Stacey Leasca
2 min read
DogoraSun/Getty Images
Luxury store fronts in the SoHo neighborhood of New York City/-
New York City topped a report of the wealthiest cities in the world.
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Manhattan is home to 384,500 millionaires, 818 centimillionaires, and 66 billionaires.
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Eleven of the 50 cities on the list are located in the U.S., with the Bay Area ranking second, Los Angeles fifth, and Chicago 10th.
Global wealth has tripled in two decades, and a lot of it is concentrated right here in the U.S.
In April, Henley & Partners, a company focusing on residency and citizenship by investment, in partnership with global wealth intelligence firm New World Wealth, which tracks global wealth migration trends between countries and cities, released its joint World Wealthiest Cities Report. Its lists include the most expensive cities in the world, the fastest-growing wealth hubs, and one of the wealthiest cities, topped by New York City.
According to the report, the Big Apple is home to 384,500 millionaires, 818 centimillionaires, and 66 billionaires, indicating a substantial concentration of wealth in Manhattan.
Henley & Partners shared in a press release that 11 out of the 50 cities on the list are in our country. It added that the Bay Area, which includes San Francisco and Silicon Valley, came in a close second with 342,400 resident millionaires. However, the company also pointed out that the Bay Area is now home to more billionaires—82—than New York and "continues to thrive as the epicenter of technological wealth creation, enjoying exceptional millionaire growth of 98 percent over the past decade."
Other cities to rise to the top of the list include Tokyo, in third place, followed by Singapore (fourth), Los Angeles (fifth), London (sixth), Paris (seventh), Hong Kong (eighth), Sydney (ninth), and Chicago (10th).
The report also noted that London and Moscow are the "only two cities in the top 50 that have recorded negative growth over the past decade, with their millionaire populations declining by -12 percent and -25 percent, respectively."
Juerg Steffen, CEO of Henley & Partners, stated that the winning ten cities are located in countries offering residence-by-investment programs, "creating direct pathways for entrepreneurs and investors seeking access to these wealth hubs."
“These urban centers share common DNA—robust legal frameworks, sophisticated financial infrastructure, and perhaps most critically, investment migration programs that welcome global talent and capital," Steffen added.
See the full results at henleyglobal.com.
Related: 40 Best Things to Do in New York City, According to Local Experts
Read the original article on Travel & Leisure
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