Are you curious about which cities in the world hold the most millionaires and billionaires? According to a recent study by Henley & Partners in collaboration with New World Wealth, New York City takes the top spot as the richest city in the world. With 359,500 millionaires and 60 billionaires calling it home, New York’s wealth has surged by 48% over the past decade.
But don’t count out the Bay Area of California, which is hot on New York’s heels. With a millionaire population of 305,700 and 68 billionaires, the Bay Area’s wealth has skyrocketed by 82% over the past decade. The US is solidifying its position as the largest creator of millionaires and billionaires globally, with 11 of the top 50 richest cities located in the country.
The rise in tech wealth, paired with a booming stock market and increased deal-making, has led to record wealth creation in the US. The pandemic fiscal stimulus has further accelerated wealth creation, particularly for the top 1%, whose wealth surged by over 40%, according to the Federal Reserve.
While some cities, like Tokyo and London, have seen a decline in wealth migration over the past decade, others like Beijing and Singapore are on the rise. Beijing saw a 90% increase in millionaires, while Singapore climbed two spots to fourth place in the rankings, with a 64% growth in millionaires.
Financial markets have played a significant role in wealth creation, with the S&P 500, Nasdaq, and Bitcoin all experiencing substantial gains. Advances in artificial intelligence, robotics, and blockchain technology have opened up new opportunities for wealth creation and accumulation.
At Extreme Investor Network, we keep you informed about the latest trends in wealth creation and investment opportunities. Stay tuned to our blog for more insights into the world of business news and finance.
