New York is the richest city in the world with 349,500 millionaires.

New York is the richest city in the world with 349,500 millionaires, a number that has increased by nearly 50% over the past decade, according to the latest US Wealth Report 2024 study.

According to a study conducted by global investment firm Henley & Partners in conjunction with New World Wealth, of the total number of millionaires, 744 have more than one hundred million dollars, and 60 are multimillionaires.

The biggest increase in the number of millionaires occurred between 2013 and 2019, Andrew Amoils, head of research at New World Wealth, explained to NBC.

As the wealthiest city in the United States, New York is followed by the San Francisco Bay Area with 305,700 millionaires, up 82% over the past decade, and Los Angeles (212,100 millionaires), both in California. This is followed by Chicago (Illinois) with 120.5 thousand millionaires and Houston (Texas) with 90.9 thousand millionaires.

It is also noteworthy that as a result of the tech boom, Austin, the capital of Texas, saw the largest increase in millionaire population between 2013 and 2023 – by 110%.

Andrew Amoils also assured that “future hotbeds of wealth to consider are Salt Lake City (UT), Tampa (FL) and Naples (FL).”

“Over the next decade, we can expect these cities to attract increasing numbers of affluent residents,” he added.

The study also highlights that New York is also the most expensive real estate with an average price of $28.4 thousand per square meter, followed by Los Angeles with an average price of $17.8 thousand per square meter.

According to this study, the United States continues to be the undisputed world leader in the creation and accumulation of private wealth, accounting for 37% of the world’s millionaires: approximately 5.5 million wealthy individuals with more than $1 million in cash to invest.