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money
New York has the most millionaires in the world despite the exit from COVID - one in 24 is worth seven figures



The Big Apple is home to the world's most millionaires - despite the recent pandemic-induced wealth exodus.



There are 350,000 millionaires in New York, up 48 percent from a decade ago, meaning one in 24 of the city's 8.2 million residents have at least a seven-figure net worth, according to a global ranking of the richest cities based on immigration. Henley & Partners consultancy, was reported earlier by Bloomberg.



The city's rate of millionaires rose from one in 36 in 2013, according to the report.



About 350,000 New Yorkers have a net worth of at least $1 million — the most millionaires of any of the world's major metros, according to immigration consulting firm Henley & Partners. Christopher Sandowski



In fact, New York has 60 billionaires and 744 people with more than $100 million in investable wealth.



Henley & Partners defines "millionaire" as "individuals with liquid investable wealth of USD 1 million or more."



Liquid investable wealth is either cash or cash equivalents that can be easily converted to cash without a large loss of value, such as marketable securities such as stocks, bonds, or mutual funds, as well as money market funds, which typically invest in government securities and certificates of deposit.



Collectively, the citizens of New York have more than $3 trillion in wealth.









US financial capital has benefited from the stock market boom in recent years, according to Juerg Steffen, managing director of Henley & Partners.



Last year, global stocks rose 20% and are up nearly 7% this year, according to Bloomberg.



The findings show that New York's wealth is strong despite some of the city's ultra-rich leaving Florida in search of lower taxes and less restrictive pandemic restrictions — so much so that the Sunshine State has reportedly overtaken New York as the most valuable US housing market slow. last year.



Overall, of the more than 545,000 people who left New York State in 2022, more than 91,000 relocated to Florida that year.



As a result, luxury golf clubs in South Florida have in some cases doubled and tripled their membership rates since the pandemic, according to the Financial Times.



Henley & Partners defines "millionaire" as "people with liquid investable wealth of USD 1 million or more", meaning cash or assets that can be easily converted to cash without losing much value. Getty Images/iStockphoto



Additionally, a power shift has paved the way for a Wall Street South, according to Bloomberg.



More specifically, Carl Icahn's Icahn Capital Management abandoned its posh Manhattan digs atop Fifth Avenue's General Motors Building to build a 14-story office complex in a Miami suburb in August 2020.



Hedge fund magnate Paul Singer's Elliott Management — which oversees a total of $59.2 billion after flipping investment targets including AT&T, Twitter and Argentina's government — also moved its headquarters from Midtown Manhattan to West Palm Beach of Florida, in October of the same year.












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In all, 160 Wall Street firms have left the Big Apple in recent years — 56 of which moved operations to Florida, siphoning a whopping $1 trillion in financial assets under management from Manhattan.



Immigration to Miami ranked it 33rd on the list of the city with the most millionaires in the world — a 78% increase over the past decade.



California's Bay Area came in second overall after New York, with 305,700 people with a net worth of more than $1 million living in the area that includes San Jose, San Francisco and Palo Alto.



One in 24 New Yorkers has at least $1 million to their name - more than Miami, which came in 33rd in Henley & Partners' ranking. AFP via Getty Images



Rounding out the top ten was Tokyo, with 298,300 people — a 5% drop over the past decade.



Singapore was fourth with 244,800, up 64 percent, and London was fifth with 227,000, down 10 percent from a decade ago, Bloomberg reported.







Los Angeles was the only other US city in the top 10, coming in sixth with 212,100 millionaires, a 45% increase from 2013.



This was followed by the Paris region, Sydney, Hong Kong and Beijing, which saw a 90% increase over the past decade.
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