Visit New York City, Tokyo and Hong Kong and you’ll find the biggest population of the globe’s wealthiest people.
New York is home to more than 110,000 of the world’s very high-net-worth (VHNW) individuals, a new report by US-based research and data firm Wealth-X has found.
An individual is defined as very-high-net-worth (VHNW) if they have a net worth of US$5-30 million.
Tokyo and Hong Kong also have nearly 74,000 and 65,000 of the world’s wealthiest people respectively.
The top 10 VHNW cities account for more than a fifth of the global VHNW population, according to Wealth-X’ Very High Net Worth Handbook 2020 report. Collectively, they hold a stunning US$26.6 trillion (AU$39.6 trillion).
“Whether at the billionaire, ultra-high-net-worth or VHNW level, New York is the pre-eminent global city of the wealthy, reflecting its status as a global financial center, and home to the largest regional economy in the US,” the report said.
“Commercial opportunities abound in finance, business and consumer services, and real estate, among many others.”
Tokyo is VHNW individuals’ second-most preferred city, and while it lags New York by tens of thousands of people, it used to be neck-and-neck with New York until about 2011.
“Since 2012, the gap has steadily widened as the two countries’ economies have diverged. The US has recovered strongly from the global financial crisis, with Japan continuing a long-term trend of sluggish growth and weak consumer demand,” the report said.
Los Angeles, London and Paris are also preferred cities for VHNW individuals, with Chicago, San Francisco, Washington DC and Dallas rounding out the top 10.
Although China and Germany have the second- and fourth-largest VHNW populations respectively, neither of them made the list at the city level, indicating that wealth is dispersed across cities all over the country.
The fastest-growing VHNW cities outside of China and the US are Turkey’s Istanbul and Ankara, followed by India’s Chennai and Manila, Philippines.
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