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 is not only the city that never sleeps, but it is also the home to more billionaire residents than any other city in the world. There are 135 billionaires within the state, and many reside in the city. Former New York City mayor Michael Bloomberg is the richest.
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.
London is one of Europe's most famous financial and cultural centers, attracting millionaires from all over the world. According to a study by Wealth-X, London is home to the most ultra-high net worth (UHNW) people in Europe, with 4,796 people owning over USD 30 million.
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.
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.
“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.
The economy of Switzerland is one of the world's most advanced and highly-developed mixed economy. The service sector and Political stability and Economic stability has come to play a significant economic role, particularly the Swiss banking industry and tourism.
New York City
The Big Apple is home to 340,000 millionaires, 724 centi-millionaires, and 58 billionaires. It is the financial center of the USA and the wealthiest city in the world by several measures. It is also home to the world's two largest stock exchanges by market cap (the NYSE and the Nasdaq).
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.
Agriculture is one of the prominent elements of the state's economy: California leads the nation in the production of fruits, vegetables, wines and nuts. The state's most valuable crops are cannabis, nuts, grapes, cotton, flowers, and oranges. California produces the major share of U.S. domestic wine.
According to data from Forbes, the United States has the highest number of billionaires in the world with a total of 724 billionaires. This is followed by China with 698 billionaires and India with 237 billionaires. Germany and Russia complete the top five countries with 136 and 117 billionaires respectively.
The EPI data says that the yearly wages of the top 1% rose to USD 823,763 in 2020, 7.3% more than what they earned in 2019.
According to Credit Suisse, individuals with more than $1 million in wealth sit in the top 1 percent bracket. The billionaire class is $2.6 trillion richer than before the pandemic, even if billionaire fortunes slightly fell in 2022 after their record-smashing peak in 2021.
Andrei Melnichenko, who made a fortune in fertilisers, was listed as Russia's richest man by Forbes with an estimated worth of $25.2 billion, more than double what he was estimated to be worth last year.
Rublevka or Rublyovka (Russian: Рублёвка) is the unofficial name of a prestigious residential area in the western suburbs of Moscow, Russia, located along Rublyovo-Uspenskoye Highway, Podushkinskoe, 1st Uspenskoe and 2nd Uspenskoe highways.
Russian oligarchs (Russian: олигархи, tr. oligarkhi) are business oligarchs of the former Soviet republics who rapidly accumulated wealth in the 1990s via the Russian privatisation that followed the dissolution of the Soviet Union.
Moscow is home to the seventh-highest number of billionaires of any city in the world. The Moscow International Business Center is one of the largest financial centers in Europe and the world, and features the majority of Europe's tallest skyscrapers.
The district contains Pushkin Museum, Cathedral of Christ the Saviour, Devichye Pole medical campus, Novodevichy Convent and memorial cemetery, Luzhniki Stadium. The stretch of Khamovniki between Boulevard Ring and Garden Ring, known as Golden Mile, is downtown Moscow's most expensive housing area.
There is an almost three-fold gap between the richest (Moscow) and the poorest (Volgograd) metro areas on this indicator. Russia's economy ranks 6th in the world in terms of GDP.