New York City is World’s Richest Metropolis
New York City is World’s Richest Metropolis
In a new global ranking of the world’s wealthiest cities, New York City has emerged at the top, surpassing Paris, Singapore, and London.
The city is home to an astonishing 349,500 millionaires, with one in every 24 residents possessing a seven-figure net worth, based on a survey conducted by Henley & Partners and New World Wealth.
The city’s immense wealth is driven by its dominance in international finance, as Wall Street, the New York Stock Exchange, and Nasdaq fuel a thriving securities industry that employs thousands and generates hefty tax revenues. New York’s diversified economy, which also leads in media, technology, fashion, and real estate, has cemented the city’s status as a sanctuary for high-net-worth individuals.
The report reveals that New York’s millionaire population has grown by 48% over the past decade, and the city is home to 744 centi-millionaires (individuals with over $100 million of investable assets) and 60 billionaires. In comparison, London, which had been a near challenger for the top spot, has seen a sharp 10% decline in its millionaire population over the same period, dropping to fifth in the global rankings.
The US dominates the top 50 with 11 US cities included. New York City’s total wealth is estimated at more than $3 trillion, making it the richest city in the world. The city’s attractiveness to high-net-worth individuals is undeniable, with its unique mix of financial opportunities, cultural amenities, and lifestyle offerings attracting the wealthy.
The ranking is a testament to New York City’s historical role as a financial and economic world leader, and its ability to attract and retain top talent and investment from around the world. As the city is poised to further evolve and grow, it should remain a magnet for high-net-worth individuals and a hub of wealth creation and innovation.
