Having more money gives you more mobility and more options for where you wish to live. And in order to boost their economy, towns all around the world vie to draw them in addition to international talent and investment.
According to the most recent World’s Wealthiest Cities Report, eleven of the top 50 wealthiest cities in the world are located within the borders of the United States, demonstrating the country’s exceptional success as a money magnet.
The independent wealth research firm Henley & Partners, in partnership with the international data intelligence organization New World Wealth, publishes the annual report.
The wealthiest city in the world is the Big Apple
New York City sits at the top of the list of the world’s wealthiest cities.
According to the research, the combined wealth of its more than 8 million citizens exceeds $3 trillion, surpassing the combined wealth of the citizens of the majority of the major G20 nations.
Regarding its wealthiest citizens, the Big Apple is home to 60 billionaires, 349,500 millionaires, and 744 centi-millionaires—those who have more than $100 million in investable wealth.
Given that it is the nation’s financial center and is home to Wall Street and 41 of the Fortune 500 businesses in 2024, it should not be shocking that New York City is the richest city in the world.
According to USA Facts, the city’s GDP was $1.8 trillion in 2023, with $325.2 billion coming primarily from the insurance and banking sectors.
The Big Apple is home to the headquarters of some of the largest banking companies, such as Morgan Stanley, JPMorgan Chase, Goldman Sachs, and Citigroup. It is also home to important media, fashion, healthcare, advertising, and real estate firms.
With Silicon Valley computer companies establishing their own “Silicon Alley” in the Big Apple, the information sector has doubled in size over the last ten years.
As you might expect, the city is among the most costly due to its high concentration of wealth. The average cost of prime real estate is $2,638 per square foot ($28,400/sq m), which is more expensive than in London, Hong Kong, Sydney, Tokyo, or Dubai but less expensive than in Monaco.
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