How many millionaires live in New York City? 1 of every 24 residents are “high-net-worth individuals”
According to a new report, New York is home to the highest number of millionaires, with the income group making up 4 percent of the population.
Those who have visited New York often remark on the starkness of income inequality. How on street corners in Manhattan, Wall Street brokers cross paths with people experiencing homelessness. The riches of capitalism and its horrors are on full display for residents and visitors alike. New York City is not only one of the biggest cities in the US (topping that list), but it is one of the largest in the world, ranking 11th, according to UN estimates. The city has a diverse economy ranging from the entertainment industry to fashion, hospitality, and tourism to finance and business. However, it’s important to note that these industries, mainly the financial and entertainment sectors, contribute significantly to the wealth disparity in the city. This disparity has a profound impact on various groups, such as the Black community, whose historic neighborhoods have been subjected to gentrification, leading to the displacement of many residents over the last twenty years.
How many millionaires live in NYC?
According to a publication by Henly & Partners titled “The World’s Wealthiest Cities Report 2024″, New York City takes the top spot. The city is home to a staggering 349,500 millionaires, making up 4.19 percent of the city’s population, or 1 in every 24 New Yorkers. These ‘high net worth individuals’ have a net worth that exceeds the $1 million mark.
The report also reveals a startling trend in 2013: the number of millionaires has skyrocketed by 48 percent, a significant increase compared to the Bay Area’s 82 percent rise. Tokyo, the third city on the list, has seen a decline in its millionaire population over the past decade, dropping by 5 percent since 2013.
Other cities and regions that made it on the list were:
- The Bay Area, USA: 305,700 millionaires
- Tokyo, Japan: 298,300 millionaires
- Singapore, Singapore: 244,800 millionaires
- London, England: 227,000 millionaires
- Los Angles, USA: 212,100 millionaires.
Poverty is rising in New York City
On the other end of the income spectrum, New York City can be a callous place to live. Though there are job opportunities, the city is costly, and a low-wage job can put a low-wage job into a poverty trap. From 2021 to 2022, the number of city residents who lived in poverty rose by half a million to nearly a million, with children making up a quarter of that figure. Particularly concerning many economic policy experts was the surge in the number of children who fell into poverty, with the number rising from 260,000 to 420,000. One of the key drivers of the sudden increase was the elimination of the enhanced Child Tax Credit offered to parents and Guiradians in 2021, which cut child poverty in half during the six months it was being paid to millions of families across the country. Other factors include inflation across the market for essential goods and services that has cut into the purchasing power of many households.