A Henley & Partners study revealed that New York City (NYC) has the highest concentration of millionaires globally. The ranking comes as no surprise, given NYC’s status as the largest city in the United States, boasting a population of over 8 million residents. In comparison, the Bay Area, coming in second globally, has approximately 7.75 million inhabitants. Thus, on a per capita basis, NYC’s lead remains unchallenged.

One noteworthy aspect of this ranking is its contradiction of the prevalent narrative that suggests wealthy individuals are fleeing or will flee the city. Contrary to this belief, the data indicates otherwise. Moreover, it’s essential to recognize that individuals with a net worth in the single-digit millions in NYC may still be considered middle class compared to this affluent subset of millionaires.

Bloomberg provides further insight into this phenomenon in its article “One Out of Every 24 New York City Residents Is Now a Millionaire,” which is accompanied by an informative chart. The surge in wealth within NYC over the past decade is nothing short of remarkable, highlighting the city’s enduring appeal and economic vibrancy.

(millersamuel.com, bloomberg.com, henleyglobal.com)