Not Tokyo or Dubai, this is the richest city in the world with 60 billionaires and nearly 350,000 millionaires
An independent wealth research firm has crunched the numbers to come up with a list of the 50 wealthiest cities around the world.
Being wealthy allows one to have more freedom of movement and greater choice in where you want to live. And cities around the world compete to attract them along with global talent and capital to stimulate their economies.
The United States as a whole has been particularly successful as a wealth magnet with eleven of the top 50 wealthiest cities in the world located within its borders according to the latest World’s Wealthiest Cities Report. The annual study is published by the independent wealth research firm Henley & Partners in collaboration with global data intelligence firm New World Wealth.
The Big Apple: the wealthiest city in the world
At the top of the wealthiest cities in the world list is New York City. The combined wealth of its more than 8 million inhabitants is over $3 trillion which is greater than the total wealth held by the residents of most major G20 countries notes the report.
As far as its wealthiest individuals, the Big Apple is home to 349,500 millionaires, 744 centi-millionaires (those are people with more than $100 million of investable wealth), and 60 billionaires.
The fact that New York City is the wealthiest city in the world shouldn’t come as much of a surprise as it is the nation’s financial capital, home to Wall Street and 41 of the Fortune 500 companies in 2024. The city had a GDP of $1.8 trillion in 2023 according to USA Facts with the finance and insurance industries leading the pack generating $325.2 billion.
Some of the biggest names in banking, including Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley have their headquarters in the Big Apple. It is also one of the main centers of major advertising, fashion, healthcare, media, and real estate companies. The information industry has doubled over the past decade with tech giants from Silicon Valley creating their own ‘Silicon Alley’ in the Big Apple.
As you can imagine, with such concentration of wealth the city is also one of the most expensive. The average price of prime real estate is $2,638 per square foot ($28,400/sq m), less than the price in Monaco but more expensive than London, Hong King, Sydney, Tokyo or Dubai.
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