New York City has the highest number of millionaires in the world according to a new report by Henley and Partners. With nearly 350,000 millionaires, the city also boasts 744 centi-millionaires and 60 billionaires. The combined total wealth of the city’s residents exceeds $3 trillion. Despite some wealthy residents moving to Miami, also known as Wall Street South, New York remains the top ranking city for millionaires. Miami saw a significant increase in millionaires over the past decade, with 35,300 residents now holding millionaire status.
Following New York City, California’s Bay Area has the second highest number of millionaires, with 305,700 residents holding millionaire status. Tokyo, Japan, and Singapore also rank high on the list of cities with the most millionaires. London’s share of millionaires dropped 10% in 2013, landing it in fifth place on the list. Paris, on the other hand, is the wealthiest city in mainland Europe. Dubai has seen significant growth in its millionaire population, increasing by 78% over the past 10 years.
Henley and Partners define millionaires as individuals with liquid investable wealth of at least $1 million. Some countries have benefitted from “golden visa programs” that allow wealthy foreigners to obtain citizenship or residence, leading to an influx of millionaires in certain cities. These programs, which include countries such as New York, Singapore, Sydney, Vienna, and Dubai, allow individuals to live, work, study, and invest in leading international wealth hubs. According to Dominic Volek of Henley & Partners, these programs help attract the world’s wealthiest and most talented individuals to these cities.
While these programs benefit cities and countries by attracting high-net-worth individuals, there can also be negative consequences for locals. The influx of foreign money can lead to locals being priced out of the housing market and even displaced from the cities in which they were born. This disparity highlights the growing issue of income inequality and housing affordability in major global cities. As the number of millionaires continues to rise, it is important to consider the impact of their presence on the local population and economy.
