NYC has most millionaires in the world despite COVID exodus — one in 24 worth seven figures
NY Post
The Big Apple is home to the most millionaires in the world — despite the recent exodus of wealth spurred on by the pandemic.
There are 350,000 millionaires in New York City, a 48% increase from a decade ago, meaning that one in 24 of the city’s 8.2 million residents has at least a seven-figure net worth, according to a global ranking of the wealthiest cities by immigration consultancy Henley & Partners, earlier reported on by Bloomberg.
The city’s proportion of millionaires increased from one in 36 in 2013, the report found.
In fact, New York has 60 billionaires and 744 people with investable wealth of more than $100 million.
Henley & Partners defines the term “millionaire” as “individuals with liquid investable wealth of USD $1 million or more.”
Liquid investable wealth is either cash or cash equivalents that can easily be converted into cash without losing much value, such as marketable securities like stocks, bonds or mutual funds, as well as money market funds, which typically invest in government securities and certificates of deposit.
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