Most millionaires in the world live in New York City. The global metropolis takes first place in a newly published list. Three German cities are represented in the top 50.
According to research by immigration consultancy Henley
The city often associated with the “American Dream” seems to be a place not only for millionaires, but also for billionaires. The report reveals that the city is home to 60 billionaires and 744 residents with more than $100 million in investable assets.
In comparison, other regions are lagging behind. The Bay Area around San Francisco ranks second with 305,700 millionaires, followed by Tokyo with 298,300. However, wealth appears to be shrinking in Tokyo, with the number of wealthy residents falling by five percent over the past decade, according to Henley
A notable increase in the population of millionaires has been recorded in some regions. In Shenzhen, China, for example, the number of millionaires has increased by more than 140 percent in the last ten years. In Bengaluru in India, Ho Chi Minh City in Vietnam and the state of Arizona in the USA, the number of millionaires has also increased by more than 200 percent in the last ten years.
The study also highlights the impact of Brexit on the UK economy. London has seen a significant decline in its millionaire population over the past decade, a loss of ten percent largely due to the economic fallout from Brexit.
Three German metropolises are also included in the list of the 50 cities with the most millionaires. Frankfurt is unsurprisingly ahead and is in 16th place. According to the study, 94,500 millionaires and 15 billionaires live in the stock market city.
Munich and Berlin are in 23rd and 43rd place. Almost 70,000 and 26,500 millionaires live there, respectively.
According to “Wirtschaftswoche”, the poorest cities in Germany are Gelsenkirchen, Offenbach am Main and Duisburg. In 2023, the disposable annual income here was 22.5 to 19.6 percent below the national average.
Since the introduction of citizens’ money, there has been the assertion that social assistance is more worthwhile than working. Instead of cutting aid, a significant increase in the minimum wage would make full-time jobs more worthwhile again, at least the SPD is convinced.
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