NYC Has Staggering Number of Millionaires: Report

New York City has 349,500 millionaires, the most of any city in the world and a 48% increase from ten years ago, according to a recently published study by Henley & Partners.

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Despite the pandemic-fueled ‘exodus’ out of NYC – reports claim a net loss of 546,164 residents since April 2020 – this means that one in every 24 New Yorkers has at least $1 million in “liquid investible” funds. (The Upper West Side saw a net loss of about 9,500 people during 2020, about three times the size of its net loss in 2019.)

The city is also home to 744 centi-millionaires (with at least $100 million) and 60 billionaires, trailing just behind the Bay Area, which has 68.

As noted by Bloomberg and the NY Post, New York City residents collectively hold over $3 trillion in wealth, with one factor behind their ballooning net worths being stock market growth.

While a lot of wealthy people have moved to Florida for lower taxes and fewer rules – perhaps accounting for Miami’s 78% increase in its millionaire head count since 2013 – New York City still has the most millionaires and centi-millionaires (though its population of 8 million+ is obviously something to keep in mind).

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According to the NY Post, 91,000 people moved from NYC to Florida in 2022 alone. As a result of this migration, some luxury golf resorts in South Florida have actually doubled and tripled their membership fees, according to the Financial Times.

The U.S. cities that have seen the biggest increase in percentage of millionaires since 2013 are Austin (110%), The Bay Area (82%), Miami (78%), Dallas (75%) and D.C. (75%).

According to Forbes’ 2023 list of the 400 richest Americans, New York City’s richest include Michael Bloomberg, Julia Koch, Stephen Schwarzman, Leonard Lauder, Leon Black and Rupert Murdoch.