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New York City sees millionaire population soar 48 percent in 10 years (thehill.com)

submitted 9 months ago by MicroWave to c/economics

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New York City saw its population of millionaires jump by 48 percent in a decade, according to a new report.

The Big Apple still leads the U.S. — and the world — among wealthy cities. It has nearly 350,000 millionaires and 60 billionaires, according to the USA Wealth Report from an investment migration consultancy firm Henley & Partners and New World Wealth.

New York also has the most centi-millionaires in the country with 744.

The San Francisco Bay Area came in second place — and in fact has more billionaires than New York. The Bay Area has more than 305,000 millionaires, 675 centi-millionaires and 68 billionaires.

San Francisco’s millionaire growth contributed to its rise in the ranking, amassing 82 percent growth over the past 10 years.

Los Angeles, Chicago and Houston round up the top five list in the U.S.

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[–] [email protected] 3 points 9 months ago* (last edited 9 months ago)

I assume a good part of this is due to increases in housing prices? With how much value property has gained I could imagine that a bunch of people that owned at least something suddenly have become millionaires on paper. However without this actually improving their standard of living.

Also without adjusting for general raises in wages and the stock/property market this absolute benchmark really doesn't mean much.

What matters more is how this wealth actually translates to increases in the standard of living. Not if pure numbers go up, but get cancelled out by inflation and increased costs.