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In this city, one in 24 people is a millionaire – Executive Summary

In this city, one in 24 people is a millionaire – Executive Summary

A new study by Henley & Partners reveals that there is a city where one in 24 residents are millionaires, meaning they have more than $1 million in liquid assets.

Thus, New York tops the global ranking of cities with the largest number of millionaires. Research indicates that approximately 350,000 New Yorkers have more than $1 million in liquid assets. Additionally, the city is home to 744 millionaires and 60 billionaires.

The second city on the list is San Francisco Bay, which represents the Silicon Valley region, which is the technological valley in which giants such as Apple, Facebook, Google, and others are located.

These data reinforce the continued attractiveness of the United States as a center for great wealth, driven by the return of many wealthy families after the pandemic. During 2020, many wealthy New Yorkers moved to suburban areas or states with fewer health restrictions, such as Florida. This temporary exodus caused cities like Miami to earn nicknames like the “Wall Street of the South.” However, as the epidemic situation returned to normal, many returned to New York, revitalizing the local economy.

A recent study conducted by the Fiscal Policy Institute revealed that the increase in the number of millionaires in New York was accompanied by the departure of lower and middle-class residents, who are unable to afford the costs of living in the city.

The income range most affected is people who earn between $32,000 and $65,000 a year, which is not enough to sustain a comfortable life in New York.

The impact of New York's concentration of wealth is multifaceted, affecting everything from housing prices, which have risen 70% in the past decade, to rising poverty rates, which will reach record levels in 2022.

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