Global wealth has experienced remarkable growth, tripling in the past two decades, particularly within the U.S., where cities like New York and the Bay Area stand out. According to Henley & Partners' latest report, New York leads with 384,500 millionaires and 66 billionaires, reflecting immense wealth concentration. The Bay Area, however, has outshone New York in billionaire count with 82, showcasing significant recent growth driven by technology. The report notes that global competition for wealth is dominated by urban centers offering residence-by-investment programs, while certain cities like London and Moscow face declines in millionaire populations.
The report highlights that New York City tops the list with 384,500 millionaires, underscoring the significant concentration of wealth in Manhattan.
Juerg Steffen emphasized that the ten winning cities are in countries providing residence-by-investment programs, fostering wealth migration and entrepreneurial opportunities.
Despite a dramatic growth in wealth, London and Moscow have faced negative decline in millionaire numbers, with instances of -12% and -25% respectively.
The Bay Area is now home to more billionaires than New York, further emphasizing its status as a crucial technology-driven wealth hub.
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