In The Big Apple, nearly 350,000 residents, or one in every 24, are millionaires, as per a recent report from Henley and Partners. The city is also home to 744 centi-millionaires, with a net worth of at least $100 million, and 60 billionaires. The total wealth of New York City's residents surpasses $3 trillion.
Despite some of its wealthiest individuals relocating to Miami, now known as Wall Street South, due to the establishment of finance firms in the Sunshine State, New York still leads as the wealthiest city. Billionaire hedge fund manager Ken Griffin recently shifted Citadel's headquarters from Chicago to Miami. Miami, ranked 33rd on the list, has 35,300 millionaires, marking a 78% increase from 2013.
Following New York City, California's Bay Area boasts the second-highest number of millionaires at 305,700. Tokyo, Japan, secures the third spot, with Singapore following closely behind.
London, Paris, Dubai
A recent report by Henley and Partners, a firm specializing in residence and citizenship services, has identified millionaires as individuals with liquid investable wealth of at least $1 million.
Many countries have seen a rise in wealth due to golden visa programs, allowing affluent foreigners to obtain citizenship and/or residence. Interestingly, seven of the richest cities in the world are located in countries that offer these programs.
According to Dominic Volek, head of private clients at Henley & Partners, "Investment in these programs can grant individuals the right to live, work, study, and invest in major international wealth hubs like New York, Singapore, Sydney, Vienna, and Dubai. The ability to relocate to a more favorable city or choose from a variety of cities globally is becoming increasingly crucial for private clients in terms of international wealth and legacy planning."
Volek also pointed out that these programs are advantageous for cities and countries, as they can use them to attract the wealthiest and most talented individuals to their shores.
According to a recent article by the New York Times, the implementation of golden visa programs can result in locals being priced out of their own housing market due to foreign investment. This phenomenon can lead to displacement of long-time residents from the cities they call home.
