According to the annual report of Henley & Partners, a consulting company prepared in conjunction with the analytical firm New World Wealth, New York has once again been ranked first among all the world’s cities by the number of dollar millionaires living in it.
There are 384.5 thousand millionaires in New York, a number that has increased by 45% over the past 10 years. The city is home to 818 people with assets exceeding $100 million.
The San Francisco Bay Area, which includes San Francisco and Silicon Valley, took second place.
According to the study, the number of millionaires in this area has almost doubled (by 98%) over the past decade and reached 342,400.
Only Shenzhen (142%), Hangzhou (108%), and Dubai (102%) have recorded higher growth rates in the millionaire population. In addition, San Francisco is now home to more billionaires than New York – 82 versus 66.
Dubai has shown the best growth in the world’s top 50 cities over the past year, rising to 18th place from 21st. The number of dollar millionaires in the town now stands at 81,200. The sharpest decline was recorded in Seoul, which slipped to 24th place from 19th.
London is the only city where the number of millionaires has declined over the past decade. The British capital now ranks sixth in the world in terms of the number of millionaires (215.7 thousand), ahead of Tokyo (292.3 thousand), Singapore (242.4 thousand) and Los Angeles (220.6 thousand). Since 2014, the number of millionaires in London has decreased by 12%.
Over the past year, the top 50 cities in the world by the number of millionaires have seen one change: Lisbon entered the list (22.2 thousand millionaires), while New Zealand’s Auckland left it.
Monaco topped a separate list of the most expensive cities in the world – the cost per square meter of elite residential real estate in the principality exceeds $38.8 thousand. At the same time, Monaco is also the world leader in average wealth per capita – the figure exceeds $20 million.
New York ranked second in terms of housing costs ($27.5 thousand per square meter), Hong Kong was third ($26.3 thousand), and London was fourth ($24 thousand).