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

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?’”