Economic reports from financial institutions or government economic reports

NYC Tops Global Wealth with 349,500 Millionaires, Up 48%

May 8, 2024, 08:55 AM

New York City has been identified as the wealthiest city in the world, with a significant increase in its millionaire population. Currently, the city boasts 349,500 millionaires and 60 billionaires, which represents a 48% increase from a decade ago. This growth means that one in every 24 residents of New York City now has a net worth of at least $1 million. The total wealth of all residents combined exceeds $3 trillion. This notable rise in wealth is contrasted with other global cities like Tokyo, which has seen a 5% decline in the number of millionaires over the same period. Additionally, Miami ranks 33rd in the global ranking of cities with the most millionaires.