This place has more millionaires than any other city in the world, with nearly 350,000 people.
According to the latest statistics from Henley & Partners, a company specializing in residency and citizenship services, New York is the city with the most millionaires in the world. Specifically, the city boasts nearly 350,000 millionaires, which means that one in every 24 residents is a millionaire. In fact, New York is also home to 60 billionaires and over 744 millionaires with at least $100 million. Thus, the total wealth of New York’s residents could exceed $3 trillion.
Currently, New York ranks first in the list of the richest cities in the world published by Henley & Partners, even though some of the wealthiest individuals have moved to Miami, USA. This city is now dubbed the “Southern Wall Street” as financial firms set up branches here. Miami currently ranks 33rd on Henley & Partners’ list, with 35,300 millionaires, a 78% increase since 2013.
New York is currently the city with the most millionaires in the world. (Image: Getty Images).
Following New York, San Francisco Bay in California is the second city with the most millionaires in the world (with 305,700 individuals), followed by Tokyo (Japan) and Singapore, ranked third and fourth respectively.
Additionally, according to this ranking, London is currently in fifth place after the number of millionaires in this city dropped by 10% since 2013. The wealthiest city in Europe, Paris, only ranks seventh on this list.
These are the 10 cities with the richest individuals in the world. (Image: Henley & Partners).
Meanwhile, Dubai has become the wealthiest city in the Middle East, with the number of millionaires increasing by 78% over the past decade.
According to Henley & Partners, a millionaire is defined as someone with liquid investment assets of at least $1 million.
Attracting the Wealthy
Some countries currently have “golden visa” programs to attract wealthy individuals. (Image: Getty Images)
According to CBS, several countries have promoted wealth through “golden visa” programs, which grant citizenship or residency rights to wealthy foreigners. Currently, 7 of the richest cities in the world are implementing this program.
Dominic Volek, Head of Personal Client Services at Henley & Partners, stated: “You will be guaranteed the right to live, work, study, and invest in top international wealthy centers like New York, Singapore, Sydney, Vienna, and Dubai through investment. The ability to relocate yourself and your family or move your business to a more favorable city, or choose among different cities around the world, is an important aspect of planning for inheritance and confirming international assets for personal clients.”
Mr. Volek added that “golden visa” programs are benefiting countries and many cities worldwide as they can use them to attract the wealthiest and most talented individuals. However, for local residents, the influx of foreign currency can push them out of the real estate market and even force them to leave the very cities where they were born and raised.
