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How NYC stacks up (the cash) against other cities

As you might expect, the San Francisco Bay area with its cadre of high-tech tycoons finishes second to New York in the rankings of top cities for millionaires.

While it’s home to a mere 305,700 millionaires, don’t shed a diamond-crusted tear, dear readers: San Fran boasts a world-topping 68 billionaires, leaving NYC in the second spot with 60.

Among the top 10 cities worldwide, you’ll find Los Angeles as the only other American city. It ranks sixth, with 212,100 millionaires; Chicago, the next U.S. metropolis on the list, takes the 12th spot with about 120,500. Combine those two cities, and you still don’t top New York’s mind-boggling numbers.

All four American cities share healthy double-digit millionaire growth. Between 2013 and 2023, San Francisco’s millionaire club jumped 82%; Los Angeles is up 45% and Chicago by 22%. By comparison, three top 10 cities on the list have seen a decline in millionaire residents: Tokyo, London and Hong Kong (ranked third, fifth and ninth) are down 5%, 10% and 4% respectively.

Three Texas cities in the report are also worth highlighting.

Houston is among the top 20 cities for millionaires with 90,900 calling it home, a staggering jump of 70% from 2013.

Meanwhile, Austin has enjoyed the third-highest millionaire growth rate in the world, behind China’s Shenzhen and Hangzhou. The number of millionaires in what is being called "Silicon Hills" has more than doubled to 32,700 in a single decade. California tech workers moving to the city have had a major impact on its real estate market.

Dallas is in the 22nd spot with 68,600 millionaires, ahead of global hubs like Mumbai and Shenzhen.

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Wall Street South vs. Wall Street North

Miami may not rival New York: It’s home to 35,300 millionaires and ranked 33rd. But so much has been made of the Sunshine State attracting the well-to-do that a recent Bloomberg article refers to it as “Wall Street South.” The count is up 78% from 2013, which coincides with an exodus of New Yorkers during the pandemic. Many went to Florida, which passed the Empire State to become the nation's second most valuable housing market last year, according to Zillow.

New York City’s population dropped an estimated 5% during the pandemic years, U.S. Census Bureau figures show. It's speculated that factors like the lack of a state income tax and warm weather made Florida a destination.

Yet the Sun Belt stampede can’t be that bad if you can still fit 10 Miamis in New York as millionaire counts go.

And New York, Manhattan especially, will always appeal to the wealthy for reasons that never fade. It’s a cultural mecca as home to the Metropolitan Opera and Metropolitan Museum of Art, the No. 1 city in America for dining and drink as ranked by Food & Wine — and since Brexit, the financial capital of the world.

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Lou Carlozo Freelance writer

Lou Carlozo is a freelance contributor to Moneywise.

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