One Out of Every 24 New York City Residents Is Now a Millionaire
The number of people with a seven-figure net worth has jumped in Manhattan, the Bay Area and Singapore over the past decade, according to a report. London, Hong Kong and Moscow saw declines.
New York City residents have more than $3 trillion of combined wealth.
Photographer: Jeenah Moon/BloombergFor all the talk of a big-money exodus from New York, the city’s residents still have more wealth — in excess of $3 trillion — than those of any other metro in the world.
New York has almost 350,000 millionaires, which is the most of any city and up 48% from a decade ago, according to a global ranking of the wealthiest cities by Henley & Partners, an immigration consultancy. That means about one in every 24 of its 8.26 million residents has a seven-figure net worth, compared with about one in 36 in 2013. New York still has a large share of the ultra-rich, too: the report found that it has 60 billionaires and 744 people with investable wealth of more than $100 million.