New York City has been identified as the wealthiest city globally, hosting 359,500 millionaires and 60 billionaires, according to an extensive study by Henley & Partners in collaboration with New World Wealth. This remarkable statistic places New York ahead of other global metropolises, with California's Bay Area following closely.

Wealth Growth in New York

Despite initial concerns about wealth flight and the impacts of the Covid-19 pandemic, New York’s millionaire population has surged by 48% over the past decade. The city now hosts more millionaires than the entire populations of cities like Orlando and Pittsburgh. The combined wealth of New York residents surpasses $3 trillion, exceeding the GDPs of major countries such as Brazil, Italy, and Canada. This substantial increase underscores the city's resilience and attractiveness to the wealthy.

The Bay Area's Rapid Rise

San Francisco and the broader Bay Area have also seen a dramatic rise in wealth. The region's millionaire population has grown by 82% in the past decade, reaching 305,700 people. The Bay Area also leads in the number of billionaires, with a total of 68. This growth is largely attributed to the booming tech industry and significant stock market gains.

Dominance of U.S. Cities

The United States continues to dominate the list of the world's wealthiest cities, with 11 of the top 50 cities located in the country. This dominance is fueled by thriving financial, technology, and entertainment sectors. Andrew Amoils, head of research at New World Wealth, highlighted the U.S.'s remarkable performance in wealth creation and millionaire growth compared to other Western cities.

Global Wealth Trends

The study also notes significant shifts in wealth across the globe. Tokyo, once the wealthiest city a decade ago, has slipped to third place with its millionaire population declining by 5% to 298,300. London, historically a top contender, has fallen to fifth place due to the impacts of Brexit, Russian sanctions, and other policies that have hindered wealth migration. London's millionaire population has decreased by 10% over the past decade.

China has made a notable entry into the top 10, with Beijing experiencing a 90% increase in millionaires over the past decade, totaling 125,600. However, a slowing economy and wealth flight have recently reversed this trend, with a 4% decline in millionaires last year.

Singapore's Surge

Singapore has benefitted significantly from the outflow of wealth from China, climbing to fourth place with a 64% increase in millionaires, now totaling 244,800. In 2023 alone, more than 3,400 millionaires moved to Singapore. Amoils predicts that Singapore will soon surpass Tokyo in the rankings.

Other Notable Cities

Los Angeles has also risen in the rankings, moving up to sixth place with a 45% increase in the number of millionaires. This growth further highlights the overall trend of significant wealth accumulation in U.S. cities.

Drivers of Wealth Creation

Juerg Steffen, CEO of Henley & Partners, emphasized the pivotal role of financial markets in driving global wealth creation over the past decade. The remarkable gains of the S&P 500, Nasdaq, and the surge in cryptocurrencies like Bitcoin have significantly boosted the fortunes of wealthy investors. Additionally, advancements in artificial intelligence, robotics, and blockchain technology have opened new avenues for wealth creation and accumulation.

Full Ranking of the World’s Richest Cities

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

This detailed analysis of wealth distribution across major global cities highlights the dynamic and evolving nature of global wealth, with significant implications for economic policy and investment strategies worldwide.