June 5, 2023

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The city with the most millionaires in the world.. you won’t believe their numbers!

The war has reduced the number of wealthy people in Moscow by 40% over the past decade

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New York again topped the list of the world’s wealthiest cities last year, home to some 340,000 millionaires, according to immigration and investment consultancy Henley & Partners.

It was not the only American city on the list of the 50 richest cities around the world, as the United States accounted for a fifth with 10 cities. Tokyo took second place, followed by the Gulf of California, London and Singapore. The annual survey covered 97 cities in nine regions around the world, according to Bloomberg and reviewed by Al Arabiya.net.

And “New York”, aka the “Big Apple”, took the top spot after a 40% increase in the number of high-net-worth individuals between 2012-2022. Singapore has the same growth rate of millionaires, but lags behind cities like Shanghai, Houston, Dubai and Mumbai.

China followed the US with 5 cities in the list of 50 cities, ahead of Australia with 4 cities.

In the elite category, specifically billionaires, California’s Bay Area was the winner, with a total of 63 billionaires tied to Silicon Valley and the surrounding San Francisco area, according to the report. This was followed by New York, Beijing, Los Angeles and Shanghai.

The Chinese city of Hangzhou led the way in ten-year growth in per capita net worth with a 105% increase, while Austin, Texas, came in second with a 102% increase. Miami and West Palm Beach, Florida — both of which benefited from many business leaders and financial institutions moving to South Florida during the pandemic — saw the number of high-net-worth individuals rise 75% and 90%, respectively.

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At the other end of the spectrum, Russia’s war in Ukraine and the sanctions and citizen exodus it triggered appear to have hit Moscow hard, with the number of millionaires calling the Russian capital home down 44% from pre-2012 levels. Petersburg saw a 38% decline.