New York world’s richest city in 2022

Sabir Shah
Thursday, Sep 22, 2022

LAHORE: New York is the wealthiest city on the planet with 345,600 millionaires, including 737 centi-millionaires with wealth of USD 100 million or more and 59 billionaires in dollar terms, according to a report prepared by Messrs Henley & Partners, a London-based investment migration consultancy.

According to the report, New York, home to the world’s two largest bourses in terms of market capitalisation (NASDAQ and Dow Jones), features some of the world’s most exclusive residential streets, including the Fifth Avenue in Manhattan, where prime apartment prices can exceed $28,000 per square metre. The total private wealth held by the city’s residents exceeds $3 trillion, which is higher than the net private riches of many G20 nations.

The report said the other wealthiest world cities, with number of millionaires in brackets, include Tokyo (304,900 resident millionaires, including 263 centi-millionaires and 12 billionaires), San Francisco Bay Area (276,400 millionaires, including 623 centi-millionaires and 62 billionaires), London (272,400 millionaires call London their home — a figure that includes 406 centi-millionaires and 38 billionaires), Singapore (249,800 millionaires, including 336 centi-millionaires and 26 billionaires), Los Angeles (192,400 resident millionaires, with 393 centi-millionaires and 34 billionaires), Chicago (160,100 millionaires, including 340 centi-millionaires and 28 billionaires), it is the base city for 35 Fortune 500 companies, including the likes of McDonalds and Boeing), Houston (132,600 millionaires, with 314 centi-millionaires and 25 billionaires), Beijing (131,500 resident millionaires, including 363 centi-millionaires and a particularly high number of billionaires — 44 — only New York City and the San Francisco Bay area rank higher based on this measure), Shanghai (130,100 millionaires, with 350 centi-millionaires and 42 billionaires. The Shanghai Stock Exchange is the third largest in the world by market cap after the Dow Jones and NASDAQ), Sydney (129,500 millionaires, including 188 centi-millionaires and 16 billionaires), Hong Kong (125,100 millionaires, with 280 centi-millionaires and 28 billionaires), Frankfurt (117,400 millionaires, including 161 centi-millionaires and 14 billionaires), Toronto (116,100 resident millionaires, with 187 centi-millionaires and 17 billionaires), Zurich (105,100 millionaires, including 258 centi-millionaires and 12 billionaires), Seoul ( 102,100 resident millionaires, including 241 centi-millionaires and 25 billionaires), Melbourne (97,300 millionaires, with 149 centi-millionaires and 12 billionaires), the Dallas & Forth Worth (92,300 millionaires, including 211 centi-millionaires and 18 billionaires), Geneva (90,300 millionaires, 345 centi-millionaires, and 16 billionaires) and Paris (88,600 millionaires, including 121 centi-millionaires and 15 billionaires).

The report further revealed, “Dubai, Mumbai, and Shenzhen are growing rapidly and are expected to break into the top 20 by 2030. Dubai currently ranks 23rd globally and is already home to 67,900 millionaires, 202 centi-millionaires, and 13 billionaires, Mumbai has 60,600 resident millionaires, 243 centi-millionaires, and 30 billionaires, and ranks 25th globally, while currently ranked 30th, Shenzhen is home to 43,600 millionaires, including 135 centi-millionaires and 17 billionaires.”