According to a report by global wealth tracker Henley & Partners, New York has retained its title as the world's richest city in 2023, with a total of 340,000 millionaires residing in the city. The report titled 'World's Wealthiest Cities Report 2023' covers 97 cities across nine regions worldwide, including most of the world's top wealth hubs.
The ranking
The report ranks Tokyo and San Francisco Bay Area as the second and third wealthiest cities in the world, with resident millionaire populations of 290,300 and 285,000, respectively. The United States dominates the list with four cities - New York, the Bay Area, Los Angeles, and Chicago - making it to the list. China has two of its cities, Beijing and Shanghai, in the list.
London has slipped down to fourth place on this year's list, with 258,000 resident high-net-worth individuals (HNWIs), followed by Singapore with 240,100. In 2000, London was the top city in the world for millionaires, but it has slipped down the list over the past 20 years.
New York's Wealth
New York City comprises the five boroughs of the Bronx, Brooklyn, Manhattan, Queens, and Staten Island, and features some of the world's most exclusive residential streets, including 5th Avenue in Manhattan where prime apartment prices can exceed $27,000 per square meter.
The Big Apple is home to 340,000 millionaires, 724 centi-millionaires, and 58 billionaires. It is home to the world's two largest stock exchanges by market cap - the NYSE and the Nasdaq.
Why New York City is so wealthy?
New York's wealth can be attributed to various factors such as the city's status as a global financial hub, the presence of major stock exchanges, and a high concentration of global corporations. The city is also home to many luxury brands and high-end retail stores, and its real estate market is one of the most expensive in the world.
Final thoughts
New York City's position as the world's richest city is a testament to its economic strength and the opportunities it offers to its residents. With a diverse range of industries, a thriving financial sector, and a bustling real estate market, the city continues to attract wealthy individuals from around the world. However, the rise of other cities, such as Tokyo and the San Francisco Bay Area, indicates that the world's economic landscape is continually evolving.
