New York Maintains Crown as Wealth Capital of America, Bay Area Close Behind: Report

Feature and Cover New York Maintains Crown as Wealth Capital of America Bay Area Close Behind Report

New York maintains its lead as the premier destination for wealth in both the United States and globally.

“New York still leads the U.S. and the world when it comes to wealthy cities.”

According to the USA Wealth Report by Henley & Partners and New World Wealth, the Big Apple boasts nearly 350,000 millionaires and 60 billionaires, solidifying its position as the richest city in America. Despite speculation about affluent individuals departing from the city, its millionaire populace has increased by an impressive 48% over the past decade.

“With nearly 350,000 millionaires and 60 billionaires, the Big Apple is the richest city in America, according to the USA Wealth Report from Henley & Partners and New World Wealth.”

The San Francisco Bay Area secures the second spot among America’s wealthiest cities, surpassing New York in terms of billionaires, with over 305,000 millionaires and 68 billionaires. Notably, the Bay Area has witnessed a remarkable 82% growth in its millionaire population over the last 10 years. Experts anticipate that the surge in investment and advancements in artificial intelligence will further propel the region’s prosperity.

“The San Francisco Bay Area ranks as the second richest city in America, despite topping New York for billionaires, with more than 305,000 millionaires and 68 billionaires.”

Among the top 10 cities, Austin, Texas emerges as the fastest-growing hub for the ultra-wealthy in the United States. Over the past decade, Austin has more than doubled its millionaire population to nearly 33,000. Miami also stands out with an 87% increase in millionaires during the same period, albeit with just a fraction of New York City’s total.

“The fastest-growing U.S. city for the ultra wealthy among the top 10 is Austin, Texas, which has more than doubled its millionaire population over the past decade to nearly 33,000. Miami is up there too, with 87% growth in millionaires over the past decade — but with one-tenth the New York City total.”

Despite the trend of wealth migration to the Sun Belt, encompassing the southern third of the United States known for its sunny climate and tax advantages, the primary wealth centers in the U.S. remain resilient.

“The numbers show that the twin wealth hubs in the U.S. endure, despite wealth migration to the Sun Belt — which is roughly defined as the southern third of the U.S. known for its sunny weather and lower tax states.”

Andrew Amoils, head of research at New World Wealth, affirms the continued dominance of New York City and the Bay Area in American wealth landscape.

“Despite the recent rise of major wealth hubs in Texas and Florida, the Bay Area and New York City are expected to remain America’s wealthiest cities for many more decades to come,”

The top 10 cities in the U.S. with the highest concentrations of millionaires and billionaires are as follows:

  1. New York City: 349.5K millionaires, 744 billionaires
  2. Bay Area, California: 305.7K millionaires, 675 billionaires
  3. Los Angeles: 212.1K millionaires, 496 billionaires
  4. Chicago: 120.5K millionaires, 290 billionaires
  5. Houston: 90.9K millionaires, 258 billionaires
  6. Dallas: 68.6K millionaires, 125 billionaires
  7. Seattle: 54.2K millionaires, 130 billionaires
  8. Boston: 42.9K millionaires, 107 billionaires
  9. Miami: 35.3K millionaires, 164 billionaires
  10. Austin: 32.7K millionaires, 92 billionaires
  11. Washington, D.C.: 28.3K millionaires, 88 billionaires

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