With over 3 lakh millionaires, New York City is the world's richest city

With the most number of millionaires in 2023 residing in New York City, the Big Apple has once again surpassed all other cities to claim the title of richest city in the world. According to global wealth monitor Henley & Partners, the city is home to 3,40,000 millionaires.

Tokyo and the San Francisco Bay Area, home to 290,300 and 285,000 millionaires, respectively, are in second and third place, respectively, behind the city.

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The report titled, World's Wealthiest Cities Report 2023, covers 97 cities across nine regions worldwide and includes most of the world's top wealth hubs.

With 258,000 resident high-net-worth individuals (HNWIs), London has slid to fourth position on this year's list. Singapore is next with 240,100. London was the top city for millionaires in the world in 2000, but over the following 20 years, it has fallen down the list.

NYC is home to 3,40,000 millionaires, 724 centi-millionaires, and 58 billionaires. The NYSE and the Nasdaq, which rank first and second in terms of market capitalisation, are located here. The city is made up of five boroughs, namely, Bronx, Brooklyn, Manhattan, Queens, and Staten Island. It also boasts some of the most upscale residential streets in the world, such as Fifth Avenue in Manhattan, where the cost of a prime apartment may surpass $27,000 per square metre.