In New York, 1 in 24 residents is a millionaire

In New York, 1 in 24 residents is a millionaire
In New York, 1 in 24 residents is a millionaire

Reading time: 2 minutes – Spotted on Bloomberg

3,000 billion dollars, or approximately 2,971 billion euros: this is the fortune owned by all of the 8.3 million inhabitants of New York. The American city is first in the ranking, and this is not its only gold medal, indicates Bloomberg, since it also stands out for its incredible rate of millionaires.

The figure is incredible but true: in 2023, New York was home to nearly 350,000 millionaires, which corresponds to an increase of 48% in ten years. We owe this information to the firm Henley & Partners, author of a vast ranking of the richest cities in the world, which also reveals to us that 744 New Yorkers are at the head of a fortune of nine figures or more (i.e. 100 million dollars minimum), 60 of whom are billionaires.

Arizona Dream

A brief calculation allows us to conclude that currently, 1 in 24 New York residents is a millionaire, compared to 1 in 36 in 2013. In the ranking of areas with the greatest number of millionaires, Big Apple is ahead of the Bay Area (name given in San Francisco and its outskirts), with 305,700 millionaires, an increase of 80% in ten years. Next come Tokyo (298,300), Singapore (244,800), London (227,000) and Los Angeles (212,100).

Paris and Île-de-France come in seventh position with 165,000 millionaires, or 12% more than in 2013: this represents 1 in 74 inhabitants. Sydney, Hong Kong and Beijing close the top 10. However, we note that all the cities have not experienced a boom in their number of millionaires, since Tokyo, London and Hong Kong are in slight decline – notably the English capital, with a drop of 10%.

In the case of London, Bloomberg discusses the impact of Brexit, which would have pushed some of its wealthiest residents to pack up and go to areas considered more stable. On the Hong Kong side, it appears that a number of millionaires have chosen to head to Singapore, concerned about China’s faltering economic health.

However, this did not prevent the city of Shenzhen, located in the south-east of China, from seeing its number of millionaires jump by 140%, or a multiplication by 2.4. Other cities have happily crossed the 100% increase milestone: this is the case of the Indian city of Bangalore, but also of Ho Chi Minh City (Vietnam) and Scottsdale, an American city in the state of ‘Arizona. If you want to make rich friends, you now know where to move first.

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