Five U.S. cities, led by chart-topper New York, place among the eight wealthiest cities in the world, according to a recent report by Henley and Partners, a London-based investment migration consultancy.
The Henley Global Citizens Report, released Tuesday, rates New York as the wealthiest city, based on the number of resident millionaires. The city that never sleeps is home to 345,600 millionaires and 59 billionaires, compared to Tokyo, which secured the second spot, with 304,900 millionaires and 12 billionaires, according to the study.
Other U.S. locales making the 20-city ranking were the San Francisco Bay Area, at No. 3; the Los Angeles and nearby Malibu area, at No. 6; Chicago, at No. 7; Houston, eighth; and the Dallas and Fort Worth region, 18th. The Henley report notes that London, long an occupant of the top spot, was knocked to fourth, from third, in this survey by the San Francisco Bay Area. The Bay Area includes Silicon Valley, in which the wealthiest 25 percent of households hold 92 percent of the wealth, according to Joint Venture Silicon Valley, a local collective of business, government and academic leaders. The San Francisco Bay Area is projected to reach the top spot by 2040, according to Henley.
Los Angeles and its greater metropolitan area, including Malibu, are home to more than 190,000 millionaires, 34 billionaires and 22 Fortune 500 companies, per Henley.
While not making the top 20 list, Austin, Texas; West Palm Beach, Florida; and Miami stood out in the report, with Henley calling Florida “an increasingly popular destination for retired high-net-worth individuals, especially those from the East Coast cities of Boston, New York, Philadelphia and Washington D.C.” And since millionaires are flocking to Florida, advisors are following, according to a recent Investment Adviser Association report.