Despite the exodus of wealth due to the recent pandemic, the Big Apple is home to the world’s most billionaires.
There are 350,000 millionaires in New York City, an increase of 48% from 10 years ago. That means one in 24 of the city’s 8.2 million residents has a net worth of at least seven figures. According to world rankings Bloomberg first reported on the ranking of the wealthiest cities by immigration consultancy Henry & Partners.
The proportion of millionaires in the city increased from 1 in 36 in 2013, according to the report.
In fact, New York is home to 60 billionaires and 744 people with investable assets of more than $100 million.
Henley & Partners defines the term “millionaire” as “an individual with investable liquid assets of US$1 million or more.”
Liquid investable assets are marketable securities such as stocks, bonds, mutual funds, and money market funds that typically invest in government securities or certificates of deposit, such as money market funds that invest easily without losing much value. Either cash or cash equivalents that can be converted into cash. .
New York City residents have a combined wealth of more than $3 trillion.
U.S. financial capital has benefited from the stock market boom over the past few years, said Jürg Steffen, CEO of Henley & Partners.
Global stocks rose 20% last year and are up almost 7% this year, according to Bloomberg.
The findings prove New York’s wealth remains strong even as some of the city’s ultra-wealthy residents relocate to Florida in search of tax breaks and less restrictive pandemic lockdowns. , the Sunshine State recently reportedly overtook New York as the most valuable housing market in the United States. 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 year.
As a result, membership fees at South Florida’s high-end golf clubs have doubled or tripled in some cases since the pandemic. According to the Financial Times.
Additionally, the power shift has paved the way for Wall Street South, according to Bloomberg.
Most notably, Carl Icahn’s Icahn Capital Management ditched a luxury building atop the General Motors Building on Manhattan’s Fifth Avenue in August 2020 for a 14-story building in the Miami suburbs. An office complex was constructed.
Elliott Management, led by hedge fund mogul Paul Singer (who oversaw a total of $59.2 billion after shaking up investments such as AT&T, Twitter and the Argentine government), also moved its headquarters from midtown Manhattan to Florida in October of the same year. Moved to West Palm Beach. Year.
Across Wall Street, 160 companies have moved out of the Big Apple in recent years, 56 of which have moved to Florida, siphoning a trillion dollars in financial assets from Manhattan.
The move to Miami ranks Miami 33rd on the list of cities with the most billionaires in the world, an increase of 78% over the past decade.
California’s Bay Area ranked second overall after New York, with 305,700 people with a net worth of over $1 million living in the region, which includes San Jose, San Francisco, and Palo Alto.
Rounding out the top 10 is Tokyo, with 298,300 individuals, a figure that has declined by 5% over the past decade.
According to a report by Bloomberg, Singapore was in fourth place with 244,800 people, an increase of 64%, and London was fifth with 227,000 people, down 10% from a decade ago.
Los Angeles is the only other U.S. city in the top 10, coming in at No. 6 with 212,100 millionaires, a 45% increase from 2013.
This was followed by the Paris region, Sydney, Hong Kong and Beijing, which have seen a 90% increase over the past decade.
