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NYC is the leading city for the wealthy—here are the top 10 richest cities in the world

Covid-19

New York City is home to more ultra-wealthy individuals than any other city in the world, with 120,605 residents worth $5 million or more. 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 individuals 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 widened steadily,” says the report, which looks at how global wealth has changed over the past 10 years.

This is in part because the U.S. recovered strongly from the global financial crisis, the report says. Meanwhile, wealth creation in Japan “has been hampered by sluggish economic growth, exchange-rate effects and aging demographics.”

Six of the top 10 cities in Wealth-X’s global ranking are located 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 more. Also included is each city’s percentage of the global wealth population.

The ranking hasn’t changed much over the past decade, Wealth-X says: “Large and dynamic global cities tend to stay popular among the wealthy over long periods of time.”

As for the next decade, it’s impossible to know how long the economic downturn due to the coronavirus will 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

Number 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 worth 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 more: 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 global 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

Number of individuals with a net worth of $5 million or more: 50,305 Percentage of global population: 1.7%

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

Number 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 worth of $5 million or more: 81,645 Percentage of global population: 2.8%

1. New York

Number of individuals with a net worth of $5 million or more: 120,605 Percentage of global population: 4.1%

 

This article was originally published on cnbc.com

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