We all know it’s not cheap to live here, but did you know that you actually reside in the world’s wealthiest city?
According to Bloomberg‘s report on a study from migration firm Henley & Partners, NYC tops the list as the wealthiest city in the world, with over 340,000 millionaires and 58 billionaires as of last year.
The survey assessed a total of 97 cities around the globe (including regions of Africa, Australasia, CIS, East Asia, Europe, the Middle East, North America, South Asia, and Southeast Asia).
Following not far behind New York City is Tokyo (290,300 millionaires), then the Bay Area (285,000 millionaires) and London (258,000 millionaires). Interestingly enough, though NYC surpassed the quantity of millionaires in the Bay Area, San Francisco and Silicon Valley is actually home to 63 billionaires—5 more billionaires than NYC has.
Fun fact: NYC’s number of high net worth individuals (HNWIs) actually spiked 40% between 2012-2022. Furthermore, other cities such as Hangzhou in China observed a 105% rise and Austin, Texas a 102% surge. HNWIs refer to persons with investable wealth of USD 1 million or more, explains the survey.
And with so many affluent residents, it’s no wonder NYC’s rent is as high as ever.
The survey’s methodology includes data collected by wealth intelligence firm, New World Wealth. “The firm tracks the movements and spending habits of over 150,000 high-net-worth individuals in their in-house database (with a special emphasis on individuals with over USD 10 million in investable assets).” You can find out more about the annual survey here.