New York City has reached a milestone as it now holds the title of having the higher number of millionaires, in the world. A recent report from Henley & Partners a firm specializing in immigration services reveals that the Big Apple is currently accommodating 349,500 millionaires making it a top global destination for individuals surpassing prominent cities.
The notable increase in New Yorks millionaire population signifies a 48% surge over the decade. This growth is primarily attributed to the performance of markets as highlighted by Henley & Partners. Despite some individuals relocating elsewhere due to the pandemic many more have opted to make New York their residence contributing to its flourishing community of millionaires.
New York City is home to a total of 8.2 million people meaning that approximately one out of every 24 residents is a millionaire. Alongside its individuals the city can also boast about having 60 billionaires placing it as the city with the highest number of ultra rich individuals closely following the Bay Area which has 68 billionaires.
Nevertheless this prosperity comes with its set of challenges. The cost of living in New York City has surged significantly posing difficulties for those with incomes to sustain their livelihoods there. According to a report from the Fiscal Policy Institute, 200,000 New Yorkers earning below $172,000 have decided to relocate from the city between 2017 and 2022 due, to these high expenses. The escalating costs have forced residents to seek affordable housing options elsewhere.
In New York City the average cost, for a two bedroom apartment has climbed to $4,950 marking a 26% increase from the year as reported by Zumper, a site for finding apartments. Families are feeling the strain more when it comes to childcare expenses, where the costs have reached heights that an annual income of approximately $300,000 is required to afford it. This figure far surpasses the city’s family income of around $75,000.
On the west coast following New York City is the Bay Area with the second-highest number of millionaires. Miami is also witnessing a surge in residents with a 78% growth in millionaires over the decade attributed to better weather and lower taxes.
Across Asia Tokyo leads in having the number of millionaires despite experiencing a 5% decrease compared to ten years ago. Singapore has also seen a spike in its millionaire population by 64% from a decade back thanks to its reputation for economic stability along with no capital gains tax.
The increasing wealth concentration in cities like New York underscores the widening gap and poses challenges, for residents grappling with rising living costs.
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