The World's Richest City is New York, USA... Is Seoul Also in the Rankings?

Published 18 Sep.2022 12:30(KST)

Updated 19 Sep.2022 08:07(KST)

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Bloomberg Report: 345,600 Millionaires Reside in New York
Seoul Ranks 16th with 102,100, Outside Top 10 Compared to Tokyo's 2nd Place

The city with the highest number of millionaires in the world is New York, USA. Photo by Yonhap News

[Asia Economy Reporter Kim Juri] The city with the highest number of millionaires in the world was found to be New York, USA. Tokyo ranked second, while Seoul remained in 16th place.

According to foreign media including Bloomberg, citing a report by research firm Henley & Partners, as of the end of June, the number of residents in New York with assets exceeding 1 million USD (approximately 1.4 billion KRW) was 345,600, the highest in the world, reported on the 13th (local time). Tokyo (304,900) and San Francisco (276,400) ranked second and third, respectively.

According to the media, cities ranked 4th to 10th were London, UK (272,400), Singapore (249,800), Los Angeles, USA (192,400), Chicago, USA (160,100), Houston, USA (132,600), Beijing, China (131,500), and Shanghai, China (131,000).

It was found that 102,100 millionaires reside in Seoul, ranking 16th overall. Photo by Yonhap News

Seoul, South Korea, ranked 16th overall. It was reported that 102,100 millionaires reside in Seoul.

However, New York, which ranked first, saw a 12% decrease in the number of millionaires compared to the same period last year. London, ranked fourth, also experienced a 9% decrease, and Hong Kong dropped from 8th to 12th place with a 14% decline. This is analyzed to be due to a significant outflow of foreigners following strict lockdown measures during the COVID-19 pandemic.

The region with the largest increase in millionaires was the Middle East. Riyadh, the capital of Saudi Arabia, and Sharjah, UAE, saw a 20% increase in the number of millionaires compared to the previous year. The rise in Middle Eastern stock markets and oil prices contributed to the increase in millionaires in this region. In tech hubs San Francisco and Singapore, the number of millionaires increased by 4% and 1%, respectively.