New York City is home to nearly 1 million millionaires, more than any other city in the world
New York City is a hot spot for the rich. According a new report from data firm Wealth-X, it is home to nearly 1 million wealthy people, more than any other city in the world.
The report used primary addresses to map out the population of "high net worth" (HNW) individuals, defined as those with a net worth of $1 million to $30 million. Those worth more than $30 million are classified as ultra high net worth (UHNW) and are not represented in this data set, though they're also fans of the Big Apple: In a 2017 report, Wealth-X found that NYC's UHNW population stood at 8,865.
New York's HNW population actually shrunk by 0.6 percent to 978,810 in 2018 but remained "65 percent larger than the second biggest city, Tokyo," Wealth-X reports. In Tokyo that year, the HNW population was 593,025.
It's not surprising that New York leads the world in the number of millionaires: New York is considered the most appealing city by the world's wealthy, as measured by where they want to put their families and their money, according to the Knight Frank City Wealth Index, created by the London-based real estate firm Knight Frank.
Still, it isn't the only American city attracting hundreds of thousands of millionaires.
The U.S. now includes six of the top 10 cities in Wealth-X's global ranking, including Los Angeles, which ranked third with 576,255 HNW individuals.
Here's the full list of the top 10 HNW cities:
And here's the full breakdown of the top 10 HNW cities, including the change in the HNW population there since the previous year.
10. Dallas
2018 HNW population: 298,220
Change in population from 2017: 0.1 percent
9. Washington, DC
2018 HNW population: 301,495
Change in population from 2017: -1.3 percent
8. San Francisco
2018 HNW population: 314,055
Change in population from 2017: -0.4 percent
7. Paris
2018 HNW population: 345,175
Change in population from 2017: 4.5 percent
6. Chicago
2018 HNW population: 353,775
Change in population from 2017: -0.8 percent
5. London
2018 HNW population: 372,270
Change in population from 2017: 2.7 percent
4. Hong Kong
2018 HNW population: 391,595
Change in population from 2017: -11.1 percent
3. Los Angeles
2018 HNW population: 576,255
Change in population from 2017: -0.7 percent
2. Tokyo
2018 HNW population: 593,025
Change in population from 2017: -3.3 percent
1. New York
2018 HNW population: 978,810
Change in population from 2017: -0.6 percent
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