Five of the 10 richest cities in the world are in the US.

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The total private wealth held by New York residents was found to exceed $3 trillion.

Alexander Spatari via Getty Images

New York City is home to more wealthy people than any other city in the world, according to a new report by investment migration consultancy Henley & Partners.

About 345,600 millionaires reside in the Big Apple, along with 15,470 billionaires who have assets of more than $10 million, 737 centi-millionaires (wealth of $100 million or more) and 59 billionaires, according to the report. The financial center of the US is recognized as the richest city in the world by various measures.

The report finds that about 4% of New York’s 8.38 million citizens own investable assets (property, cash, or stocks) worth more than $1 million. The number drops significantly to 15,470 when evaluating those with more than $10 million in assets.

The total private wealth held by New York residents was found to exceed $3 trillion. Surprisingly, that’s more than the total private wealth held in most major G-20 countries.

Japan’s capital Tokyo ranked second with 304,900 wealthy people. Compared to New York, a much smaller proportion of them have assets worth more than $10 million. The report found that 7,350 people in Tokyo are billionaires, 263 have more than $100 million, and 12 are billionaires.

The San Francisco Bay Area, which includes Silicon Valley, rounds out the top three wealthiest cities, with 276,400 wealthy people, 12,890 of whom are billionaires. The report says 623 have assets worth at least $100 million and 62 billionaires live in the city.

Los Angeles, Chicago and Houston are the other US cities in the top 10, at No. 6the7theand 8therespectively.

Cities with the fastest growing millionaire populations

Houston also has one of the fastest growing populations of millionaires, according to the report. Austin, Miami, West Palm Beach and Greenwich are other US cities that have seen a significant increase in the number of wealthy people so far this year.

The report links this to major US companies moving their headquarters to these cities. Since the start of the coronavirus pandemic and the shift to flexible working, businesses require less office space and many employees have moved to smaller cities to improve their quality of life and lower their cost of living.

This trend is especially common in the technology sector, with Oracle Y tesla in motion from California to Austin, and Hewlett-Packard Enterprise moves to Houston at the beginning of this year.

Additionally, these cities have become top retirement destinations, Andrew Amoils, head of research at wealth intelligence firm New World Wealth, who collaborated on the report with Henley & Partners, told CNBC.

“Florida is an increasingly popular destination for high-net-worth retirees, especially those from cities on the East Coast of the United States,” he said.

However, the top five cities with the fastest growing millionaire populations are not in the US.

Riyadh in Saudi Arabia, Sharjah and Dubai in the United Arab Emirates, Lusaka in Zambia and Luanda in Angola lead the pack. In the first half of 2022, they saw an increase of up to 20% in terms of their wealthy population.

The report links this to the booming oil and gas industries, which have flourished as energy prices have soared and boosted stock markets in these areas.

Many major cities saw a decline in millionaires.

Many major cities either fell in the rankings or saw a significant reduction in the ultra-rich people living there.

Of the top 10 cities with the highest number of wealthy people, seven saw a decline. Only the San Francisco Bay Area, Singapore and Houston saw growth.

New York, for example, has already seen a 12% drop in wealthy people in 2022, while Los Angeles saw a 6% decline and Chicago’s share of ultra-wealthy citizens fell 4%.

Typically, the movements of the wealthy within the US “are related to seeking better business opportunities in another city/state. In addition, security and tax concerns are the main drivers,” Amoils said. .

Another factor to consider is that overall wealth has declined in 2022, Amoils said in a paper published along with the report.

“The figures of high net worth individuals worldwide fell by 5% in the six months to June 2022. This drop was mainly due to the poor performance of the main stock indices,” he said.

This means that the declines in wealthy populations are not just related to people moving to different cities, but simply that there are fewer people who fall into this category.

Several major cities in Europe and Asia also saw declines among their wealthy populations. UK London, for example, recorded a 9% drop, causing the city to drop to fourth place overall.

France’s capital Paris fell three places to 20themeanwhile, as the city lost 12% of its wealthy.

top 10

These are the 10 richest cities in the world, and the number of wealthy people who live in each of them, according to the Henley & Partners report.

1. New York, USA (345,600)

2. Tokyo, Japan (304,900)

3. San Francisco Bay Area, USA (276,400)

4. London, UK (272,400)

5. Singapore, Singapore (249,800)

6. Los Angeles, USA (192,400)

7. Chicago, USA (160 100)

8. Houston, USA (132,600)

9. Beijing, China (131,500)

10. Shanghai, China (130,100)

Correction: This article has been updated to correct the number of millionaires living in New York City.

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