Bright lights, big money.
The city that never sleeps is also the city with the most cash, according to a new ranking of the world’s wealthiest metros.
In investment migration consultancy Henley & Partners’ newly released World’s Wealthiest Cities Report 2023, New York “is the financial center of the USA and the wealthiest city in the world by several measures.”
To start, the boroughs are home to no fewer than 340,000 millionaires, 724 centi-millionaires (meaning those worth north of $100 million) and 58 billionaires. They’re also the base of the world’s two largest stock exchanges by market cap (the NYSE and the Nasdaq) and “some of the world’s most exclusive residential streets” — Fifth Avenue and Billionaires’ Row in Manhattan among them.
To determine that New York deserved the crown, the London-based firm analyzed data regarding 97 of the Earth’s priciest places.
The resulting charts show that, by far, the US has more wealthy cities than any other nation, with 10 in the top 50.
In contrast, China had the second most cities (five) and Australia third (four).
Although New York beat out the Bay Area for the top slot and overall most dollars, the California tech town does get the gold for having 63 billionaire residents — the most in the world.
Austin, however, has both metros beat in terms of growth: The Texas capital has seen its percentage of high-net-worth individuals (defined as those with investable wealth of $1 million or more) explode by 102% since 2012, the largest increase on the planet after Hangzhou, China.
Moscow, meanwhile, has watched its percentage of moneyed residents plummet by nearly half (44%) compared to a decade prior, putting it dead last on the list.
St. Petersburg, Russia hasn’t fared much better, reporting 38% fewer high-net-worth inhabitants than it did in 2012.