Richest cities in the world: New York dominates

JMKeynes · #1 Posted **Sep 13, 2021, 1:15 PM**

https://www.google.com/amp/s/www.cnb...the-world.html

New York City is home to nearly 1 million millionaires, more than any other city in the world
Published Fri, Jan 18 2019 9:59 AM EST
Kathleen Elkins
@KATHLEEN_ELK

10. Dallas

2018 HNW population: 298,220
Change in population from 2017: 0.1 percent

9. Washington, DC

2018 HNW population: 301,495
Change in population from 2017: -1.3 percent

8. San Francisco

2018 HNW population: 314,055
Change in population from 2017: -0.4 percent

7. Paris

2018 HNW population: 345,175
Change in population from 2017: 4.5 percent

6. Chicago

2018 HNW population: 353,775
Change in population from 2017: -0.8 percent

5. London
2018 HNW population: 372,270
Change in population from 2017: 2.7 percent

4. Hong Kong

2018 HNW population: 391,595
Change in population from 2017: -11.1 percent

3. Los Angeles

2018 HNW population: 576,255
Change in population from 2017: -0.7 percent

2. Tokyo

2018 HNW population: 593,025
Change in population from 2017: -3.3 percent

1. New York

2018 HNW population: 978,810
Change in population from 2017: -0.6 percent

C. · #2 Posted **Sep 13, 2021, 1:24 PM**

D.C. surprises me, a little.

Would love to see this top 10 list as a percentage of population and reranked.

DC would be 44.1% based on 2018 numbers.
NYC would be 11.6%

JMKeynes · #3 Posted **Sep 13, 2021, 1:38 PM**

DC has 690k residents. NY has 8.9m. A more interesting ratio would be Manhattan, where virtually all those HNW residents live, to DC.

badrunner · #4 Posted **Sep 13, 2021, 2:23 PM**

At least it's real data and not another meaningless listicle. No surprises with the top three also being tops in GDP. If you combined LA-Riverside it would leapfrog Tokyo for #2 and SF-SJ would jump all the way up to #4. Good for Dallas too, squeezing in at #10.

Quote:

Originally Posted by C.

D.C. surprises me, a little.

Many pigs at the trough.

iheartthed · #5 Posted **Sep 13, 2021, 2:28 PM**

Quote:

Originally Posted by JMKeynes

DC has 690k residents. NY has 8.9m. A more interesting ratio would be Manhattan, where virtually all those HNW residents live, to DC.

This is by metro area.

JMKeynes · #6 Posted **Sep 13, 2021, 2:35 PM**

Quote:

Originally Posted by iheartthed

This is by metro area.

Good catch.

iheartthed · #7 Posted **Sep 13, 2021, 2:41 PM**

Quote:

Originally Posted by JMKeynes

Good catch.

That said, the distribution of HNW people in NY Metro is probably far more biased to the city than it is in other U.S. metros. I would guess that at least half of the region's HNW individuals live in NYC, while in D.C. almost all probably live in the suburbs.

JMKeynes · #8 Posted **Sep 13, 2021, 3:05 PM**

In terms of super rich though, no American city remotely approaches NY.

The DC metro has eleven billionaires. NYC has 99, and they're virtually all in Manhattan. If you conclude the suburbs, the number spirals. The Connecticut suburbs alone have fourteen billionaires.

https://wtop.com/business-finance/20...lvania-avenue/

mhays · #9 Posted **Sep 13, 2021, 3:19 PM**

In terms of super-super-super rich, Seattle takes the cake with both Bezos and Gates.

hipster duck · #10 Posted **Sep 13, 2021, 3:21 PM**

Does this include real estate assets owned by households being attributed to individuals? Like, if a husband and wife have over $1 million in home equity between them, are they two HNW individuals?

That would skew the numbers, especially in expensive coastal cities and places like Australia, Canada and the UK.

hipster duck · #11 Posted **Sep 13, 2021, 3:23 PM**

The $30M cutoff for ultra-HNW individuals, no matter where their money comes from, seems harder to argue with. Those people are legit rich, no matter where they live.

mhays · #12 Posted **Sep 13, 2021, 3:26 PM**

It's possible that the number omits home equity. The numbers seem low otherwise. The article doesn't specify, and I'm not filling out all the personal stuff to download the report.

It's also from January 2019. This is ancient history.

dimondpark · #13 Posted **Sep 13, 2021, 3:27 PM**

The article is 2.5 years old and covers $1M+, is 1M really "rich" these days? Not in the Bay Area, especially if home values are factored into wealth.

Quote:

Originally Posted by hipster duck

The $30M cutoff for ultra-HNW individuals, no matter where their money comes from, seems harder to argue with. Those people are legit rich, no matter where they live.

Agreed. WealthX also put this out in 2021:

LOL@San Jose topping Hong Kong, Geneva and Zurich.

dimondpark · #14 Posted **Sep 13, 2021, 3:33 PM**

Ive referred to WealthX quite a bit over the past decade.

Quote:

Originally Posted by dimondpark

Wealth-X has really built a reputation for this sort of research. I have no affiliation with them aside from subscribing to their free research reports.

Anyhow here is an interesting ranking of where Ulta High Net Worth folks have a primary or secondary home.

Top 20 Cities by Ultra High Net Worth Individuals($30M+) with a Primary or Secondary Home, 2021
24,660 New York
16,295 Los Angeles
14,485 London
14,235 Hong Kong
7,035 Paris
6,740 San Francisco
6,085 Chicago
5,615 Miami
5,250 Singapore
4,905 Washington DC
4,890 Dallas
4,480 Beijing
4,435 Houston
3,705 Geneva
3,295 Zurich
3,080 Toronto
3,035 Naples, Florida
2,910 Greenwich, CT
2,830 Shenzhen
2,790 San Jose, CA

Here's another really interesting ranking from the same pdf specifically about US Metro Areas.

Very High Net Worth($5M-$30M) Individuals With a
Primary or Secondary Home by US Metro Area, 2021
182,395 New York
103,345 Los Angeles
75,560 San Francisco
62,195 Dallas
55,070 Atlanta
51,715 Boston
46,655 Washington DC
45,545 Miami
40,740 San Jose
37,160 Seattle

https://www.wealthx.com/wp-content/u...state_2021.pdf

JMKeynes · #15 Posted **Sep 13, 2021, 3:59 PM**

https://www.wealthx.com/wp-content/u...state_2021.pdf

New York really is in another stratosphere.

Top 20 Cities by Ultra High Net Worth Individuals($30M+) with a Primary or Secondary Home, 2021
24,660 New York
16,295 Los Angeles
14,485 London
14,235 Hong Kong
7,035 Paris
6,740 San Francisco
6,085 Chicago
5,615 Miami
5,250 Singapore
4,905 Washington DC
4,890 Dallas
4,480 Beijing
4,435 Houston
3,705 Geneva
3,295 Zurich
3,080 Toronto
3,035 Naples, Florida
2,910 Greenwich, CT
2,830 Shenzhen
2,790 San Jose, CA

JMKeynes · #16 Posted **Sep 13, 2021, 4:04 PM**

What I find truly amazing is that Greenwich, Ct, a NY suburb with 60,000 residents, has almost as many HNW individuals as D.C., which has over 600,000 more residents and Dallas, which has 1.3m more.

dimondpark · #17 Posted **Sep 13, 2021, 4:20 PM**

Also, If look at 'normal rich', San Jose and SF both surpass HK, Geneva and Zurich as far as proportion of these individuals relative to the total population. San Jose is by far #1 in this regard.

Number of City Residents Per
Very High Net Worth Individual($5M-$30M), 2021
66 San Jose
107 Basil
111 San Francisco
122 Geneva
125 Hong Kong
128 Zurich
141 Seattle
147 Boston
164 New York
170 Washington DC

I just get a kick out of seeing the South Bay top like, the whole world, in something so fussy as this. Go figure.

Especially since I've lived in Zurich and have been to Geneva umpteen times, and people there are so well put together, and so chic looking, all the time, whereas the Bay Area is just nothing like that for the most part-oh well, that's life.

JManc · #18 Posted **Sep 13, 2021, 4:26 PM**

Dumb question but how do they know how to count these people and how much they are worth to include them. There is no way of knowing my 'net worth' without me telling you.

JMKeynes · #19 Posted **Sep 13, 2021, 4:28 PM**

Quote:

Originally Posted by dimondpark

Also, If look at 'normal rich', San Jose and SF both surpass HK, Geneva and Zurich as far as proportion of these individuals relative to the total population. San Jose is by far #1 in this regard.

Number of City Residents Per
Very High Net Worth Individual($5M-$30M), 2021
66 San Jose
107 Basil
111 San Francisco
122 Geneva
125 Hong Kong
128 Zurich
141 Seattle
147 Boston
164 New York
170 Washington DC

I just get a kick out of seeing the South Bay top like, the whole world, in something so fussy as this. Go figure.

The Bay Area is very impressive too.

Personally, I think that all of the yahoos who think that SF will collapse and that the tech industry will flee are delusional. If I were rich, I'd much rather live in SF than in Austin or Raleigh.

dimondpark · #20 Posted **Sep 13, 2021, 4:36 PM**

This is interesting not so much because of the ranking itself, but because of WealthX's statement on London, which fell out of the Top 10 for the first time.

Top 10 Very High Net Worth Cities($5-$30M)
121,610 New York(+9.3%)
80,920 Tokyo(+9.8%)
67,265 Los Angeles(+9.8%)
60,425 Hong Kong(-5.4%)
43,325 Chicago(+10.8%)
42,720 San Francisco(+11.0%)
37,150 Washington DC(+13.0%)
35,355 Paris(-12.9%)
33,210 Boston(+12.7%)
32,715 Dallas(+12.6%)

Quote:

LONDON FALLS OUT OF THE TOP 10 RANKINGS.
The city’s VHNW population fell by a substantial 16% in 2020, dropping London from eighth place in 2019 down to 12th. London’s VHNW cohort contracted at a faster rate than that of the UK as a whole, which itself saw a sizeable decline. This is the first time in our records (dating back to 2004) that London has fallen out of the tier-one ranking. Ongoing Brexit-related damage, poorly performing equity markets and pandemic related economic weakness all contributed, with the city’s ranking slump exacerbated by a markedly stronger performance across most major cities in the US and Asia.