Did you know that millionaires in New York are more than you might have imagined? Recent findings reveal that the New York millionaire class is growing at an astonishing rate.
According to a report by Henley and Partners, approximately 350,000 individuals in New York City alone have a net worth of at least a million dollars. That's one millionaire for every 24 residents.
The city is also home to an impressive 744 centi-millionaires, each worth a minimum of $100 million and a noteworthy 60 billionaires.
When you tally up the collective wealth of New Yorkers, it surpasses a staggering $3 trillion.
The Reasons Behind the Numbers
Despite the ongoing narrative of wealthy New Yorkers migrating to other locales like Miami, often termed "Wall Street South," the city remains unrivalled in its concentration of wealth.
For example, billionaire hedge fund manager Ken Griffin moved from Citadel's headquarters in Chicago to Miami.
While Miami's millionaire population has also increased by 78% since 2013, New York remains the number one spot.
Millionaires in New York are equally noteworthy beyond the borders of the United States.
The California Bay Area comes in a distant second with 3 seconds with 305,700 millionaires, followed by Tokyo and Singapore. Even top economic centers like London and Dubai trail behind New York.
According to the report, London's millionaire population dropped 10% from 2013, placing it fifth.
Paris is ranked seventh, while Dubia dominates the Middle East, with its millionaire's population growing by 78% in the last 10 years.
What Makes Someone a Millionaire?
According to Henley and Partners, the firm behind the report, a Millionaire is an individual possessing liquid investable assets totaling at least $1 million.
This wealth metric doesn't just mean a city is rich, it also shows the economic vitality and global influence.
Moreover, the rise of "golden visa" programs, which offer residency or citizenship to wealthy foreign investors, has also contributed to wealth accumulation in certain cities.
Programs like these are widespread in nations such as Austria, Australia, and the United Arab Emirates, and they play a crucial role in drawing in international capital and skilled individuals.
"You can secure the right to live, work, study, and invest in leading international wealth hubs such as New York, Singapore, Sydney, Vienna, and Dubai via investment," said Dominic Volek, head of private clients at Henley & Partners. "
Being able to relocate yourself, your family, or your business to a more favorable city or have the option to choose between multiple different cities across the world is an increasingly important aspect of international wealth and legacy planning for private clients."
"The programs benefit cities and countries, which can use them 'to attract the world's wealthiest and most talented to their shores,'" said Volek.
The Implications for New Yorkers
The economic advantages brought by the increase in riches are undeniable, but they also pose their own difficulties for the common inhabitants.
The exorbitant cost of property, driven by foreign investment, may make housing beyond the means of many, raising fears of gentrification and displacement.
Thus, it is essential to find a middle ground between affluence and inclusiveness.