New York reigns supreme as World's Richest City

KUALA LUMPUR: The United States (US) led the pack as the largest creator of millionaires and billionaires in the world, with 11 of the top 50 richest cities, including New York City, which holds firmly onto first place in the 2024 World's Wealthiest Cities Report.

Published annually by international wealth migration specialists Henley & Partners, the report revealed that the total wealth held by the Big Apple's residents now exceeds US$3 trillion, higher than the total wealth held in most major G20 countries, and a staggering 349,500 millionaires and 60 billionaires live in the city. (US$1=RM4.74)

Hot on its heels in second place is Northern California's Bay Area (encompassing the city of San Francisco and Silicon Valley), which has increased its millionaire population by a whopping 82 per cent over the past decade, and is now home to 305,700 millionaires and 68 billionaires.

According to Henley & Partners in a statement, some cities worldwide have seen a reversal of fortune whereby Tokyo, which led the pack a decade ago, has suffered a five per cent decline in its resident high net worth individual (HNWI) population, and now sits in third place with just 298,300 millionaires.

London, the wealthiest city in the world for many years, tumbled to fifth place, with just 227,000 millionaires and 35 billionaires, a decline of 10 per cent over the past decade.

By contrast, Singapore climbed two spots to fourth in the ranking following an impressive 64 per cent growth in millionaires over the last 10 years, approximately 3,400 HNWIs moved there in 2023 alone and the city state now boasts 244,800 resident millionaires, and 30 billionaires.

Los Angeles also rose on the list, moving up two places to sixth place with a 45 per cent jump in the number of millionaires.

Meanwhile, China has established a notable presence in the ranking, with five cities in mainland China making the list, and seven cities including Hong Kong (143,400 millionaires) and Taipei (30,200). Beijing cracked the top 10 for the first time following a 90 per cent increase in millionaires over the past decade to 125,600.

Turning to the Middle East, Dubai easily takes the crown as the wealthiest city in the region, with an impressive growth of 78 per cent in its millionaire population over the past 10 years and currently ranked as the world's 21st wealthiest city.

Monaco, arguably the world's top safe-haven for the super-rich, where the average wealth exceeds US$20 million, is also the top-ranked city on a wealth per capita basis. It is also top of the World's Most Expensive Cities list, with apartment prices regularly exceeding US$35,000 per square metre. -- Bernama

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