What are the cities of millionaires? – The millionaire population is observed in cities around the world, where they live because they are economic hubs, have developed infrastructure, have a business-friendly environment, have an attractive lifestyle, and have investment opportunities.
In first place, New York City, USA, known for its finance and banking hub and various large companies, is home to about 400,000 millionaires. The Bay Area, a metropolitan area located in the US state of California, is in second place, where 342,400 millionaires live and where various major technology companies originated, such as Google and Apple.
Tokyo, Japan, is in third place, attracting millionaires because of its high standard of living and being home to giant companies such as Mitsubishi Corporation, Hitachi, and SoftBank Group.
Notably, three of America’s most populous cities are in the top 10. New York City, known as the economic capital, has one in every 22 residents who are millionaires.
The number of millionaires in the Bay Area in the US has nearly doubled in the last 10 years. According to Visual Capitalist, the Bay Area is a prime location for wealth due to its status as the world’s top startup capital, controlling nearly two-thirds of the world’s venture capital.
According to Visual Capitalist, the largest number of billionaires in Asia live in the Japanese capital, Tokyo.
Also Read: Top 10 European Union countries by GDP: Germany ranks first
Singapore, which ranks fourth, is attracting a growing number of millionaires every year due to its business-friendly environment, low taxes, and high standard of living. You might be surprised to know that, according to a report by Time Out, the number of millionaires in Singapore has increased by 62 percent in the last 10 years.
On the other hand, London, the capital of the UK, which is in sixth place, is home to the largest number of millionaires in Europe. But the number of millionaires here has declined in the last 25 years, mainly due to high taxes and increasing competition in technology from the United States and Asia.
Visual Capitalist’s reporting contributed to this article.
