1% of Seoul's Population Are 'Millionaires'... New York Is the Global Capital of the Wealthy

New York City in the United States has been identified as the city with the highest number of millionaires in the world. Seoul ranked 16th.

On the 18th (local time), foreign media including The National cited a report from the UK investment advisory firm Henley & Partners, stating that as of the end of last year, the number of residents in New York with assets exceeding $1 million (approximately 1.3 billion KRW) was counted at 340,000. This established New York as the city with the most millionaires worldwide. Compared to 10 years ago in 2012, the number of millionaires in New York increased by about 40%.

Seoul cityscape. [Image source=Pixabay]

원본보기 아이콘

Tokyo, Japan ranked second with 290,300 millionaires, followed by San Francisco, USA with 280,500 millionaires in third place. The rankings continued with ▲London, UK (258,000) ▲Singapore (240,100) ▲Los Angeles, USA (205,400) ▲Hong Kong (129,500) ▲Beijing, China (128,200) ▲Shanghai, China (127,200) ▲Sydney, Australia (126,900).

The number of millionaires in Seoul was counted at 97,000, ranking 16th worldwide. As of February, Seoul's total population was surveyed at 9,427,583, meaning about 1% of the entire Seoul population are millionaires. Additionally, the number of super-rich high-net-worth individuals with assets exceeding $100 million (approximately 13.18 billion KRW) was surveyed at 229.

Over the past 10 years, the city where millionaires increased the fastest was Hangzhou, China. As of the end of last year, the number of millionaires in Hangzhou was 30,400, representing a 105% increase over 10 years. This growth rate was higher than Shenzhen (98%) and Guangzhou (86%) in China.

J?rg Steffen, CEO of Henley & Partners, explained, "Many of the top-ranking cities have programs that guarantee residency and citizenship, encouraging foreign direct investment and wealth mobility."

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.