A new report found that New York City is the no. 1 place for ultra-high-net-worth individuals to own a property.
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A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
New York still leads the U.S. and the world when it comes to wealthy cities.
With nearly 350,000 millionaires and 60 billionaires, the Big Apple is the richest city in America, according to the USA Wealth Report from Henley & Partners and New World Wealth. Despite all the headlines about the rich leaving the city, its millionaire population has grown 48% over the past decade.
The San Francisco Bay Area ranks as the second richest city in America, despite topping New York for billionaires, with more than 305,000 millionaires and 68 billionaires. The Bay Area’s growth rate over the past 10 years has been even more impressive, growing its millionaire population by 82%. The surge in investment and growth in artificial intelligence is expected to add another boost to San Francisco’s recovery.
The fastest-growing U.S. city for the ultra wealthy among the top 10 is Austin, Texas, which has more than doubled its millionaire population over the past decade to nearly 33,000. Miami has also grown quickly, with 87% growth in millionaires over the past decade — but with one-tenth the number of millionaires as New York City.
The numbers show that the twin wealth hubs in the U.S. endure, despite wealth migration to the Sun Belt — which is roughly defined as the southern third of the U.S. known for its sunny weather — and lower-tax states.
“Despite the recent rise of major wealth hubs in Texas and Florida, the Bay Area and New York City are expected to remain America’s wealthiest cities for many more decades to come,” said Andrew Amoils, head of research at New World Wealth.
Here are the top 10: