New York leads the world in the number of super-rich multimillionaires, though Hong Kong is catching up, according to a new report.
A study by Wealth-X found that the New York metro area — which includes parts of New Jersey, New York and Pennsylvania — had 8,350 people worth $30 million or more by the end of 2016, up 9 percent from the year earlier.
“The world’s premier financial centre and the largest regional economy in the U.S. remains a powerful magnet for the ultra rich,” the report said.
Hong Kong ranked second with 7,650 multimillionaires, up 4 percent. Tokyo ranked third with 6,040.
Los Angeles ranked fourth with 4,600, up 8 percent. Other cities in the U.S. included Chicago, which ranked seventh, with 3,110 super-rich residents, and the Washington, D.C.-area, which ranked eighth, with 2,570.
The U.S. had five of the top 10 cities for the super-rich in 2016, showing its continued dominance globally.
All the U.S. cities reported increases in their super-rich populations, except Houston, which was hurt by lower oil prices.
The U.S. cities benefited from “the improved performance of domestic financial markets, the continued expansion of the lucrative tech sector and the broad appeal of the large U.S. economy in more uncertain times,” the report said. “The allure and prestige of the celebrated powerhouses of New York and Los Angeles is clear but ultra wealth is spread far and wide across the U.S., with less celebrated cities such as Philadelphia, Seattle and Atlanta being the location of choice for a sizeable number of [ultra-high net worth] individuals.”
Surprisingly, despite all the tech wealth being created, San Francisco ranked 11th globally — behind even Dallas and Chicago. San Francisco ranks higher in terms of billionaires, ranking fifth for billionaire populations, suggesting that the fortunes in Silicon Valley tend to be more concentrated.