New York City is positively overflowing with high net worth individuals.
The Big Apple has more millionaires than any metro city in the world, according to Bloomberg. Reported on Tuesday. That’s according to a new ranking by immigration consultancy Hanley & Partners that shows New York is home to nearly 350,000 millionaires — or one in every 24 residents. In total, the city’s net worth is over $3 trillion.
Bloomberg noted that New York’s millionaire population has grown 48 percent since a decade ago. The city also counts dozens of ultra-rich among its residents: there are 60 billionaires and 744 individuals with more than $100 million in investable wealth.
New York is followed in the ranking by the Bay Area, which has just over 300,000 millionaires—an 82 percent increase from a decade ago. Despite a 5 percent decline, Tokyo is third with 298,300 millionaires. Rounding out the top five are Singapore (244,800 millionaires; a 64 percent increase) and London (227,000 millionaires; a 10 percent drop).
Notably, New York has taken the top spot despite some outcry that the city’s wealth is heading south. Notable names in the Big Apple’s financial scene have recently moved to Florida, earning the Sunshine State the nickname “Wall Street South.” Yet Miami is only the 33rd city with the most millionaires, according to the report. While that’s a 78 percent jump from 2013, it’s not enough of a move to propel Miami to the top of the wealthiest cities.
Elsewhere around the world, a number of destinations have become more attractive to the wealthy in recent years. Shenzhen, China saw its millionaire population grow by 140 percent in just 10 years. Scottsdale, Arizona; Ho Chi Minh City, Vietnam; Bloomberg notes that Bangalore, India, has similarly seen its number of millionaires more than double in the past decade.
Not all cities have been so lucky, though. As mentioned, London’s millionaire population has dropped by 10% since the UK left the EU. And Hong Kong, which ranks ninth with 143,400 millionaires, fell 4 percent, as wealthy residents fled to Singapore as China cracked down on Hong Kong.
Despite everything written about New York, it’s still the place to be if you’ve got a good chunk of money in the bank.
Credit : robbreport.com