“Indian City Among World’s Richest, New York Leads Millionaires Ranking”
In a recent report by Henley & Partners, New York City has secured its position as the city with the most millionaires globally, with almost 350,000 residents boasting a seven-figure net worth. This figure represents a significant increase of 48% over the past decade, showcasing the city’s enduring wealth despite discussions of a potential exodus to other financial hubs.
In a recent report by Henley & Partners, New York City has secured its position as the city with the most millionaires globally, with almost 350,000 residents boasting a seven-figure net worth. This figure represents a significant increase of 48% over the past decade, showcasing the city’s enduring wealth despite discussions of a potential exodus to other financial hubs.
The report highlights that New York’s residents collectively hold wealth exceeding $3 trillion, surpassing any other metropolitan area worldwide. This wealth concentration is further exemplified by the city’s 60 billionaires and 744 individuals with investable assets exceeding $100 million.
While New York retains its stronghold on wealth, other cities have seen notable shifts in their millionaire populations. The Bay Area, encompassing cities like San Francisco and Palo Alto, ranked second with 305,700 millionaires. Tokyo secured the third spot with 298,300 millionaires, although this number experienced a slight decline of 5% over the past decade.
Singapore emerges as a key destination for migrating millionaires, attracting approximately 3,400 high net-worth individuals in 2023 alone. This trend reflects a broader pattern of wealth migration driven by economic opportunities and favorable tax environments.
The report also sheds light on cities experiencing rapid growth in millionaire populations. Shenzhen, China, witnessed a staggering 140% surge in millionaires over the past decade. Similarly, Bengaluru in India, Ho Chi Minh City in Vietnam, and Scottsdale, Arizona in the US, have all more than doubled their millionaire counts in the last ten years.
Conversely, some cities faced challenges impacting their millionaire demographics. London saw a 10% decline in millionaires, partly attributed to the UK’s exit from the European Union. Hong Kong experienced a 4% drop in its millionaire population, with affluent expatriates relocating to Singapore amid China’s regulatory changes during the pandemic.
Dubai emerges as the wealthiest city in the Middle East, ranking 21st globally. Meanwhile, Monaco claims the top spot in wealth per capita, with over 40% of its residents classified as millionaires, closely followed by New York City.
The findings underscore the dynamic nature of global wealth distribution, shaped by economic trends, regulatory shifts, and migration patterns among affluent individuals seeking conducive environments for financial growth and stability.
Sources By Agencies
About The Author
