New York surpasses Bay Area as richest city, leading in millionaire and billionaire growth.

From CNBC: 2024-05-07 11:04:27

New York is the richest city in the world, with over 359,500 millionaires and 60 billionaires, surpassing the Bay Area in California. The millionaire population in New York has surged by 48% in the past decade, amassing over $3 trillion in wealth, exceeding the GDP of several countries. The U.S. leads in creating millionaires and billionaires, with 11 cities in the top 50 richest cities globally.

San Francisco and the Bay Area are catching up with a 82% surge in millionaires, totaling 305,700, and leading in billionaire population with 68 billionaires. The surge in tech wealth, stock market, and pandemic fiscal stimulus have turbocharged wealth creation in the U.S., with the top 1% seeing wealth surge by over 40%.

Tokyo, once the wealthiest city, now ranks third with a decline in millionaire population. London’s wealth migration slowed due to Brexit and sanctions, causing a 10% decrease in millionaire population over the past decade. Beijing, with a growing millionaire population, saw a decline last year due to a slowing economy and wealth flight.

Singapore climbed to fourth place with a 64% increase in millionaires, attracting over 3,400 millionaires in 2023 alone. Los Angeles rose two spots to sixth place with a 45% increase in millionaires. Financial markets, including a surge in S&P 500 and tech sector, have been key in wealth creation over the past decade.

The rankings of the world’s richest cities are as follows: 1. New York City 2. Bay Area, California 3. Tokyo 4. Singapore 5. London 6. Los Angeles 7. Paris & Île-de-France 8. Sydney 9. Hong Kong 10. Beijing. Financial markets, technology advancements, and global wealth migration have influenced wealth creation and accumulation worldwide.



Read more at CNBC: New York tops new list