New York City has once again secured its position as the richest city in the world, according to the Henley & Partners’ World’s Wealthiest Cities Report 2024. The city boasts an impressive 349,500 millionaires, along with 675 centi-millionaires—individuals with a net worth of at least $100 million—and 60 billionaires, solidifying its status as the wealthiest place on Earth.
The city’s enormous economy, valued at approximately $1 trillion in 2023, is largely driven by Wall Street. Home to the New York Stock Exchange (NYSE) and Nasdaq, these financial hubs are recognized as the world’s largest stock markets. The securities sector alone employs over 181,000 individuals and contributes billions of dollars in tax revenue. Several major financial giants, including JPMorgan Chase, Citigroup, Morgan Stanley, and Goldman Sachs, have their headquarters in Manhattan, reinforcing the city’s reputation as a financial powerhouse.
In addition to finance, New York serves as a global leader in various other industries such as media, technology, fashion, healthcare, and real estate. The city’s growing tech sector, often referred to as “Silicon Alley,” continues to expand, with major corporations like Google, Amazon, and Facebook increasing their footprint. The fashion industry remains a key player in New York’s economy, employing approximately 180,000 individuals. Additionally, renowned media companies such as The New York Times, NBC, and Condé Nast are headquartered in the city, further solidifying its role as a global media hub.
Luxury real estate in New York remains among the most expensive worldwide. Fifth Avenue has been officially ranked as the most expensive shopping street, while residential rental prices in the city are the highest in the United States. Despite the high cost of living, New York continues to be a preferred destination for the wealthiest individuals globally.
With a population exceeding 8.2 million and more than 800 languages spoken throughout the city, New York remains a magnet for global talent, investment, and ambition. Its enduring appeal as a center of opportunity ensures its continued dominance as the world’s ultimate financial and cultural capital.
