New York Sandang The Status Of The Richest City In The World, Monaco Record The Highest Wealth Per Capita

New York, USA. (Wikimedia Commons/C Sauce Bardot)

JAKARTA - New York, United States is the richest city in the world, where there are about 340,000 millionaires living in the city according to a report.

Tokyo and San Francisco Bay Area are in second and third place, with a population of 290,300 and 285,000 millionaires each, according to Henley & Partners, which tracks the migration trend of personal wealth and investment around the world, and global wealth information provider New World Wealth.

London dropped to fourth place on this year's list with 258,000 residents who are high net-worth individuals (HNWI), followed by Singaporean city nation with 240,100 residents, Henley & Partners said in the report, focusing on people with a net worth of 1 million dollars or more.

Los Angeles, Hong Kong, Beijing, Shanghai, and Sydney complement the world's 10 richest cities, according to the report.

"Traditional wealth magazines such as Monaco and Dubai have also experienced very strong growth of millionaires over the past decade," said Andrew Amoils, head of research at New World Wealth, as reported by The National News June 1.

"The average wealth of someone living in Monaco exceeds 10 million US dollars, making it the top-ranked city in terms of wealth per capita," he continued.

"Dubai is an established center of international wealth, with low tax rates making it a magnet for millionaires migrating from around the world. Around 3,500 HNWI will move to this city in 2022 alone," he said.

Meanwhile, world-enriched people lost $10 trillion, or 10 percent, of their net worth by 2022, driven by a "shock" threefold of global economic uncertainty, an energy crisis, and war in Ukraine, Knight Frank's property consultant reported in March.

The super-rich people in Europe are at the center of the crisis, with individuals with very high net worth (UHNWI) losing an average of 17 percent of their wealth, Knight Frank said in the 2023 Wealth Report.

Knight Frank defines UHNWI as people with a net worth of 30 million US dollars or more, including the main residence and second home that is not owned as an investment.

New York is also home to centsimiliers - people with a net worth of 100 million US dollars or more in the form of the most investable assets in the world, namely 724 people. He argued to follow the San Francisco Bay Area with 629 people and Los Angeles with 480 people.

However, the San Francisco Bay Area is home to the world's most billionaires with 63 people, followed by New York City with 58 people and Beijing with 43 people.

In the same report, Uncle Sam's Country and the Bamboo Curtain Country dominate the list of cities with the fastest growing number of millionaires in the past decade.

Hangzhou in China is at the top of the rankings in this regard, with the growth of 105 percent of millionaires between 2012 and 2022, data shows.

Shenzhen and Guangzhou also enjoyed significant HNWI growth over the past decade, 98 percent and 86 percent, respectively.

Meanwhile, the three cities with the fastest growing millionaires in the United States are Austin, who recorded a 102 percent growth in the population of HNWI, West Palm Beach (90 percent) and Scottsdale (88 percent).