New York City is the world's wealthiest city in 2024, according to the 2024 World’s Wealthiest.
Cities Report, which reveals an impressive growth in millionaire populations. The Bay Area follows closely in second place, while Tokyo and Singapore also secured top spots.
According to the annual report by Henley & Partners, New York City's total wealth now surpasses USD 3 trillion. The Big Apple has a staggering 349,500 millionaires, making it the world's wealthiest city. Northern California's Bay Area holds second place with 305,700 millionaires and 68 billionaires. In the past decade, the Bay Area experienced an incredible 82 percent growth amongst its millionaire population.
Tokyo, once the world's wealthiest city, now ranks third with 298,300 millionaires. Singapore, enjoying a 64% increase in millionaires in the past 10 years, follows in fourth place and is projected to soon unseat Tokyo as Asia's wealthiest city. London has seen a 10% decline in its population of millionaires, ranking fifth on the list.
Chicago ranked 12th on the list, with 120,500 millionaires, 290 centi-millionaires, and 24 billionaires. Chicago also showed 22% millionaire growth, according to the Henley & Partners report.
Financial markets and technology advancements have played crucial roles in driving growth in these cities. Surges from the S&P 500, Nasdaq, and Bitcoin boosted investor earnings significantly. Additionally, the rapid expansion of artificial intelligence and other technologies created new sources of wealth accumulation.
FAQs
That's according to the World's Wealthiest Cities Report 2024 from Henley & Partners, an immigration consultancy for high-net-worth and ultra-high-net-worth individuals. This means roughly 1 in 24 New Yorkers are millionaires, an astonishing fact given a total population of 8.3 million as of 2023.
What cities have the most millionaires Henley and partners? ›
The US leads the pack, with 11 cities in the Top 50 World's Wealthiest Cities list, including New York City, which boasts a staggering 349,500 millionaires, followed by Northern California's Bay Area (305,700) and Los Angeles (212,100).
Who has the most money in the world 2024? ›
Elon Musk. Elon Musk is now the richest person in the world. He is the CEO of several prominent companies, including electric car manufacturer Tesla and space exploration company SpaceX.
What is a richest city? ›
Houston topped the ranking, with 37% of homes showing signs of these critters in the past 12 months, according to the study. H-Town is known for its heat and humidity, and Pest Gnome said roaches thrive in these conditions.
What city has the most millionaires? ›
New York has more millionaires than any other city in the world, beating out California's Bay Area, London and other wealthy cities, according to a new report. Nearly 350,00, or one in every 24 residents of The Big Apple are millionaires, according to a new ranking from Henley and Partners.
What is the richest city in the world by population? ›
Population is defined as all nationals present in, or temporarily absent from a country, and aliens permanently settled in a country. This indicator shows the number of people that usually live in an area. Growth rates are the annual changes in population resulting from births, deaths and net migration during the year.
Is 200k enough in NYC? ›
Yes, that's the top 25% among some of the highest earning households in the world. This suggests that, even in New York City, you can live a decent life on $200k a year. Of course, how you define “a decent life” will be relative to your liabilities.
Does NYC have the most millionaires? ›
New York Tops List of Cities With Most Millionaires. The boom in financial markets in the past few years has driven growth in the world's richest cities, according to Juerg Steffen, Henley & Partners' chief executive officer. Global equities surged 20% in 2023 and are up almost 7% this year.
What percentage of NYC residents own home? ›
While New York City is largely a city of renters (especially compared to the U.S. as a whole), roughly 1.1 million residents, representing slightly over 30% of all NYC households, own their homes, and these homeowners span the income spectrum.
What is the richest city in 2024? ›
Revealed: the world's wealthiest cities in 2024
To come up with the ranking, the firm assessed the number of millionaires (and billionaires) who are residents there. Claiming the top spot for another year running is New York City.
Golf Courses and Tennis Clubs: Wealthy people like golf and tennis. Join group classes in these best settings to learn and network. Exquisite Dining Places: Rich people are fond of dining out in upscale restaurants. The chance meetings work best at our local extravagant restaurants and high-end steakhouses.
Why is Dubai so rich? ›
The discovery of oil in 1966 changed everything and transformed Dubai into a wealthy city almost overnight. Oil and gas exports generated huge revenues for the city and enabled it to invest in infrastructure, public services, and social programs.
What is the richest city in Asia 2024? ›
Singapore is set to replace Tokyo as Asia's wealthiest city, new research shows.
