What to Know
- New York City is the wealthiest city in the world with the most millionaires, according to a new study.
- NYC has the most expensive real estate with the highest average square meter price of $28,400 per square meter for a prime apartment.
- An increase of Americans are seeking second passports or alternative residences outside of the U.S. post-pandemic.
The energy of New York City is often unmatched by its counterparts and, apparently, so is its millionaire status, according to a new nationwide analysis.
The study compares U.S. wealth in major cities over the last decade starting in December 2013. It was conducted by Henley & Partners, an international firm that focuses on residence and citizenship by investment.
Based on the report, NYC is the wealthiest city in the world with upwards of 349,000 millionaires and more than 700 centi-millionaires, or individuals who own investable assets over $100 million.
Andrew Amoils is the head of research at New World Wealth, a global data intelligence partner to the firm. "The past few years have been pretty static in NYC so most of the wealth growth occurred pre-COVID from 2013 to 2019," Amoils told NBC New York.
The Bay Area, Los Angeles, Chicago and Houston follow New York as the five richest U.S. cities. Amoils further noted that the "total wealth held by NYC residents exceeds $3 trillion — higher than that held in most major G20 countries."
The Big Apple takes the cake with real estate, owning the highest average square meter price of a prime 200 to 400-square-meter apartment -- a whopping $28,400 per square meter.
Judi Galst, the managing director of private clients at Henley & Partners for the New York City area, has seen an increase in New Yorkers seeking alternative residences outside of the U.S., a new trend in the firm's 25-year history with emerging markets.
"In the last four years, we've actually seen a surge of interest coming from U.S. citizens about investment migration," said Galst, who attributes this to a post-pandemic world where Americans take certain precautions by diversifying their risk and obtaining a second passport or alternative residence.
Galst notes the firm saw an over 220% increase in inquiries coming from the U.S. in 2020, a time when Henley & Partners did not even have an office in the country. As interest has only increased, Galst says the firm is experiencing more U.S. citizens seeking an alternative residence or second passport than any other single nationality.
The reasons stem from the aftermath of the pandemic, but Galst believes the strongest driver is residents seeking a "Plan B" with no interest in truly leaving the U.S. for extended periods. She says her clients, politically on both sides, are concerned about the presidential election, social issues, such as antisemitism, and another mass health crisis.
While individual client goals and portfolios range, Americans generally gravitate toward the Caribbean or Europe with investment migration, Galst said.
Even though NYC may be the most affluent, the boroughs may not necessarily be the best place for most New Yorkers. According to another recent study, only one neighborhood in the boroughs made the top 10 for "Best Places to Livein the New York CityArea" by Niche.
In that separate survey, the Long Island suburb Great Neck Plaza led first, followed by Ho-Ho-Kus in New Jersey and Hell's Kitchen in Manhattan hit the number three spot.
FAQs
The Big Apple, which has seen its high-net-worth population jump by 48% over the past decade, is home to 349,500 millionaires, 744 centi-millionaires—those with liquid investable wealth of over US$100 million—and 60 billionaires, according to the firm, which collaborated with data intelligence firm New World Wealth for ...
What percentage of NYC residents are millionaires? ›
Nearly 350,00, or one in every 24 residents of The Big Apple are millionaires, according to a new ranking from Henley and Partners. New York City is also home to 744 centi-millionaires, worth at least $100 million; and 60 billionaires.
Is 1 out of 25 New Yorkers a millionaire? ›
When you get to 25, chances are you walked past a millionaire (or had one drive by in a limo). A new analysis by Spear's magazine and a consulting firm called WealthInsight found that 4.63 percent of New Yorkers are millionaires — about one in every 25.
What percent of 50 year olds are millionaires? ›
Slightly over 20% of families aged 55-74 have net worths above $1 million, while well over 10% of those aged 45-54 and 75 and over millionaires, according to the Fed. Meanwhile, just 1% of those under 35 are millionaires.
How many centi millionaires are in Chicago? ›
Chicago may have recently lost its richest resident, but some two dozen billionaires, 290 centimillionaires and 120,500 millionaires still live within the city limits.
Who has more millionaires California or New York? ›
New York is the richest city in the world, with 359,500 millionaires and 60 billionaires, according to a new study. The Bay Area of California is close behind, with its millionaire population surging 82% over the past decade.
Is NYC the richest city in the world? ›
After creating all the parameters and crunching all the numbers, the team named New York City the wealthiest in the world, where one out of every 24 residents is a millionaire.
What is the top 20 percent income in NYC? ›
The site used U.S. Census Bureau income data to determine the salary a household needs to earn to be in the city's top 20% of earners—what they define as “rich.” In New York City, you'll need to make at least $144,541 to be considered a “rich” person in the top 20% of the city's 8 million-plus residents.
What is 90% of all millionaires? ›
' - Andrew Carnegie? - Quora. How true is the quote "Ninety percent of all millionaires become so through owning real estate." - Andrew Carnegie? Probably as true as the statement “83.7% of all statistics are made up!”.
How rare is it to be a millionaire? ›
This is based on the number of people who have the equivalent of $1 million in U.S. assets. There are about 336 million people in the U.S. With 24.5 million of them being millionaires, the odds that someone in the U.S. will end up a millionaire come in at around 7.29%.
A middle-age Millionaires' Row: Average 50-something now has net worth over $1 million. Sometime around age 50, the average American can now expect a household net worth exceeding $1 million. How did so many 50-somethings become millionaires? Household wealth swelled at a record pace during the pandemic.
What is a good net worth by 50? ›
A general rule of thumb is that your net worth in your 50s should be around four to five times your annual salary, said Jeff Rose, CFP and founder of Good Financial Cents. For instance, he said that if someone's earning $60,000 annually, their net worth might ideally be in the ballpark of $240,000 to $300,000.
How old is the average millionaire? ›
Millionaires — those who have a net worth of at least $1 million —are, perhaps not surprisingly, on the older end. They're predominantly 55 and older; just 2.4% are under the age of 35.
What U.S. city has the most millionaires? ›
New York City
Of all the cities in the US, it's little surprise that the Big Apple has the most millionaires. New York City had 349,500 as of December, a jump of 48% compared to 2013, the Henley and Partners' report said. This means about 7% of all millionaires residing in the US live in the city.
What is considered super wealthy? ›
More than $30 million in wealth classifies a person as an ultra-HNWI. The very-high-net-worth individual (VHNWI) classification can refer to someone with a net worth of at least $5 million. Ultra-high-net-worth individuals (UHNWIs) are defined as people with investable assets of at least $30 million.
How many millionaires are in New York City? ›
New York has almost 350,000 millionaires, which is the most of any city and up 48% from a decade ago, according to a global ranking of the wealthiest cities by Henley & Partners, an immigration consultancy.
What is the wealth percentile in New York City? ›
The 46% of New Yorkers who feel wealthy today have an average net worth of $553,000. However, the amount to be considered “wealthy” in New Yorkers is an average net worth of $3.3 million.
What is the concentration of wealth in NYC? ›
The report released this month finds that wealth is indeed concentrated in a few hands. New Yorkers who are worth more than $30 million own a combined $6.7 trillion in wealth, composing about 0.4% of the state's population.
How many million live in New York City? ›
With more than 20.1 million people in its metropolitan statistical area and 23.5 million in its combined statistical area as of 2020, New York City is one of the world's most populous megacities.
