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1 Out Of Every 24 People In New York City Is A Millionaire — Most In The World - YAHOO FINANCE

MAY 12, 2024

Despite ongoing discussions about financial migration, New York City continues to hold the title of the wealthiest city globally. The collective resident assets of this city are over $3 trillion, according to a new study by Henley & Partners, a consultancy specializing in global wealth mobility.

The city boasts nearly 350,000 millionaires, the highest number worldwide, marking a 48% increase from 10 years ago. This wealth concentration means roughly one in every 24 New Yorkers possesses a net worth of at least one million dollars, compared to one in 36 a decade ago.

The city’s allure for the ultrarich continues unabated by the ongoing debates on financial migration. Nearly 350,000 millionaires are calling it home, which is a 48% increase from a decade ago. This concentration of wealth signifies that about one in every 24 residents has a net worth of at least one million dollars, compared to one in 36 in 2013.

According to Juerg Steffen, CEO of Henley & Partners, this wealth accumulation is primarily driven by the recent boom in global financial markets. "The S&P 500's 24% gain last year, along with the Nasdaq's 43% surge and Bitcoin's staggering 155% rally, has buoyed the fortunes of wealthy investors," he explained.

New York's ultrarich population includes 60 billionaires and 744 individuals with investable assets exceeding $100 million. The city not only retains a significant portion of the world’s ultrarich but also continues to draw high-net-worth individuals despite its high living costs.

These figures showcase New York’s financial clout at a time when there’s apprehension about a potential wealth shift to Florida, where the finance sector is nurturing a "Wall Street South." Miami did rise to the 33rd spot in millionaire rankings, up 78% over the past decade, but remains far behind New York.

Meanwhile, the city faces a contrasting migration trend. Nearly 200,000 New Yorkers with incomes below $172,000 have relocated from the city between 2017 and 2022, driven by soaring living expenses. The average rent for a two-bedroom apartment now stands at $4,950, up 26% since last year, according to Zumper.

Child care has also become prohibitively expensive, with families needing to earn around $300,000 annually to afford these costs — far above the city’s median family income of about $75,000. This economic disparity highlights the challenges faced by lower-income residents, making New York a city of extreme financial dichotomies.

Globally, wealth dynamics are shifting. The Bay Area ranks second with 305,700 millionaires, while Tokyo, previously a top contender, holds the third spot with 298,300 millionaires, experiencing a slight decline.

Emerging wealth centers like Shenzhen have seen a 140% increase in their millionaire populations over the past decade. Cities like London and Hong Kong have witnessed declines, influenced by significant political and economic events like Brexit and stringent pandemic-era policies in China.

As wealth continues to concentrate in cities like New York, the global distribution of wealth remains dynamic. The traditional financial hubs are maintaining their lead while newer destinations increasingly attract the globe’s richest.


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