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New York City has the richest people in the world, according to a new report from investment migration consultancy Henley & Partners.
About 345,600 millionaires reside in the city, along with 15,470 multimillionaires who have assets of over $ 10 million, 737 millionaires (wealth of $ 100 million or more) and 59 billionaires, according to the report, making the U.S. financial center the richer.
The report reveals that about 4% of New York’s 8.38 million people own assets such as property, cash or stock, worth more than $ 1 million. The number drops dramatically to 15,470 when evaluating those with over $ 10 million in assets.
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The total private wealth held by New York residents was in excess of $ 3 trillion. Surprisingly, this is more than the total private wealth held in most of the major G-20 countries.
Japan’s capital Tokyo ranked second with 304,900 wealthy. A much smaller percentage of them have assets worth over $ 10 million. The report found that 7,350 people in Tokyo are multimillionaires, 263 are over $ 100 million, and 12 are billionaires.
San Francisco Bay, home to Silicon Valley, completes the top 3 richest cities, with 276,400 wealthy individuals, including 12,890 multimillionaires. The report states that 623 have assets worth at least $ 100 million and 62 billionaires live in the city.
Los Angeles, Chicago and Houston are the other cities in the United States in the top 10, ranking in 6th, 7th and 8th place respectively.
Many large cities have fallen on the charts or have seen a significant reduction in the ultra-rich living there. Of the top 10 cities with the richest individuals, seven experienced a decline. Only the San Francisco Bay Area, Singapore and Houston experienced growth. New York has already seen a 12% drop in the rich in 2022, while Los Angeles has seen a 6% drop and the percentage of ultra-wealthy citizens in Chicago has dropped 4%.
Another factor to consider is that overall wealth declined in 2022, Amoils said in an article published alongside the report.
Here are the 10 richest cities in the world and the number of wealthy individuals living in each of them according to the Henley & Partners report.
2. Tokyo, Japan (304 900)
3. San Francisco Bay Area, USA (276,400)
4. London, UK (272,400)
5. Singapore, Singapore (249,800)
6. Los Angeles, United States (192,400)
7. Chicago, USA (160,100)
8. Houston, USA (132,600)
9. Beijing, China (131,500)
10. Shanghai, China (130 100)
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