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World’s richest city is home to 3.4 lakh millionaires

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New York has retained its top spot as the world’s richest city with 3,40,000 millionaires in 2023, according to the latest report by global wealth tracker Henley & Partners.

The city is followed by Tokyo and San Francisco Bay Area with resident millionaire populations of 290,300 and 285,000, respectively.

The report – World’s Wealthiest Cities Report 2023 – covers 97 cities across nine regions worldwide (Africa, Australasia, CIS, East Asia, Europe, the Middle East, North America, South Asia, and Southeast Asia).

The US dominated the list with four cities – New York, The Bay Area, Los Angeles and Chicago – making it to the list. China has two cities –Beijing and Shanghai in the list.

London has fallen to fourth place this year with 258,000 resident high-net-worth individuals (HNWIs), followed by city-state Singapore with 240,100.

The Big Apple – a nickname for New York City – is home to 3,40,000 millionaires, 724 centi-millionaires, and 58 billionaires. It is home to the world’s two largest stock exchanges by market cap (the NYSE and the Nasdaq). The city features the world’s most exclusive residential streets, including 5th Avenue in Manhattan where prime apartment prices can exceed $27,000 per square meter, the report states.