New York is world's wealthiest city; Bay Area boasts most billionaires
New York again topped the list of the world’s wealthiest cities, boasting some 340,000 millionaires last year, according to the investment migration firm Henley & Partners.
That showing helped the United States surpass all countries, with 10 of the 50 richest cities in the world. New York was followed in the rankings by Tokyo, California’s Bay Area, London and Singapore. The annual survey looked at 97 cities in nine regions around the world.
The Big Apple held its top spot after the number of high-net-worth individuals in the city surged 40% from 2012 to 2022. That was the same percentage as Singapore but lagged behind cities such as Shanghai, Houston, Dubai and Mumbai.
China followed the U.S. with five cities in the top 50, putting it just ahead of Australia, which had four.
In an even more elite category, California’s Bay Area won out when it came to the total number of billionaires — 63 call the region surrounding Silicon Valley and San Francisco home, according to the report. That was followed by New York, Beijing, Los Angeles and Shanghai.
The 10-year growth in high-net-worth individuals was led by the Chinese city of Hangzhou, which saw a 105% rise, while Austin, Texas, came in second with a 102% increase. Miami and West Palm Beach, Florida — which benefited from a number of high-profile business leaders and financial firms moving to South Florida during the pandemic — saw the number of high-net-worth individuals climb 75% and 90%, respectively.
At the other end of the spectrum, Russia’s war in Ukraine and the combination of sanctions and an exodus of citizens that it sparked appears to have hit Moscow hard. The number of millionaires calling the Russian capital home plunged 44% from a decade earlier, while St. Petersburg saw a 38% slump.