William Simpson
New York has more millionaires than any other city in the world, surpassing California’s Bay Area, London and other wealthy cities, according to a new report.
Nearly 350,000, or one in every 24 Big Apple residents, are millionaires, according to a new report. classification from Henley and partners. New York City is also home to 744 centimillionaires, with fortunes of at least US$100 million; and 60 billionaires. The total combined wealth of the city’s residents is over $3 billion.
New York tops the list of richest cities, although some of its richest residents have fled to Miami, now nicknamed Wall Street South, as financial companies set up shop in the Sunshine State. Billionaire hedge fund Ken Griffin recently moved Citadel’s headquarters from Chicago to Miami. Miami ranked 33rd on the list, with 35,300 millionaires, an increase of 78% compared to 2013.
After New York City, California’s Bay Area has the second highest proportion of millionaires – 305,700. Tokyo, Japan came in third place, followed by Singapore.
London, Paris, Dubai
London’s share of millionaires fell 10% compared to 2013, according to the report, leaving it in fifth place. Paris, in seventh place, is the richest city in continental Europe. Dubai is by far the richest city in the Middle East, having increased its population of millionaires by 78% in the last 10 years.
Henley and Partners, a company that provides residency and citizenship services, defined millionaires as individuals with investable net wealth of at least $1 million.
Some countries have had their wealth increased by so-called golden visa programs, which allow wealthy foreigners to obtain citizenship and/or residency. Seven of the richest cities in the world are in countries that host these types of programs.
“It is possible to guarantee the right to live, work, study and invest in the main centers of international wealth, such as New York, Singapore, Sydney, Vienna and Dubai, through investment”, said Dominic Volek, responsible for the private client area at Henley & Partners. “Being able to move yourself, your family or your business to a more favorable city or having the option to choose between several different cities around the world is an increasingly important aspect of international wealth and legacy planning for private clients. ”
The programs benefit cities and countries, which can use them “to attract the world’s richest and most talented to their shores,” Volek said.
For locals, however, the influx of foreign money could lead to them being price outside a real estate marketand even displace them from the very cities where they were born.
