New York City has emerged as the wealthiest city globally, surpassing other significant global financial centers like Tokyo, London, and Hong Kong. According to a study by Henley & Partners, the city's vast concentration of wealth, particularly in terms of the number of resident millionaires, places it at the top of the world's wealth hubs. The study found that New York City is home to 340,000 millionaires, indicating its status as a prime location for high net worth individuals.
The study's findings showcase the global distribution of wealth, with other cities also featuring prominently. Tokyo ranks as the second wealthiest city, hosting 290,300 millionaires. California's Bay Area follows closely with 285,000 millionaires, demonstrating the region's significance as a wealth and innovation center, particularly in the technology sector. London, with its long-standing reputation as a global financial hub, houses 258,000 millionaires, while Singapore's strategic position in Asia and favorable business environment bring its millionaire count to 240,100.
Los Angeles and Chicago also make the list, highlighting the concentration of wealth in the United States. Los Angeles has 205,400 millionaires, while Chicago, known for its diverse economy and financial services, is home to 124,000 millionaires.
When considering the ultra-wealthy, such as billionaires, the Bay Area surpasses New York City, likely due to the significant impact of the tech industry. The Bay Area has 63 billionaires, followed by New York City with 58, and Beijing with 43.
Despite these cities' wealth, they offer a range of activities and experiences accessible to those on a budget. In New York, visitors can enjoy iconic experiences like riding the Staten Island Ferry or exploring Central Park at no cost. Similarly, in San Francisco, there are numerous affordable or free attractions, including the Golden Gate Bridge and Alamo Square Park.
The list of the top 10 wealthiest cities, with their respective millionaire populations, provides insight into global wealth distribution and the cities' attractiveness to high net worth individuals: