Urban Wealth

**tomcat** · 19-04-2023, 08:07 AM

NYC Is World's Wealthiest City, Bay Area Boasts Most Billionaires

New York leads list with 340,000 millionaires last year
California’s Bay Area has most billionaires with 63: report

New York held its top spot after the number of high net worth individuals surged 40% in the 2012-2022 period.Photographer: C. Taylor Crothers/Getty Images
By Kevin Varley (Bloomberg)

April 18, 2023 at 5:22 PM GMT+7

New York again topped the list of the world’s wealthiest cities, boasting some 340,000 millionaires last year, according to investment migration firm Henley & Partners.

That showing helped the US surpass all countries with 10 of the 50 richest cities in the world, with New York followed by Tokyo, California’s Bay Area, London and Singapore. The annual survey looked at 97 cities in nine regions around the world.

The Big Apple held its top spot after the number of high net worth individuals surged 40% in the 2012-2022 period. That was the same as Singapore, but lagged behind cities such as Shanghai, Houston, Dubai and Mumbai.

China followed the US with five cities in the top 50, putting it just ahead of Australia, which had four.
Wealthiest Cities in the World

NYC had the most millionaires in 2022, but Bay Area had more billionaires

In an even more elite category, California’s Bay Area won out when it came to the total number of billionaires — 63 call the region surrounding Silicon Valley and San Francisco home, according to the report. That was followed by New York, Beijing, Los Angeles and Shanghai.

The ten-year growth in high net worth individuals was led by the Chinese city of Hangzhou, which saw a 105% rise, while Austin, Texas came in second with a 102% increase. Miami and West Palm Beach, Florida — which benefited from a number of high profile business leaders and financial firms moving to South Florida during the pandemic — saw the number of high net worth individuals climb 75% and 90% respectively.

At the other end of the spectrum, Russia’s war in Ukraine and the combination of sanctions and an exodus of citizens it sparked appears to have hit Moscow hard. The number of millionaires calling the Russian capital home plunged 44% from a decade earlier, while St. Petersburg saw a 38% slump.

**Backspin** · 19-04-2023, 10:38 AM

Moscow was ahead of New York in 2013 Forbes Top 10 Billionaire Cities - Moscow Beats New York Again

And #3 in 2019 Moscow Is Home to the World’s Third-Largest Number of Billionaires - The Moscow Times

The last paragraph about Russia is bullshit. There was tons of sanctions and low oil prices in 2014 after Crimea too.

Russia has the 5th most billionaires in the world right now. It was 6th a few years ago List of countries by number of billionaires - Wikipedia

**qwerty** · 19-04-2023, 10:44 AM

And having lots of billionaires is a good thing? As an economic refugee from the Bay Area I can assure you that having Mark Zuckerberg as a neighbor does nothing for your quality of life.

**cyrille** · 19-04-2023, 10:51 AM

Originally Posted by qwerty

And having lots of billionaires is a good thing?

Well, it is for Putin's property portfolio.

**Edmond** · 19-04-2023, 11:12 AM

Shirley anyone that owns a property near downtown NYC is pretty much a millionaire on paper.

**Buckaroo Banzai** · 19-04-2023, 12:18 PM

As

Originally Posted by tomcat

New York leads list with 340,000 millionaires last yea

Being a millionaire in New Your city is not a big thing. I am surprised there were not a few million of them.
"the median home sale price in New York City was $719K "
In NYC, you make a lot of money, but you also spend a lot of money. In the ent it's a wash.
if you are going to work in NYC you need to make a lot of money, just to survive, consequently wages are a lot higher.
The only good thing about it is that when you retire , you have a bigger pension and if you move to a less expensive market between your pension and return fron the sale of your house, you can be comfortable.
I worked in Manhattan most of my adult life,between toll, parking and fuel Ir cost me over $50 a day just to commute.

**Edmond** · 19-04-2023, 12:41 PM

Originally Posted by Buckaroo Banzai

In NYC, you make a lot of money, but you also spend a lot of money. In the ent it's a wash.
if you are going to work in NYC you need to make a lot of money, just to survive, consequently wages are a lot higher.
The only good thing about it is that when you retire , you have a bigger pension and if you move to a less expensive market between your pension and return fron the sale of your house, you can be comfortable.
I worked in Manhattan most of my adult life,between toll, parking and fuel Ir cost me over $50 a day just to commute.

I've a sister that built a very nice country spread in Europe around 2005 around 90 minutes from the capital city, and sold it last year.

The big big change was that during the Covid lockdowns of 2020/2021 and all of the city yuppies Working From Home, realised that they can do their work, in a much bigger and nicer place for half the cost, and there was a big migration of city slickers moving to nice rural spreads for less than their city center apartment, then staying there to continue WFH with the odd jaunt back to the city when needed as the lockdowns eased. City center prices down, nice rural properties up.

An interested faucet of micro human migration.

**cyrille** · 19-04-2023, 12:47 PM

Originally Posted by Edmond

I've a sister that built a very nice country spread in Europe around 2005 around 90 minutes from the capital city. An interested faucet of micro human migration.

You're all on the short side, then?

**david44** · 19-04-2023, 01:13 PM

Originally Posted by Edmond

An interested faucet of micro human migration.

You may have tapped the muffa load?

**Backspin** · 20-04-2023, 07:08 AM

Originally Posted by qwerty

And having lots of billionaires is a good thing? .

Its not. It has a lot to do with monetary expansion. Fake money expansion = billionaires. The ponzi effect. Most of their wealth is an inch deep and a mile wide

**Switch** · 20-04-2023, 08:10 AM

Originally Posted by Backspin

Its not. It has a lot to do with monetary expansion. Fake money expansion = billionaires. The ponzi effect. Most of their wealth is an inch deep and a mile wide

But it still supports just how shallow and dated your google based thinking is.

**Backspin** · 20-04-2023, 08:32 AM

Originally Posted by cyrille

Well, it is for Putin's property portfolio.

Then Russia should have one billionaire. Not 75.

**cyrille** · 20-04-2023, 09:33 AM

Originally Posted by Backspin

Then Russia should have one billionaire. Not 75.

Yet another idiotic post not worth shredding.

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