World's Richest Cities List 2023: New York Named Wealthiest City, Mumbai Ranked 21st Position Globally
The report also revealed that the Bay Area in California, which includes San Francisco and Silicon Valley, had 63 billionaires, which is much than New York.
Mumbai, April 19: Nearly 340,000 millionaires lived in New York last year, making it the wealthiest city in the world yet again, according to investment migration consultancy Henley & Partners. With 10 of the top 50 cities in the globe, the United States has overtaken China and Australia as the country with the most affluent cities in the recently released list by the firm.
The analysis examined 97 cities in nine geographical areas and found that New York saw a 40% increase in the number of high-net-worth individuals (HNWIs) between 2012 and 2022, helping it to keep its top spot. World Happiness Report 2023: Finland Declared Happiest Country Sixth Time in a Row.
The list also revealed that with 63 billionaires living in the area around Silicon Valley and San Francisco in California's Bay Area has more billionaires than New York. Shanghai, Beijing, and Los Angeles came next in terms of the overall number of billionaires.
With a 105% gain over the previous ten years, China’s Hangzhou is also on the list with Austin, Texas, not far behind with a 102% increase. The rise in the number of high-net-worth individuals in locations like Miami and West Palm Beach, Florida, which experienced increases of 75% and 90%, respectively, is said to have been influenced by the pandemic-induced distant work trend.
As opposed to St. Petersburg, where the number of millionaires fell by 38% during the past ten years, Moscow appears to have suffered as a result of the conflict in Ukraine and the ensuing sanctions.
Top 10 Cities in 2023
New York, Tokyo, the Bay Area of California, London, and Singapore rounded out the top five richest cities. Tokyo and London kept their positions despite losing 5% and 15% of its wealthiest residents during the past ten years, respectively.
However, there were notable increases in the Bay Area and Singapore, with a 68% increase in the number of high-net-worth persons in the California region and a 40% increase in Singapore. The list was followed by Los Angeles, Hong Kong, Beijing, Shanghai, and Sydney. Japan, Iceland and Singapore Are The Safest Countries to be Born: 'Every Child Alive' UNICEF.
While no Indian city could make it to the ‘top 10’, Mumbai has yet again emerged as the richest city in India, ranking 21st in the list.
(The above story first appeared on LatestLY on Apr 19, 2023 09:44 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).