Despite speculation around a mass migration of wealthy New Yorkers to other states, New York City remains the world’s leading hub of wealth. Residents of the city collectively control more than $3 trillion in assets, according to a recent global ranking by Henley & Partners, an immigration consultancy.
The Big Apple has retained its dominant position with nearly 350,000 millionaires—a staggering 48% increase over the past decade. These numbers translate to roughly 1 in 24 city residents having a net worth of at least seven figures, compared to about one in 36 in 2013.
Moreover, NYC is home to a significant number of ultra-wealthy individuals: 60 billionaires and 744 people with investable assets exceeding $100 million reside in the city, reinforcing its reputation as the wealth epicenter.
Economists note that technological advances and a strong entrepreneurial ecosystem have sustained the generation of wealth in the state. The resilience of New York’s luxury real estate market attracts investors and high-net-worth residents, bolstering the city’s reputation as a stable investment destination. New York also remains a global hub for finance, fashion, and tech, attracting ambitious professionals and entrepreneurs from around the world. Its cultural vibrancy and diverse neighborhoods further contribute to its enduring appeal.
However, some of the city’s richest 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. 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.
Meanwhile, the San Francisco Bay Area secured the second spot globally, with 305,700 residents worth over a million dollars. Tokyo holds the third position with 298,300 millionaires, though its numbers have dipped by 5% over the same period. Singapore ranks fourth and continues to attract high-net-worth individuals, with over 3,400 millionaires migrating there in 2023 alone.
Juerg Steffen, Henley & Partners’ CEO, noted that the growth of the world’s wealthiest cities can be attributed to the boom in global financial markets over the past few years. Global equities surged by 20% in 2023, and this year continues to show strong growth with a nearly 7% increase.
However, not all global financial hubs have maintained their momentum. London experienced a 10% decline in millionaires following Brexit, while Hong Kong’s millionaire population shrank by 4% as wealthy expatriates sought new homes in Singapore after China’s pandemic-era restrictions.
On the other hand, rising wealth centers have emerged. In Shenzhen, China, the millionaire population has ballooned by 140% in the last decade. In India, Bengaluru has more than doubled its count of millionaires, while Vietnam’s Ho Chi Minh City and Scottsdale, Arizona, have experienced similar trends.
In the Middle East, Dubai remains the wealthiest city, coming in at 21st globally. Monaco stands out as the world’s wealthiest per capita, with over 40% of its residents classified as millionaires. New York City ranks second.
While these global financial shifts continue to reshape the distribution of wealth, New York City remains resilient at the top, proving that even amid rising competition, the Big Apple holds firm as the world’s preeminent capital of wealth.
