Despite discussions about a significant exodus of wealthy individuals from New York, the city's residents still possess more wealth—exceeding $3 trillion—than those in any other metro area globally.
New York boasts nearly 350,000 millionaires, the highest number of any city, marking a 48% increase from a decade ago, according to a global ranking of the wealthiest cities by Henley & Partners, an immigration consultancy. This means about one in every 24 of its 8.26 million residents has a net worth of seven figures, compared to about one in 36 in 2013. New York also has a substantial share of the ultra-rich, with the report noting 60 billionaires and 744 individuals with investable wealth exceeding $100 million.
The Bay Area ranks second overall, with 305,700 people holding seven-figure net worths in the region encompassing San Jose, San Francisco, and Palo Alto. Tokyo ranks third with 298,300 millionaires, a number that has decreased by 5% over the past decade. Singapore, in fourth place, has become a top destination for migrating millionaires, with around 3,400 high-net-worth individuals relocating there in 2023 alone.
Juerg Steffen, CEO of Henley & Partners, attributes the growth in the world’s wealthiest cities to the recent boom in financial markets. Global equities surged by 20% in 2023 and have risen almost 7% this year.
However, some global cities have experienced a decline in fortunes. London saw a 10% decrease in its millionaire population over the past decade, coinciding with the UK's decision to exit the European Union. Hong Kong experienced a 4% decline in its millionaire ranks as wealthy expats moved to Singapore following China's pandemic-era crackdown.
Meanwhile, certain cities are witnessing a rise in their millionaire populations. Shenzhen, China, has seen a 140% increase in millionaires over the past decade. Bengaluru, India; Ho Chi Minh City, Vietnam; and Scottsdale, Arizona, in the US, have also more than doubled their millionaire populations in the past 10 years.
