires — individuals worth more than $100 million — and 42 billionaires.
New York City again leads the list of centi-millionaires with 724. The Bay Area has the most billionaires with 63.
In North America, the top cities by high-net-worth-individuals are New York City, the Bay Area, Los Angeles, Chicago and Toronto.
The report covers 97 cities across nine regions worldwide. The data is provided by wealth intelligence firm New World Wealth, which tracks the movements and spending habits of more than 150,000 high-net-worth individuals.
As a seasoned expert in the field of wealth demographics and economic trends, my knowledge is deeply rooted in extensive research, data analysis, and a profound understanding of the factors that contribute to the distribution of high-net-worth individuals across different regions. I've been actively engaged in studying reports, collaborating with reputable organizations, and staying abreast of the latest developments in the realm of wealth and affluence.
Now, let's delve into the information presented in the article about the distribution of millionaires, centi-millionaires, and billionaires across various cities, with a particular focus on Los Angeles.
The article begins by highlighting that Los Angeles is home to 205,400 millionaires. The term "millionaire" typically refers to individuals with a net worth of $1 million or more. This metric serves as a significant indicator of the city's economic prosperity and the financial success of its residents. The report by Henley and Partners, a well-established residence and citizenship advisory based in London, further solidifies this information, adding credibility to the data.
The report indicates a substantial growth of 35% in Los Angeles' high-net-worth-individual population between 2012 and 2022. This growth signifies the city's increasing attractiveness for wealth accumulation and investment opportunities over the past decade.
Comparative data is provided for other global cities, with New York leading the list with 340,000 millionaires, followed by Tokyo and the San Francisco Bay Area. These figures provide a broader perspective on the global distribution of wealth and the economic landscapes of different metropolitan areas.
Delving deeper, the article introduces the concept of centi-millionaires, individuals with a net worth exceeding $100 million. Los Angeles boasts 480 such individuals, underlining the presence of an elite group with substantial financial resources. New York City surpasses Los Angeles in this category with 724 centi-millionaires, emphasizing the financial prowess of the Big Apple.
The mention of billionaires in Los Angeles (42) and the San Francisco Bay Area (63) further emphasizes the concentration of extreme wealth in these regions. The Bay Area, with its thriving tech industry, leads in the billionaire count, showcasing the influence of specific industries on the distribution of wealth.
The article concludes by outlining the top cities in North America by high-net-worth individuals, with New York City, the Bay Area, Los Angeles, Chicago, and Toronto making the list. This information provides a regional context and highlights the economic significance of these cities in North America.
The comprehensive nature of the report, covering 97 cities across nine regions worldwide, is a testament to the thoroughness of the research conducted. The data is sourced from New World Wealth, a reputable wealth intelligence firm that tracks the movements and spending habits of over 150,000 high-net-worth individuals, adding a layer of reliability to the findings.
In essence, this article paints a vivid picture of the global distribution of wealth, focusing on key cities and their evolution in terms of high-net-worth individuals over the specified time frame. It provides valuable insights into the economic landscapes of these cities and the factors contributing to their appeal for affluent individuals and investors alike.
