New York City wears the crown as the world's top city with the most millionaires in 2023. Seven of the World's Top 10 cities listed are in countries that host formal investment migration programs and actively encourage foreign direct investment in return for residence or citizenship rights.
New York City came out on top of the world's wealthiest cities list with 340,000 millionaires, ahead of Tokyo with 290,300, and San Francisco's Bay Area with 285,000. San Francisco had the most billionaires, with 63, compared with New York's 58.
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.
Sydney has featured in the top ten of the world's wealthiest cities with 35 per cent growth of high-net-worth individuals in the past decade.
According to estimates, in the middle of 2021 there were 56 million people worldwide whose assets exceeded one million dollars, of whom nearly 40% lived in the United States. The total net worth of all millionaires stood at around $158.261 trillion.
“90% of all millionaires become so through owning real estate.” This famous quote from Andrew Carnegie, one of the wealthiest entrepreneurs of all time, is just as relevant today as it was more than a century ago. Some of the most successful entrepreneurs in the world have built their wealth through real estate.
67.7% are self-made. 23.7% made their money from a combination of their own efforts and inheritance. 8.5% inherited their wealth entirely.
Australia's most expensive suburbs by median house price are all concentrated in Sydney, the most expensive city in Australia, and one of the most expensive in the world.
What are the richest suburbs in Australia? The highest-earning suburbs in Australia are Cottesloe and Peppermint Grove in Western Australia, based on the ATO's latest taxation figures.
Three of the four biggest clusters of billionaires in the world are classic US destinations for the uberwealthy: New York City, Los Angeles, and the Bay Area, which includes the neighboring tech hubs of San Francisco and Silicon Valley. Nearly 163 billionaires reside in those three hot spots alone.
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.
Forbes' real-time data shows that as of May 2023, there are 40 Australian billionaires on the list of the world's richest people.
The top 10 wealthiest cities include New York City, USA; Tokyo, Japan; The Bay Area, USA; London, UK: Singapore; Los Angeles, USA: Hong Kong (SAR China); Beijing, China; Shanghai, China and Sydney, Australia. Besides these cities, the list also includes five Indian cities with more than 1.25 lakh millionaires.
The UAE is the third-richest country in the world, below Luxembourg at number two and Qatar at number one, with a GDP per capita of $57,744. The bulk of its money comes from the production of goods and provision of services related to petroleum, petrochemicals, aluminium and cement.
And it turns out Perth has the wealthiest neighbourhoods in the country. Residents of Cottesloe and Peppermint Grove in the Western Australian capital boast an average taxable income of $325,343 apiece.
Five of the country's top 10 richest towns are located in Western Australia, according to the latest census data, with Dampier taking the top spot with 22% of its residents earning more than $4,000 per week.
New South Wales: a diverse economy and high income
Among all the states and territories in Australia, New South Wales is considered the richest state. It has the largest economy, a diverse range of industries, and a higher-than-average income, which contribute to its status as the wealthiest state.
The increase means the amount of money you need to be part of Australia's top echelon of wealth ($US5.5 million) is now the third highest among the countries and territories covered by global property consultancy Knight Frank's Wealth Report 2023, behind Monaco at $US12.4 million and Switzerland at $US6.6 million.
Tasmania. Tasmania was named the 'bogan capital of Australia' with Taswegians earning four spots in the final. On the island of Tasmania, half the population has literacy and/or numeracy difficulties, and the unemployment rate is higher than it is in mainland Australia.
In 2019-20, a household at the 90th percentile of the distribution – that is, a household that is richer than 90 per cent of households – had a net worth of $2.26 million. A household at the 10th percentile was worth just $36,900, or 61 times less.
Citi Private Bank is the private banking department of Citibank. Their services are reserved for worldly and wealthy individuals as well as their families. While eligible clients can get deposit accounts and retirement accounts as you'd find at any other bank, there are also many specialized products and services.
Dated ways of describing someone worth n millions are "n-fold millionaire" and "millionaire n times over". Still commonly used is multimillionaire, which refers to individuals with net assets of 2 million or more of a currency.
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.