1 in 24 New York City residents are millionaires, more than any other city

New York has much millionaires than immoderate different metropolis successful nan world, beating retired California's Bay Area, London and different able cities, according to a caller report. 

Nearly 350,00, aliases 1 successful each 24 residents of The Big Apple are millionaires, according to a caller ranking from Henley and Partners. New York City is besides location to 744 centi-millionaires, worthy astatine slightest $100 million; and 60 billionaires. The mixed full wealthiness of nan city's residents is greater than $3 trillion. 

New York tops nan database of richest cities contempt immoderate of its wealthiest residents fleeing for Miami, now dubbed Wall Street South, arsenic finance firms group up shop successful nan Sunshine State. Billionaire hedge money Ken Griffin precocious moved Citadel's office from Chicago to Miami. Miami was classed 33rd connected nan list, pinch 35,300 millionaires, up 78% from 2013.

After New York City, California's Bay Area has nan 2nd highest stock of millionaires — 305,700. Tokyo, Japan, took nan 3rd spot, followed by Singapore. 

London, Paris, Dubai

London's stock of millionaires dropped 10% from 2013, according to nan report, placing it successful 5th place. Seventh-ranked Paris is nan wealthiest metropolis successful mainland Europe. Dubai is acold and distant nan wealthiest metropolis successful nan Middle East, having grown its organization of millionaires by 78% complete nan past 10 years.

Henley and Partners, a patient that provides residence and citizenship services, defined millionaires arsenic individuals pinch liquid investable wealthiness of astatine slightest $1 million.

Some countries person had their wealthiness boosted by alleged aureate visa programs that fto able foreigners get citizenship and/or residence. Seven of nan wealthiest cities successful nan world are successful countries that big these types of programs. 

"You tin unafraid nan correct to live, work, study and put successful starring world wealthiness hubs specified arsenic New York, Singapore, Sydney, Vienna and Dubai via investment," said Dominic Volek, caput of backstage clients astatine Henley & Partners. "Being capable to relocate yourself, your family, aliases your business to a much favorable metropolis aliases person nan action to take betwixt aggregate different cities crossed nan world is an progressively important facet of world wealthiness and bequest readying for backstage clients." 

The programs use cities and countries, which tin usage them "to pull nan world's wealthiest and astir talented to their shores," said Volek. 

For locals, however, aureate visa programs tin lead to their being priced retired of a lodging marketplace inflated by overseas money, leaving them displaced from nan very cities successful which they were born, nan New York Times precocious reported.