Newsroom International

New York is the Richest City in the World, but More Billionaires Flock to the West Coast

23 February 2024 Written by Staff Writer

New York City has once again asserted itself as the world's hub for high-net-worth individuals, attracting a significant portion of the globe's wealthiest population. A recent survey by investment migration firm Henley & Partners revealed that the Big Apple is home to a staggering 340,000 millionaires, marking a 40% increase in the number of high-net-worth individuals over the past decade. This impressive surge has allowed the metropolis to retain its status as the wealthiest city on the planet.

Despite New York City's overall appeal to the affluent, those occupying the uppermost tier of wealth appear to be more drawn to the West Coast. The Bay Area, which secured third place among the world's richest cities, boasts the highest number of billionaires with 63, narrowly surpassing New York's 58. This predilection can be attributed to the concentration of technology companies that have established their presence in Silicon Valley.

The top five wealthiest cities list also includes Tokyo, with 290,300 high-net-worth individuals, securing the second position; London, with 258,000, at fourth place; and Singapore, with 240,100, rounding out the list at fifth place. Intriguingly, Tokyo and London witnessed a decline in their wealthy populations over the past decade, losing 5% and 15%, respectively. Conversely, the Bay Area and Singapore experienced remarkable growth, with the former increasing by 68% and the latter by 40%.

Globally, the United States emerged as the dominant force among wealthy cities, with ten metropolitan areas featuring in the top 50 richest cities. In comparison, China secured five spots, while Australia garnered four. The past decade has witnessed extraordinary growth in several American cities, particularly Austin, Texas, which recorded a 102% increase in high-net-worth individuals, ranking second overall in this regard. Miami and West Palm Beach, Florida, also demonstrated impressive growth rates, with 75% and 90% increases, respectively. This surge in affluence can be partially attributed to the migration of businesses to the state during the pandemic, as remote work arrangements enabled CEOs and other executives to relocate to warmer climates.

On the other hand, Russia, which has historically been home to a considerable portion of the world's wealth, has experienced a dramatic decline in its high-net-worth population. This downturn has been fueled by factors such as the country's conflict with Ukraine. Over the past ten years, Moscow's high-net-worth population plummeted by 44%, while St. Petersburg's decreased by 38%.

Overall, New York City continues to serve as a magnet for the world's wealthiest individuals, firmly cementing its position as the richest city on the planet. Meanwhile, other American cities have also enjoyed exceptional growth in their affluent populations, further solidifying the United States' status as a haven for high-net-worth individuals. While some global cities have experienced declines in wealth, the overall trend indicates a continued concentration of wealth within specific urban centers, highlighting the growing divide between these metropolises and the rest of the world.