Top millionaire hotspots New York City wears the crown as the world's top city with the most millionaires in 2023.
With 126,900 millionaires, Sydney made it to number 10 with the report noting especially strong growth in wealth in the Harbour City over the past 20 years, making it Australia's wealthiest city. It's also predicted to reach the top 5 wealthiest cities in the world by 2040.
New York City came in at no. 1 on the list. The report found that from 2012 to 2022, the city had a 40% growth in its population of high-net-worth individuals. According to Henley & Partner's report, NYC is home to 340,000 individuals worth over $1 million, 724 centi-millionaires, and 58 billionaires.
Their combined wealth exceeds $2.8 trillion. N ew York is once again the most popular city for the ultra wealthy. This year, out of 2,640 billionaires on Forbes' World's Billionaires list, 101 have made New York City their primary residence–more than anywhere else in the world, per Forbes' research.
These U.S. Cities Have the Most Millionaires, According to a New Report New York has the most millionaires in the U.S. — and across the globe. A new report by investment firm Henley & Partners ranked where the world's wealthiest people reside, and New York City came in at No. 1 in the U.S. and globally.
BRISBANE is home to more than 25,000 millionaires but Sydney is the clear cashed-up capital of the country. The rich residents of Queensland's largest city include 236 in the ultra-wealthy category of people with at least $30 million of assets in addition to their main home.
Billionaire, businessman and the chairman and chief executive of LVMH (LVMUY), Bernard Arnault holds the crown as the richest person in the world. According to Forbes, Arnault has a fortune of $234.5 billion.
Forbes' real-time data shows that as of June 2023, there are 47 Australian billionaires on the list of the world's richest people.
Top 10 countries wealthy people choose to live in. People with $1 million or more are more likely to move to Australia, the US, Switzerland, Canada and Singapore. In 2020, immigration declined because of the pandemic, with many cosmopolitans postponing their move due to documentation problems and closed borders.
Knight Frank Wealth Report 2022 city rankings
According to the 2022 Knight Frank Wealth Report, the cities of New York, Tokyo and Paris have become the most popular places to live for billionaires. London and Los Angeles are next. The capital of Great Britain is also recognized as the best city for life and investment.
In a study by investment migration consultancy Henley & Partners, Tokyo has been named the world's second wealthiest city, behind only New York City. The ranking was compiled by tracking the spending habits of over 150,000 high-net-worth individuals from 97 cities worldwide.
New York is home to many Fortune 500 companies and is the financial heart of the United States, with the New York Stock Exchange and NASDAQ located in the Big Apple. Additionally, the city's real estate market is known for being expensive, with sky-high property values and rents.
Sydney's eastern suburbs have raced to the top as the favoured place to live by Australia's highest earning residents. According to the latest report by the Australian Tax Office, residents of the premium suburbs of Darling Point, Edgecliff and Point Piper earned the highest mean income of $177,514 during 2012-13.
More on the wealthy states within Australia
The Australian Capital Territory (ACT) has the highest average income among Australian states and territories, due to its strong public administration and professional services sectors. New South Wales also has a high average income, higher than the rest of the states.
The richest Aussies live in Sydney, ATO data has found.
Australia's richest suburbs have been revealed, with the majority of high-income earners located in Sydney's eastern suburbs.
An overwhelming majority (approximately 96 percent) of the top 1 percent are concentrated in major metropolitan areas such as San Francisco, Washington, DC, New York, and Los Angeles. However, a few outliers exist in suburban and even rural areas.
For example, countries like Somalia, Eritrea, and the Central African Republic have no billionaires. Furthermore, the concentration of wealth among billionaires also varies greatly between countries.
According to statistics, Switzerland has the highest proportion of millionaires as of 2021, closely followed by Luxembourg. Even though the income tax rate in Switzerland is 40%, 16.4% of the world's millionaires reside there as of 2021.
No suburb in the country features a greater concentration of members of The List – Australia's Richest 250 than Toorak, where Melbourne's wealthiest families have gathered for decades. Think historic looking mansions guarded by large hedges set back from the street to ensure privacy.
Australians wanting to be in the country's top 1% for wealth need to have an individual net worth of US$5.5 million ($8.3 million), Knight Frank's 2023 Wealth Report has found.
1. Gina Rinehart, $37.41 billion (up $3.39 billion) Another year, another Rich List crowning Gina Rinehart as Australia's wealthiest person. 2023 marks the fourth consecutive year the mining magnate has held that mantle.
In broader terms, the finance and investment profession has the most millionaires. It also has the most billionaires, with 371. Here's a list of the seven best careers if you want to be a millionaire.
Walton Family
The Walton family knows its way around some retail revenue. Its namesake, mega-retailer Walmart, has an estimated global revenue of $611.3 billion. As the family owns nearly half of the company, they should be quite comfortable for generations to come.