New York City is home to 349,500 millionaires and 60 billionaires, making it the wealthiest city in the world, according to a new survey.
Millionaire Population of New York City Increased by 48%
A global ranking of the wealthiest cities by London-based immigration consultancy Henley & Partners, in collaboration with New World Wealth, shows that New York's millionaires have surged 48% from a decade ago despite the recent wealth drain sparked by the COVID-19 pandemic.
That means out of 8.2 million citizens in the metropolis, one in 24 has a net worth of seven figures or more, the New York Post reported.
According to CNBC, New York City's millionaire population is bigger than Pittsburgh's or Orlando's entire population. The combined money of New York's residents is now over $3 trillion, greater than Brazil's, Italy's, or Canada's gross domestic product (GDP).
The Bay Area in California came in second overall behind New York. There are 305,700 millionaires in the Bay Area, an increase of 82% over the past decade. According to the report, which compared global wealthy populations as of December, the Bay Area has the most billionaires, at 68.
The US Is the World's Biggest Maker of Millionaires and Billionaires
The study also found that the US is the world's biggest creator of millionaires and billionaires. The report shows that 11 of the 50 wealthiest cities in the world are in the US.
Record amounts of wealth over the past decade resulted from the surge in tech wealth and the rise in the stock market and deal-making.
Andrew Amoils, head of research at New World Wealth, told CNBC that the US' dominance in the global financial, technology, and entertainment sectors is the main reason the country continues to dominate the world's wealthiest cities.
"Notably, US cities have significantly outperformed other western cities over the past decade when it comes to overall wealth and millionaire growth," he added.
Other cities that make it to the top 10 are Tokyo, Singapore, London, Los Angeles, Paris, Sydney, Hong Kong, and Beijing.
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