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One Out of Every 24 New York City Residents Is Now a Millionaire
Posted on 5/8/24 at 10:34 am
Posted on 5/8/24 at 10:34 am
Its also the city with the most billionaires, and the one that gained the most billionaires.
LINK
quote:
For all the talk of a big-money exodus from New York, the city’s residents still have more wealth — in excess of $3 trillion — than those of any other metro in the world.
New York has almost 350,000 millionaires, which is the most of any city and up 48% from a decade ago, according to a global ranking of the wealthiest cities by Henley & Partners, an immigration consultancy. That means about one in every 24 of its 8.26 million residents has a seven-figure net worth, compared with about one in 36 in 2013. New York still has a large share of the ultra-rich, too: the report found that it has 60 billionaires and 744 people with investable wealth of more than $100 million.
quote:
The Bay Area came in second overall, with 305,700 people with a seven-figure net worth living in the region that includes San Jose, San Francisco and Palo Alto. Tokyo came in third with 298,300, a figure that slid 5% over the past decade. Singapore, No. 4, has become a top destination for migrating millionaires with about 3,400 high net-worth individuals moving there in 2023 alone.
quote:
However, some global cities have seen their fortunes reverse. London lost 10% of its millionaire population in the past decade, which included the UK’s decision to exit the European Union. Hong Kong saw a 4% decline in its millionaire ranks as wealthy expats left for Singapore following China’s pandemic-era crackdown.
Some cities on the rise include China’s Shenzhen, where the number of millionaires has surged 140% over the past decade. Bengaluru, India; Ho Chi Minh City, Vietnam; and Scottsdale, Arizona in the US, have also seen their millionaire population more than double in the past 10 years.
Dubai is the richest city in the Middle East, ranking No. 21 globally. Based on wealth per capita, Monaco ranks No. 1 in the world, with more than 40% of its residents being millionaires. New York City comes second.
LINK
Posted on 5/8/24 at 10:35 am to nycguy
cool but, how's that cost of living?
Posted on 5/8/24 at 10:35 am to nycguy
And probably 20 out of the other 23 are below the poverty line.
Posted on 5/8/24 at 10:35 am to nycguy
The 2 cities the board hates the most NYC & SF
Posted on 5/8/24 at 10:36 am to nycguy
How many of those are 401K millionaires that will fall out in less than 36 months?
Posted on 5/8/24 at 10:36 am to nycguy
Being a millionaire in Louisiana isn't really impressive anymore.
In NYC, you're still renting a small apt and taking pubic transportation.
In NYC, you're still renting a small apt and taking pubic transportation.
Posted on 5/8/24 at 10:38 am to nycguy
How many are paper millionaires with most of the "wealth" bring their house or condo?
Posted on 5/8/24 at 10:42 am to nycguy
Now eliminate the trust fund kids and real estate.
This post was edited on 5/8/24 at 10:43 am
Posted on 5/8/24 at 10:45 am to nycguy
Don’t see the appeal of paying north of 4500 just for a one bedroom when there are neighbors above, below, and on the side of you
Posted on 5/8/24 at 10:46 am to nycguy
Excellent, people should move to NYC instead of Idaho, Texas, Florida and Tennessee.
Posted on 5/8/24 at 10:51 am to nycguy
got news for you baw, being a net worth millionaire these days is pretty commonplace
Posted on 5/8/24 at 10:53 am to nycguy
Would love to see how they are calculating that. Are they backing out tax liability on unrealized gains? Or on 401k holdings?
Posted on 5/8/24 at 10:55 am to nycguy
So 4%? Seems pretty low. I thought like 10% of households nationwide were millionaire households.
Posted on 5/8/24 at 10:58 am to nycguy
i hope so! someone has to pay taxes!
Posted on 5/8/24 at 10:59 am to nycguy
A millionaire in NYC is equal to a $200k-ionaire in Louisiana.
Posted on 5/8/24 at 11:11 am to nycguy
To be equivalent to $1 million in 1980, you would need almost $4m today.
Now, cost of living is a weird thing - take consumer electronics - they tend to get better every year, but generally the absolute cost trends downward, at least slightly for most sorts of common items, over time. Cell phones may be bucking that trend, but still.
However, jump to the true big ticket items - houses and cars - that's off the charts and is almost an inflationary bubble all its own. Going back to 1980 again, the average price of a new car was about $7k. Today it is $47k, almost SEVEN times, over 1 1/2 times that of the overall inflation rate since then.
Houses? Same deal. Average price of a home was about $56k in 1980 and today it is $417k, again, around SEVEN times, over 1 1/2 that of overall inflation.
A lot goes into that. Of course, modern cars and houses have a lot more to offer than cars and houses in 1980. At the end of the day, however, all of this is obviously unsustainable for more than just a couple of years (if that), and a hard correction is inbound.
Now, cost of living is a weird thing - take consumer electronics - they tend to get better every year, but generally the absolute cost trends downward, at least slightly for most sorts of common items, over time. Cell phones may be bucking that trend, but still.
However, jump to the true big ticket items - houses and cars - that's off the charts and is almost an inflationary bubble all its own. Going back to 1980 again, the average price of a new car was about $7k. Today it is $47k, almost SEVEN times, over 1 1/2 times that of the overall inflation rate since then.
Houses? Same deal. Average price of a home was about $56k in 1980 and today it is $417k, again, around SEVEN times, over 1 1/2 that of overall inflation.
A lot goes into that. Of course, modern cars and houses have a lot more to offer than cars and houses in 1980. At the end of the day, however, all of this is obviously unsustainable for more than just a couple of years (if that), and a hard correction is inbound.
This post was edited on 5/8/24 at 11:13 am
Posted on 5/8/24 at 11:18 am to nycguy
As others have noted, a $1 million net worth while living in NYC isn't all that impressive.
Liquid wealth is probably a better measure in a place like that.
Liquid wealth is probably a better measure in a place like that.
Posted on 5/8/24 at 11:18 am to nycguy
They need to clarify, what makes them a millionaire?
I bet over half of those "millionaires" are living paycheck to paycheck
I bet over half of those "millionaires" are living paycheck to paycheck
Posted on 5/8/24 at 11:23 am to nycguy
Probably still need govt assistance to survive
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