New York tops the list of cities with most millionaires

With almost 350,000 millionaires, New York tops the list of cities with “most millionaires,” with a spike of almost 48% from the last decade. The global rankings conducted by immigration consultancy Henley & Partners revealed the wealthiest cities in the world.

The report also suggested that one out of every 24 individuals in New York ( with a population of 8.26 million) is a millionaire which was one in 36 last decade. Despite New York’s dominance in the list, there is a potential concern about the power shift to Florida as the “Wall Street South” financial industry is expanding to Florida, which can impact the influence of New York.

The Bay area follows New York in the list with 307,000 millionaires hailing from San Jose, San Francisco and Palo Alto. Tokyo comes in third with a decrease of 5% over the last decade with a total of 298,300 people with a 7-figure net worth. Singapore, which hosted a hefty migration of millionaires, took the fourth position with almost 3,400 wealthy individuals migrating last year.

Few countries have seen a downfall, with London losing 10% of its millionaires in the past ten years affected by the UK’s exit from the European Union. Hong Kong on the other hand saw a decline of 4%, with millionaires migrating to Singapore following China’s covid crackdown.

However, most of the cities have experienced a spike in their millionaire population, with India’s IT hub Bengaluru making its way to the list. China’s Shenzhen also saw a huge rise in the number of millionaires by 140% over the last decade.  Bengaluru, Ho Chi Minh City, Vietnam; and Scottsdale, Arizona in the US, saw a rise of more than double in their millionaire population over the decade.

Miami experienced a considerable spike of 78% over the decade paving its way to the 33rd position. Whereas, Dubai has become the richest Middle Eastern city with a global ranking of 21.