Miami, Florida, Luxury, Business
A view of Biscayne Bay in the metropolitan area of South Miami. AFP

Eleven U.S. cities are among the 50 with the highest amount of millionaires in the world, with Florida and Dallas showing some of the largest increases over the past decade, according to a new report by Henley & Partners.

New York City again topped the list, with almost 350,000 people with at least a seven-figure net worth. That means that one in 24 people in the city are millionaires, according to Bloomberg, with the total wealth held by residents topping $3 trillion.

The city also saw a 48% increase in the amount of people reaching that milestone between 2013 and 2023, and also boasts of 744 centi-millionaires and 60 billionaires.

The Bay Area came in second, with 305,700 millionaires, a 82% increase compared to the prior decade. Tokyo, Japan and Singapore completed the top five.

Los Angeles is the next American city in terms of millionaires, coming in at sixth in the world with over 212,000 individuals and a 45% decade-to-decade growth. Chicago followed suit at the national level, with 120,500 millionaires, a 22% increase compared to 2013.

Texas' two largest cities, Houston and Dallas, have 90,900 and 68,600 millionaires, respectively, with the latter showing a 75% increase in the past 10 years.

Seattle and Boston also made the list, while Miami, which has seen a high-profile inflow of companies and high net worth individuals, now has over 35,000 millionaires, a 78% increase compared to 2013. The city also has 164 centi-millionaires and 15 billionaires. Austin and Washington DC complete the American list.

Henley & Partners CEO Dr. Juerg Steffen said that a key factor driving the growth was "the strong performance of financial markets in recent years." "The S&P 500's 24% gain last year, along with the Nasdaq's 43% surge and Bitcoin's staggering 155% rally, has buoyed the fortunes of wealthy investors. Additionally, rapid advancements in artificial intelligence, robotics, and blockchain technology have provided new opportunities for wealth creation and accumulation," he said.

However, he also noted that "even as new opportunities emerge, old risks persist. The war in Ukraine, which has seen Moscow's millionaire population plummet by 24% to 30,300, is a stark reminder of the fragility of wealth in an uncertain and unstable world."

No African or South American cities made the list, but the report identified some that could in the future, namely Kenya's Nairobi and South Africa's Cape Town.

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