October 20, 2011

Which City Is No. 1 in Ultra-Rich Individuals? New York, of Course

Top 10 cities in Wealth-X ranking ‘generate and attract wealth’

New York is home to 6% of the population of the U.S., but counts 13% of ultra-high-net-worth individuals among its residents, according to research by Wealth-X, a global wealth intelligence, due diligence and prospecting firm.

The Wealth-X study, released Tuesday, ranks the top 10 U.S. metropolitan areas by number of individual residents worth at least $30 million when accounting for shares in public and private companies, residential and investment properties, art collections, planes, cash and other investible assets.

With 7,720 UHNW individuals, the New York metropolitan area population far outpaces runner-up Los Angeles, which has 4,350 UHNW residents. San Francisco, Chicago, Washington, D.C., Houston and Dallas follow. Atlanta, Boston and Seattle, each with fewer than a thousand UNHW residents, round out the top 10.

All told, the U.S. is home to 57,860 ultra-wealthy individuals.

A study earlier this year placed New York at the top of a list of cities with large concentrations of well-to-do people, those with assets of at least $1 million—a jaw-dropping 720,000 individuals.

“The overrepresentation of the ultra-rich in the New York metro area is a testament to the region’s financial stability and resilience,” David Lincoln, Wealth-X’s director of research, said in a statement.

Wealth-X noted that New York state experienced the second highest GDP growth rate in 2010 at 5.1%. Unemployment rates in New York City have improved to 8.7% from 9.3% year-over-year, and have decreased at a greater rate than the nation's average. The city's real estate market is rebounding, as well.

“Certain geographic clusters generate and attract wealth,” said Wealth-X co-founder David Friedman said in the statement. “While Occupy Wall Street protesters may direct their anger at wealthy, New York bankers, the more relevant question is, ‘What about New York, or any of the other cities, has engendered unique ecosystems of education, risk capital and human capital that result in prosperity, and how can that be more geographically dispersed?’”

Reprints Discuss this story
This is where the comments go.