New York continues to be “top of the heap” in terms of the world’s wealthiest cities regardless of current warnings from a Wall Road titan that the Massive Apple’s sharp drop in high quality of life may immediate a mass exodus of companies from the realm.
The town retained the highest rating in a listing of the world’s prime 50 cities with the biggest focus of millionaires, in accordance with the newest World’s Wealthiest Cities Report 2025 by Henley & Companions and New World Wealth.
New York Metropolis maintains its crown, topping the worldwide rankings with 384,500 millionaires, together with 818 centi-millionaires and 66 billionaires, the report discovered.
The San Francisco Bay Space, which encompasses Silicon Valley, ranked second on the checklist with 342,000 millionaires — although it surpassed New York with 82 billionaires, in accordance with the report.
The Bay Space has seen a staggering 98% improve in millionaires over the previous decade, a determine surpassed globally solely by Dubai and China’s fast-growing metropolises Shenzhen and Hangzhou.
Los Angeles additionally climbed the checklist of world’s wealthiest cities — surpassing London to safe fifth place.
Based on the research, LA is dwelling to 220,600 millionaires, together with 516 centi-millionaires and 45 billionaires.
London’s decline was stark. The British capital skilled a 12% drop in its millionaire inhabitants during the last decade — relegating it to sixth place.
The US continues to claim its dominance in wealth accumulation, claiming 11 spots among the many world’s prime 50 cities with the very best millionaire populations.
Chicago is the tenth richest metropolis on the planet with a millionaire inhabitants of 127,100, in accordance with the rankings. That is the primary time that the Windy Metropolis, which has been plagued in recent times by a rash of shootings, cracked the highest ten — leapfrogging Chinese language cities equivalent to Beijing and Shanghai.
In the meantime, fast-growing American wealth hubs equivalent to Scottsdale and West Palm Seashore noticed outstanding millionaire inhabitants development charges of 125% and 112%, respectively.
Miami, identified for Florida’s favorable tax situations, grew by 94% whereas Washington D.C. and Austin — the Texas capital which has been dubbed the “Silicon Hills” — additionally noticed their millionaire populations surge by roughly 90%.
Regardless of this spectacular development, captains of trade have raised considerations concerning the sustainability of conventional monetary facilities like New York.
Larry Fink, CEO of asset administration large BlackRock, issued a stark warning this week, criticizing New York Metropolis’s dealing with of crime, cleanliness, and training.
Talking to the Financial Membership of New York, Fink expressed his considerations bluntly: “The city is on the verge of losing a lot of companies. I don’t believe the city has the vitality that it did before.”
Fink, who witnessed New York’s troubled period in the course of the Nineteen Seventies, said he feels his taxes now not assist tangible enhancements: “I believed that my taxes were used to help build out the city. I don’t feel that way anymore.”
BlackRock, managing about $11.6 trillion in property, stays headquartered in Manhattan’s Hudson Yards, however round 160 Wall Road companies managing roughly $1 trillion in property have relocated away from New York since 2019.
This development mirrors the broader enterprise shift away from city cores dealing with growing retail crime.
Within the final decade, practically 40% of drugstores based mostly in New York Metropolis have shuttered whereas corporations like Foot Locker have joined the exodus, relocating their headquarters out of the Massive Apple to extra business-friendly states.
