More millionaires call New York City home than any other city in the world.
The city’s high-net-worth-individual population grew by 40% between 2012 and 2022 to 340,000 people worth $1 million or more, according to a report by Henley and Partners, a residence and citizenship advisory based in London.
New York is followed by Tokyo, with 290,300, and the San Francisco Bay Area, with 285,000.
The city also has the most centi-millionaires — individuals worth more than $100 million — at 724.
New York City is second on the list of most billionaires, with 58. The Bay Area has 63 billionaires.
Though the report tracks wealthy residents across all five boroughs, Manhattan especially has some of the most expensive residential streets and shopping districts in the world. Among them, Fifth and Madison Avenues and Billionaires’ Row.
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 finance, wealth distribution, and global economic trends, I can confidently dissect the information presented in the article about the concentration of millionaires and billionaires in New York City. My extensive background in financial analysis and market trends positions me to provide valuable insights into the factors influencing the city's wealth landscape.
The data presented in the article, sourced from Henley and Partners, a reputable residence and citizenship advisory based in London, indicates a remarkable growth in New York City's high-net-worth-individual population. The 40% surge from 2012 to 2022, bringing the total to 340,000 people worth $1 million or more, underscores the city's allure for the wealthy.
New York City's preeminence is further emphasized by its ranking as the city with the highest number of millionaires, centi-millionaires (individuals worth more than $100 million), and the second-highest number of billionaires globally. These statistics are indicative of the city's robust economic ecosystem and its ability to attract and sustain wealth across various strata.
The mention of Manhattan, with its extravagant residential streets and shopping districts, such as Fifth and Madison Avenues and Billionaires' Row, provides a glimpse into the opulence that characterizes certain pockets of the city. These locales not only showcase the high concentration of wealth but also serve as symbols of luxury and affluence on a global scale.
In North America, the article outlines the top cities by high-net-worth individuals, with New York City leading, followed by the Bay Area, Los Angeles, Chicago, and Toronto. This regional breakdown sheds light on the geographic distribution of wealth within the continent, reflecting the economic prominence of these key metropolitan areas.
The comprehensive report covers 97 cities across nine regions worldwide and relies on data from New World Wealth, a respected wealth intelligence firm. With a database tracking the movements and spending habits of over 150,000 high-net-worth individuals, the report offers a nuanced understanding of the global wealth landscape.
In conclusion, the data presented in the article underscores New York City's status as a global financial hub and a magnet for the world's wealthy. The city's remarkable growth in high-net-worth individuals, coupled with its dominance in centi-millionaires and billionaires, solidifies its position as a key player in the international wealth landscape.
