New York has taken the crown of being the world’s richest city, yet again, with the most millionaires in 2023, according to a report. The city has 3,40,000 millionaires, according to global wealth tracker Henley & Partners.
The city is followed by Tokyo and San Francisco Bay Area with resident millionaire populations of 290,300 and 285,000, respectively.
The report – World’s Wealthiest Cities Report 2023 – covers 97 cities across nine regions worldwide (Africa, Australasia, CIS, East Asia, Europe, the Middle East, North America, South Asia, and Southeast Asia) and includes most of the world’s top wealth hubs.
The US dominated the list with four of its cities – New York, The Bay Area, Los Angeles and Chicago – making it to the list. China has two of its cities (Beijing and Shanghai) in the list.
London has dropped to fourth place on this year’s list with 258,000 resident high-net-worth individuals (HNWIs), followed by city-state Singapore with 240,100. In 2000, London was the top city in the world for millionaires, but it has slipped down the list over the past 20 years.
The Big Apple – a nickname for New York City – is home to 3,40,000 millionaires, 724 centi-millionaires, and 58 billionaires. It is home to the world’s two largest stock exchanges by market cap (the NYSE and the Nasdaq). The city comprises the five boroughs of the Bronx, Brooklyn, Manhattan, Queens, and Staten Island, and features some of the world’s most exclusive residential streets, including 5th Avenue in Manhattan where prime apartment prices can exceed $27,000 per square meter, according to the report.