New York has the best focus of ultra-wealthy householders – Robb Report
New York City attracts those who dream of making it big and those who already have it alike.
The latest evidence of this is a new report from financial information company Wealth X and real estate platform REALM. Their discovery, reports Barron’s: No city in the world has a higher number of individual homeowners with ultra-high fortunes, which is defined here as over $ 30 million.
The joint study, titled “The World’s Leading Markets For The Wealthy Spotlight: Residential Real Estate 2021,” is an attempt to find out where the world’s wealthy homeowners, or individuals worth $ 30 million or more, actually live. And the answer was clear: New York City. The two groups found that 24,660 members of this class had either primary or secondary residency in the Big Apple as of December 2020.
According to the report, this number makes New York the world market leader by a wide margin. In second place was Los Angeles, where 16,295 such people live. London (with 14,485 wealthy residents), Hong Kong (14,235) and Paris (7,035) rounded off the top 5.
Why should you include second homes? Wealth X and REALM say the decision to count both allowed for a “more holistic view” of the “living footprint” of the ultra-rich. The report found that most secondary residences are in the world’s cities of the “West”, with London leading the way. Of the high net worth individuals who call the Big Apple at home, only 47 percent have their primary residence in the city.
“The largest regional economy in the US ranks first, both in terms of the number of wealthy individuals by primary residence and second homes,” the report said. “This reflects New York’s status as a global center for finance and commerce, offering a rich mix of cultural and luxury lifestyle opportunities, quality education and world-class real estate.”
While New York has the most wealthy people, the title for the highest density of mega-rich belongs to Monaco, where one in 29 residents meets the study’s criteria. The city-state is followed by one of the most important ski cities in America, Aspen. Let’s just say we’re not too surprised by this last one.