The Big Apple is home to the largest number of millionaires in the world, despite the recent pandemic-driven exodus of wealth.
There are 350,000 millionaires in New York, meaning that one in 24 of the city’s 8.2 million residents has a net worth of seven figures or more, according to a global ranking of the richest cities by immigration consultancy Henley & Partners, previously reported by Bloomberg. .
The proportion of millionaires in the city increased from one in 36 in 2013, according to the report.
In fact, New York is home to 60 billionaires and 744 people with investable wealth of over $100 million.
Henley & Partners defines the term “millionaire” as “individuals with investable liquid wealth of $1 million or more.”
Investable liquid wealth consists of cash or cash equivalents that can easily be converted into cash without losing much value, such as marketable securities like stocks, bonds, or mutual funds, as well as funds money market investors, which generally invest in government securities and certificates of deposit. .
Collectively, New York City citizens own more than $3 trillion in wealth.
The US financial capital has benefited from the stock market boom in recent years, according to Juerg Steffen, chairman and CEO of Henley & Partners.
Last year, global stocks jumped 20% and are up nearly 7% this year, according to Bloomberg.
The results prove that New York’s wealth is strong despite the decampment of some of the city’s ultra-rich to Florida in search of tax cuts and less restrictive pandemic lockdowns – so much so that the Sunshine State reportedly recently overtook New York as the most valuable U.S. real estate market. Last year.
In total, of the more than 545,000 people who left New York state in 2022, more than 91,000 moved to Florida that same year.
As a result, luxury golf clubs in South Florida have in some cases doubled and tripled their membership rates since the pandemic, according to the Financial Times.
Additionally, a shift in power has paved the way for a Wall Street South, according to Bloomberg.
Most notably, Carl Icahn’s Icahn Capital Management abandoned its swanky Manhattan digs atop the General Motors Building on Fifth Avenue in favor of a 14-story office complex in a Miami suburb in August 2020.
Hedge fund mogul Paul Singer’s Elliott Management — which oversees a total of $59.2 billion after revamping its investment targets, including AT&T, Twitter and the Argentine government — also moved its headquarters from Midtown Manhattan to West Palm Beach, Florida, in October of that year. year.
A total of 160 Wall Street firms have left the Big Apple in recent years – 56 of which have set up operations in Florida, draining a whopping $1 trillion in financial assets under management out of Manhattan.
Migration to Miami has ranked it 33rd on the list of cities with the most millionaires in the world, an increase of 78% over the past decade.
California’s Bay Area comes in second behind New York, home to 305,700 people with a net worth over $1 million in the region that includes San Jose, San Francisco and Palo Alto.
The top 10 is completed by Tokyo, with 298,300 people, a figure down 5% over the last decade.
Singapore was fourth with 244,800, up 64%, and London fifth with 227,000, a whopping 10% drop from a decade ago, Bloomberg reported.
Los Angeles was the only other U.S. city to make the top 10, ranking sixth with 212,100 millionaires, a 45% increase from 2013.
This is followed by the Paris region, Sydney, Hong Kong and Beijing, which have seen a 90% increase over the past decade.
New York Post
