It is indeed true the Italian proverb that says, “he who sleeps catches no fish,” in fact, the city that never sleeps is also the richest.
According to the recently published World’s Wealthiest Cities Report 2023 by Henley & Partners, New York City has been named the wealthiest city globally. The city is home to 340,000 millionaires, 724 centi-millionaires, and 58 billionaires, all residing in its five boroughs. In addition, the US has ten metropolitan areas among the top 50 wealthiest cities globally, more than any other nation. China has five cities in the ranking, and Australia has four.
San Francisco Bay Area and Los Angeles come in third and sixth places, respectively, with 285,000 and 205,400 resident high-net-worth individuals (HNWI). Tokyo, which led the pack ten years ago, fell to second place with 290,300 millionaires, while London dropped to fourth place with 258,000. Singapore sits fifth with 240,100 resident millionaires, widely regarded as the most business-friendly city globally and a top destination for migrating millionaires. Sydney came in tenth place with 126,900 millionaires.
Despite the San Francisco Bay Area’s financial prowess, New York beat out the Californian tech town to clinch the top spot for having the most wealth overall. However, the Bay Area boasts 63 billionaires, which is the highest number of any city worldwide.
Anyway, if any more were needed, this is yet another confirmation of the resilience of New York City and its housing market, a unique city worldwide, always able to pick itself up and offer unparalleled economic security, especially to the extra wealthy.
