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1 in 24 New York City residents is a millionaire, more than any other city

  

Category:  News & Politics

Via:  krishna  •  one week ago  •  15 comments

By:   Megan Cerullo

1 in 24 New York City residents is a millionaire, more than any other city
New York has more millionaires than any other city in the world, beating out California's Bay Area, London and other wealthy cities.

S E E D E D   C O N T E N T


New York has more millionaires than any other city in the world, beating out California's Bay Area, London and other wealthy cities, according to a new report. 

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. The combined total wealth of the city's residents is greater than $3 trillion. 

New York tops the list of richest cities despite some of its wealthiest residents fleeing for Miami, now dubbed Wall Street South, as finance firms set up shop in the Sunshine State. Billionaire hedge fund Ken Griffin recently moved Citadel's headquarters from Chicago to Miami. Miami was ranked 33rd on the list, with 35,300 millionaires, up 78% from 2013.

After New York City, California's Bay Area has the second-highest share of millionaires — 305,700. Tokyo, Japan, took the third spot, followed by Singapore. 

London, Paris, Dubai

London's share of millionaires dropped 10% from 2013, according to the report, landing it in fifth place. Seventh-ranked Paris is the wealthiest city in mainland Europe. Dubai is far and away the wealthiest city in the Middle East, having grown its population of millionaires by 78% over the past 10 years.

"You can secure the right to live, work, study and invest in leading international wealth hubs such as New York, Singapore, Sydney, Vienna and Dubai via investment," said Dominic Volek, head of private clients at Henley & Partners. "Being able to relocate yourself, your family, or your business to a more favorable city or have the option to choose between multiple different cities across the world is an increasingly important aspect of international wealth and legacy planning for private clients." 

The programs benefit cities and countries, which can use them "to attract the world's wealthiest and most talented to their shores," said Volek. 


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Krishna
Professor Expert
1  seeder  Krishna    one week ago

New York has more millionaires than any other city in the world, beating out California's Bay Area, London and other wealthy cities, according to a new report. 

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. The combined total wealth of the city's residents is greater than $3 trillion. 

New York tops the list of richest cities despite some of its wealthiest residents fleeing for Miami, now dubbed Wall Street South.

 
 
 
Buzz of the Orient
Professor Expert
1.1  Buzz of the Orient  replied to  Krishna @1    one week ago

I think you probably HAVE to be a millionaire or close to it to live in any real comfort in NYC.  I'm sure those who don't make the grade probably don't live in anywhere near as much comfort as I do on my meagre Canadian pension where I am. 

I remember back to the time I was still single and had travelled to NYC with a girl friend to watch Canadian folksingers Ian & Sylvia perform at the Bitter End in Greenwich Village, and we stayed in Izzy Young's apartment over his store, the New York Folklore Center.  He gave us the keys to look after his store for the weekend while he went out of town.  We ran the store, enjoyed the folksingers jamming there, but we didn't sell much, some guitar string sets, a couple harmonicas and some sheet music, but no guitars or banjoes.  What really stands out about Izzy's apartment in my memory was the cockroaches in the bathtub. 

 
 
 
Krishna
Professor Expert
1.1.1  seeder  Krishna  replied to  Buzz of the Orient @1.1    one week ago

I think you probably HAVE to be a millionaire or close to it to live in any real comfort in NYC. 

I have known New Yorkers who have found ways to live fairly well there. Some of it is luck-- some people have found rent stabilized apartments they've lived in for years so they pay low rent.

And will things cost more, many people also earn larger salaries.

But that being said, for most people who aren't wealthy, its easier to live well elsewhere!

 
 
 
Krishna
Professor Expert
1.1.2  seeder  Krishna  replied to  Buzz of the Orient @1.1    one week ago
I think you probably HAVE to be a millionaire or close to it to live in any real comfort in NYC. 

Now a days a million dollars isn't really a lot of money! (There are about 25 million people in the U.S. who are millionaires)/

For a couple with 2 kids (who presumably they want to put through college) being a millionaire doesn't really mean great wealth..

 
 
 
Krishna
Professor Expert
2  seeder  Krishna    one week ago

After New York City, California's Bay Area has the second-highest share of millionaires — 305,700. Tokyo, Japan, took the third spot, followed by Singapore. 

London's share of millionaires dropped 10% from 2013, according to the report, landing it in fifth place. Seventh-ranked Paris is the wealthiest city in mainland Europe. Dubai is far and away the wealthiest city in the Middle East, having grown its population of millionaires by 78% over the past 10 years.

 
 
 
Buzz of the Orient
Professor Expert
2.1  Buzz of the Orient  replied to  Krishna @2    one week ago

Canadian cities like Toronto and Vancouver are getting more expensive, but I don't think they're as bad as those you mentioned.

 
 
 
Krishna
Professor Expert
3  seeder  Krishna    one week ago

"You can secure the right to live, work, study and invest in leading international wealth hubs such as New York, Singapore, Sydney, Vienna and Dubai via investment," said Dominic Volek, head of private clients at Henley & Partners.

"Being able to relocate yourself, your family, or your business to a more favorable city or have the option to choose between multiple different cities across the world is an increasingly important aspect of international wealth and legacy planning for private clients." 

 
 
 
Buzz of the Orient
Professor Expert
3.1  Buzz of the Orient  replied to  Krishna @3    one week ago
"Being able to relocate yourself, your family, or your business to a more favorable city or have the option to choose between multiple different cities across the world is an increasingly important aspect of international wealth and legacy planning for private clients." 

That leaves me out.  I'm not rich, but then I don't owe a dime anywhere.  Interestingly enough AMEX owes me around 10 cents but I cut up my card long ago - I don't use credit cards, no longer have any need for them.  I live the way my father said was the only way to live - If you don't have the cash in your pocket to pay for something, you can't afford it. 

He followed that credo from the time he immigrated to Canada as a teenager with 13 cents in his pocket to the time he died a millionaire (without any help from government agencies or charities).  NEVER did he break the law, not even a speeding ticket. 

 
 
 
Krishna
Professor Expert
5  seeder  Krishna    one week ago

Wealthy people can afford to live wherever they want-- why would they choose NYC?

 
 
 
JBB
Professor Principal
5.1  JBB  replied to  Krishna @5    one week ago

Why would people live anywhere else if they can afford NYC?

 
 
 
Krishna
Professor Expert
5.1.1  seeder  Krishna  replied to  JBB @5.1    one week ago
Why would people live anywhere else if they can afford NYC?

I would tend to agree with you,, but many people wouldn't.

 
 
 
Krishna
Professor Expert
5.1.2  seeder  Krishna  replied to  Krishna @5.1.1    one week ago
Why would people live anywhere else if they can afford NYC?
I would tend to agree with you,, but many people wouldn't.

Of course for they ultra-rich its not a question of which place they want to live in, but rather which places. They usually have a few-- sometimes more than one in the U.S. and then a few others in, say Europe-- and perhaps elsewhere.

Oh-- and of course they must have a YUGE yacht as well!

 
 
 
JBB
Professor Principal
5.1.3  JBB  replied to  Krishna @5.1.2    one week ago

I know a lot of people who live rich but who really are not. The few ultrawealthy I know personally live rather frugally. My Dad was a banker and his richest clients wore work clothes and usually had mud or cow dung on their work boots...

But, that was in Oklahoma not in NYC.

I knew Sam Walton, common as dirt...

 
 
 
Krishna
Professor Expert
5.1.4  seeder  Krishna  replied to  JBB @5.1.3    one week ago
The few ultrawealthy I know personally live rather frugally.

I've known a few.

There are some who are ostentatious and are contantly trying to impress people-- the stereotypical "nouveau riche">  But there are many others who don't-- even going to lenths not to show off (for example avoiding clothes with prominent designer labels). 

Actually I bought a very interesting book a while back:

How to meet the Rich: For Business, Friendship, or Romance

A fascinating book. There are several parts to the book-- broken down by type. How each "type" talks, dresses, speaks to their "help" ("staff") how they treat their kids, how they handle money, etc. How to meet them...etc.

 
 
 
Krishna
Professor Expert
5.1.5  seeder  Krishna  replied to  Krishna @5.1.4    one week ago
A fascinating book.

Actually I met the author-- she taught a one evening class on the topic (A class on "How to Meet the Rich") and that's when I foumd out about the book. 

At the time I was thinking of starting a business, (consulting) and I was thinking I'd rather have a few wealthy clients and charge a lot rather than having many and charging a lot less for each one! :-)

(Among other advantages to this approach-- I could work fewer days each week and earn the same amount of money-- and have more days off.)

 
 

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