Despite ongoing speculation about an exodus of wealthy residents, New York City remains the unrivaled hub of global wealth. According to a recent report by Henley & Partners, an immigration consultancy, NYC residents collectively control over $3 trillion in assets, maintaining the city’s dominance as a global wealth epicenter.
The Big Apple boasts nearly 350,000 millionaires—a 48% surge over the last decade—meaning roughly 1 in 24 city residents has a net worth exceeding seven figures. By comparison, only about 1 in 36 residents held millionaire status in 2013.
The city also harbors an impressive cohort of ultra-wealthy individuals, including 60 billionaires and 744 residents with investable assets surpassing $100 million. These figures underscore New York’s enduring appeal as a destination for the world’s financial elite.
A Magnet for Wealth Generation
Experts attribute NYC’s sustained wealth to its robust entrepreneurial ecosystem and technological advancements. Key industries like finance, tech, and fashion thrive here, fueling wealth creation and reinforcing the city’s global stature. The resilience of New York’s luxury real estate market also plays a pivotal role, attracting high-net-worth investors and providing a stable investment environment.
New York’s cultural richness and diverse neighborhoods contribute significantly to its allure, drawing ambitious professionals and entrepreneurs from around the world. The city remains a beacon for those seeking opportunities to grow their fortunes amidst a dynamic and stimulating environment.
Millionaires Explore New Horizons
However, some of the city’s wealthiest residents are eyeing new homes in other states due to rising taxes, the high cost of living, and a desire for more space and warmer climates, particularly in Florida where a quick vacation at a Key West 5-Star Hotel just isn’t enough sun and fun. This shift explains why Miami, often touted as “Wall Street South,” has climbed to 33rd place among cities with the most millionaires, marking a 78% rise over the past decade.
Global Comparisons
While NYC holds the top spot, other cities are competing closely. The San Francisco Bay Area ranks second globally, with 305,700 millionaires, followed by Tokyo at 298,300. Singapore, which attracted over 3,400 millionaires in 2023 alone, comes in fourth place.
Conversely, some financial hubs have lost momentum. London’s millionaire count declined by 10% following Brexit, while Hong Kong’s dropped 4%, with wealthy expatriates opting for cities like Singapore after China’s stringent pandemic policies.
Meanwhile, emerging wealth centers are rapidly growing. Shenzhen, China, has seen a 140% increase in millionaires over the past decade. Similarly, Bengaluru in India, Ho Chi Minh City in Vietnam, and Scottsdale, Arizona, are experiencing substantial gains in high-net-worth populations.
The Middle East and Monaco
Dubai, the wealthiest city in the Middle East, ranks 21st globally, while Monaco holds a unique distinction: over 40% of its residents are millionaires, making it the world’s wealthiest per capita.
The Big Apple’s Resilience
Amid these global financial shifts, New York City remains firmly at the top. Despite rising competition and the appeal of warmer climates, the Big Apple continues to captivate the world’s wealthiest individuals, proving once again that it is the unshakable capital of wealth.
Written in partnership with Tom White
