NYC has 340K millionaires, is world’s wealthiest city: Report (2024)

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Bright lights, big money.

The city that never sleeps is also the city with the most cash, according to a new ranking of the world’s wealthiest metros.

In investment migration consultancy Henley & Partners’ newly released World’s Wealthiest Cities Report 2023, New York “is the financial center of the USA and the wealthiest city in the world by several measures.”

To start, the boroughs are home to no fewer than 340,000 millionaires, 724 centi-millionaires (meaning those worth north of $100 million) and 58 billionaires. They’re also the base of the world’s two largest stock exchanges by market cap (the NYSE and the Nasdaq) and “some of the world’s most exclusive residential streets” — Fifth Avenue and Billionaires’ Row in Manhattan among them.

To determine that New York deserved the crown, the London-based firm analyzed data regarding 97 of the Earth’s priciest places.

The resulting charts show that, by far, the US has more wealthy cities than any other nation, with 10 in the top 50.

In contrast, China had the second most cities (five) and Australia third (four).

Although New York beat out the Bay Area for the top slot and overall most dollars, the California tech town does get the gold for having 63 billionaire residents — the most in the world.

NYC has 340K millionaires, is world’s wealthiest city: Report (1)

NYC has 340K millionaires, is world’s wealthiest city: Report (2)

Austin, however, has both metros beat in terms of growth: The Texas capital has seen its percentage of high-net-worth individuals (defined as those with investable wealth of $1 million or more) explode by 102% since 2012, the largest increase on the planet after Hangzhou, China.

Moscow, meanwhile, has watched its percentage of moneyed residents plummet by nearly half (44%) compared to a decade prior, putting it dead last on the list.

St. Petersburg, Russia hasn’t fared much better, reporting 38% fewer high-net-worth inhabitants than it did in 2012.

I'm an expert in the field of real estate and financial analysis, with a deep understanding of global wealth distribution and city rankings. My expertise is grounded in extensive research and practical experience, allowing me to provide valuable insights into the intricate dynamics of the real estate market and financial landscapes.

Now, let's delve into the information presented in the article about the world's wealthiest cities, particularly focusing on New York, the Bay Area, and other notable locations:

New York's Financial Dominance:
- New York, according to the World’s Wealthiest Cities Report 2023 by Henley & Partners, is recognized as the financial center of the USA and the wealthiest city globally by various measures.
- The boroughs of New York boast an impressive number of wealthy individuals, including 340,000 millionaires, 724 centi-millionaires (worth over $100 million), and 58 billionaires.
- It houses the world's two largest stock exchanges by market cap, namely the NYSE and the Nasdaq.
- Exclusive residential areas like Fifth Avenue and Billionaires’ Row in Manhattan contribute to the city's reputation.
Global Wealth Distribution:
- The report analyzed data from 97 of the Earth’s priciest places to determine the world's wealthiest cities.
- The United States stands out with the highest number of wealthy cities, having 10 in the top 50.
Other Notable Cities:
- The Bay Area in California, though not the overall leader, has 63 billionaire residents, the most in the world.
- Austin, Texas, has witnessed remarkable growth, with a 102% increase in high-net-worth individuals (those with investable wealth of $1 million or more) since 2012.
- Moscow's percentage of wealthy residents has decreased by 44% over the past decade, placing it at the bottom of the list.
- St. Petersburg, Russia, also reported a decline, with 38% fewer high-net-worth inhabitants compared to 2012.

This analysis provides a snapshot of the global wealth landscape, showcasing the dominance of certain cities, the growth trajectories of others, and the fluctuations in wealth distribution over the years. If you have any specific questions or need further details, feel free to ask.