The number of millionaires around the world is increasing each year, and that includes cities. Some cities have a higher concentration of millionaires than others, but these are 5 cities that have the most millionaires by population.
New York (340.0K)
New York City is the most populous city in the United States and the center of the New York metropolitan area, which has a population of 20.2 million. It’s no surprise that New York would be on this list; it’s one of the most important cities in the world and home to some of its wealthiest residents. New York City is an international center for finance, culture, commerce, entertainment and media industries. It’s also one of America’s major tourist destinations
Tokyo (290.0K)
Tokyo is the most populous city in the world, and it’s also home to 290,000 millionaires. Tokyo is a major financial center, which means people who work there tend to be wealthier than average. The city has been an important economic hub since before World War II; some of its largest companies include:
- Sony (electronics)
- Toyota Motor Corporation (automobiles)
- Mitsubishi Heavy Industries Ltd (aerospace)
Bay Area (285.5K)
The Bay Area is home to Silicon Valley, a major hub for technology companies, and it’s no surprise that the city has the largest number of millionaires in America. In fact, you could say that this area has been minting them for decades. The Bay Area also has one of the highest cost of living rates in the country, with San Francisco having one of the most expensive real estate markets in North America. Yet despite these high prices (and lower incomes), people continue to live there because they can afford it–or they’re willing to make sacrifices so they can live close by where their job is located or even start their own business there (which often means paying more than average rent). In short: if you want more money than anywhere else in America then move into this area!
London (258.0K)
London is the capital of England and one of the most populous cities in the world. It’s also home to many major financial institutions, including Barclays Bank PLC, HSBC Holdings PLC, Lloyds Banking Group PLC and Standard Chartered PLC (to name just a few). As such, it’s no surprise that London has more millionaires than any other city in Europe: 258K as of 2017.
Singapore (240.1K)
In the city-state of Singapore, the average income is $78,000 per year. The cost of living is very high and it’s one of the most expensive cities in the world. It has a high tax rate and property taxes are even higher than New York City’s. Singapore is a global financial centre with many multinational companies based there as well as being known as an educational hub with some of its best universities ranked among Asia’s top 10 schools by QS World University Rankings 2016/17 (University College London).
While it may be surprising to see New York take the top spot, it’s important to remember that there are more millionaires in the world than ever before. With so many people pursuing their dreams and making their own way in life, it’s no wonder that these cities have become hotspots for wealth creation.
