The report links this to booming oil and gas industries, which have flourished as energy prices have soared and boosted stock markets in these areas. In the first half of 2022, they saw an increase of up to 20% in terms of their wealthy population. Riyadh in Saudi Arabia, Sharjah and Dubai in the United Arab Emirates, Lusaka in Zambia, and Luanda in Angola are in the lead. The top five cities with the fastest growing millionaire populations are not in the U.S., however. "Florida is an increasingly popular destination for retired high-net-worth individuals, especially those from the USA's East Coast cities," he said. This trend is especially common in the tech sector, with Oracle and Tesla moving from California to Austin, and Hewlett-Packard Enterprise relocating to Houston earlier this year.Īdditionally, these cities have become prime retirement destinations, Andrew Amoils, head of research at wealth intelligence firm New World Wealth, who collaborated on the report with Henley & Partners, told CNBC. Since the onset of the coronavirus pandemic and the shift to flexible working, companies require less office space and many employees moved to smaller cities to improve their quality of life and lower their cost of living. The report links this to major American companies moving their headquarters to these cities. cities that have seen a major year-to-date increase in wealthy people. Austin, Miami, West Palm Beach and Greenwich are other U.S. Houston also has one of the fastest growing millionaire populations, according to the report. Cities with the fastest growing millionaire populations cities in the top 10, ranking 6 th, 7 th, and 8 th, respectively. Los Angeles, Chicago and Houston are the other U.S. The report said 623 have assets worth at least $100 million and 62 billionaires live in the city. The San Francisco Bay Area – which includes Silicon Valley – rounds out the top three wealthiest cities, with 276,400 rich individuals, 12,890 of whom are multi-millionaires. The report found that 7,350 people in Tokyo are multi-millionaires, 263 have above $100 million and 12 are billionaires. Compared to New York, a much smaller proportion of them have assets worth over $10 million. Japan's capital Tokyo ranked second with 304,900 wealthy individuals.
Remarkably, that's more than the total private wealth held in most major G-20 countries. The total private wealth held by New York residents was found to exceed $3 trillion. The number drops significantly to 15,470 when assessing those who have more than $10 million in assets. The report finds that around 4% of New York's 8.38 million citizens own investable assets – property, cash or stocks – worth over $1 million.
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