New York tops cities that are home to people with over $1-mn investable wealth

The Big Apple held its top spot.

New York City has emerged as the wealthiest city in the world with 58 billionaires, while Tokyo and The Bay Area are at the second and third spot respectively, according to a report by investment migration firm Henley & Partners.

The report analysed high-net-worth individuals (HNWIs) with an investable wealth of over $1 million.

In the top 10, the US dominated with four of its cities listed (New York City, The Bay Area, Los Angeles and Chicago), while China had two of its cities listed (Beijing and Shanghai.) One European city, London, made it onto the list, dropping down to the fourth place.

The Big Apple held its top spot after the number of high net worth individuals surged 40 percent in the 2012-2022 period. That was the same as Singapore, but lagged behind cities such as Shanghai, Houston, Dubai and Mumbai.

Singapore ranks fifth with 2,40,100 HNWIs while Sydney ranks 10th with 1,26,900 HNWIs.

The Indian cities that made it to the list were Mumbai with 59,400 HNWIs and 29 billionaries, followed by Delhi with 16 billionaires, Bengaluru with 8 billionaires, Hyderabad with 5 billionaires and Kolkata with 7 billionaries.

California’s Bay Area won when it came to the total number of billionaires — 63 call the region surrounding Silicon Valley and San Francisco home, as per the report. That was followed by New York, Beijing, Los Angeles and Shanghai.

The ten-year growth in high net worth individuals was led by the Chinese city of Hangzhou, which saw a 105 percent rise, while Austin, Texas came in second with a 102 percent increase. Miami and West Palm Beach, Florida saw the number of high net worth individuals climb 75 percent and 90 percent respectively.

At the other end of the spectrum, Russia’s war in Ukraine and the combination of sanctions appear to have hit Moscow hard. The number of millionaires calling the Russian capital home plunged 44 percent from a decade earlier, while St. Petersburg saw a 38 percent slump.

With inputs from agencies