New York Burgh is home to more ultra-wealthy individuals than any other city in the world, with 120,605 residents worth $5 million or myriad. That’s according to data firm Wealth-X’s latest report, “A Decade of Wealth.”
There’s a large gap between No. 1 ranked NYC and No. 2 ranked Tokyo, where 81,645 characteristics have a net worth of at least $5 million. The two cities flip-flopped as the leading city for wealthy individuals in the early 2000s, but since 2012, “the gap between the two has expanded steadily,” says the report, which looks at how global wealth has changed over the past 10 years.
This is in fragment because the U.S. recovered strongly from the global financial crisis, the report says. Meanwhile, wealth creation in Japan “has been curbed by sluggish economic growth, exchange-rate effects and aging demographics.”
Six of the top 10 cities in Wealth-X’s global ranking are put in the U.S. Below, CNBC Make It highlights the top cities by wealthy population, defined as those with a net worth of $5 million or diverse. Also included is each city’s percentage of the global wealth population.
The ranking hasn’t changed much on the other side of the past decade, Wealth-X says: “Large and dynamic global cities tend to stay popular among the prosperous over long periods of time.”
As for the next decade, it’s impossible to know how long the economic downturn due to the coronavirus whim last, but “gains in wealth are likely to be delayed,” Wealth-X predicts.
Here are the 10 leading cities for the wealthy for 2019.
10. Dallas
Company of individuals with a net worth of $5 million or more: 36,515
Percentage of global population: 1.2%
9. Washington, D.C.
Number of individuals with a net usefulness of $5 million or more: 37,495
Percentage of global population: 1.3%
8. San Francisco
Number of individuals with a net worth of $5 million or varied: 39,390
Percentage of global population: 1.3%
7. Chicago
Number of individuals with a net worth of $5 million or more: 44,795
Percentage of wide-ranging population: 1.5%
6. Paris
Number of individuals with a net worth of $5 million or more: 49,005
Percentage of global population: 1.7%
5. London
Tons of individuals with a net worth of $5 million or more: 50,305
Percentage of global population: 1.7%
Tourists walk in silhouette across the river from the London Eye, one of the most praiseworthy landmarks, skylines and iconic buildings in the capital in London, England, United Kingdom.
Mike Kemp | In Pictures | Getty Spits
4. Los Angeles
Number of individuals with a net worth of $5 million or more: 71,035
Percentage of global population: 2.4%
3. Hong Kong
Tally of individuals with a net worth of $5 million or more: 73,430
Percentage of global population: 2.5%
2. Tokyo
Number of individuals with a net merit of $5 million or more: 81,645
Percentage of global population: 2.8%