The 50 richest cities in the world are ranked, with New York leading the way.

• According to a new study, New York is the wealthiest city globally, with 359,500 millionaires and 60 billionaires.
• Over the past decade, the population of millionaires in the Bay Area of California has increased by 82%.
• Over the past decade, the increase in technology riches, stock market growth, and corporate transactions have resulted in unprecedented levels of wealth.

According to a new study, New York is the wealthiest city globally, with 359,500 millionaires and 60 billionaires, although the Bay Area of California is closely following.

Despite concerns about wealth flight and the pandemic's impact on the city's affluent population, New York's millionaire population has increased by 48% over the past decade, making it larger than the entire populations of Orlando or Pittsburgh. Additionally, New York residents now have over $3 trillion in wealth, which is greater than the GDPs of Brazil, Italy, or Canada.

While San Francisco and the Bay Area are lagging behind, their millionaire population has increased by 82% over the past decade, to 305,700. The Bay Area has the highest number of billionaires, with 68, according to a report comparing global wealthy populations as of December.

The U.S. is becoming the world's largest millionaire and billionaire producer, with 11 of the top 50 richest cities being located within its borders, according to a recent report.

The surge in tech wealth, combined with the rise in the stock market and deal-making, has resulted in record amounts of wealth over the past decade. Additionally, the pandemic fiscal stimulus has accelerated wealth creation, particularly for the top 1%, with their wealth increasing by over 40%, as per the Federal Reserve.

"Andrew Amoils, Head of Research at New World Wealth, stated that the U.S. continues to lead the world's wealthiest cities due to its dominance in the global financial, tech, and entertainment sectors. Notably, U.S. cities have outperformed other western cities in terms of overall wealth and millionaire growth over the past decade."

Tokyo, once the wealthiest city in the world, has dropped to third place and experienced a 5% decline in its millionaire population, now standing at 298,300 millionaires.

Beijing saw a 90% increase in millionaires over the past decade to 125,600 millionaires, making China crack the top 10 for the first time. However, the slowing economy and wealth flight are causing a reversal in wealth creation, with the millionaire population down 4% last year, according to Amoils.

With a 45% increase in millionaires, Los Angeles advanced two positions to sixth place on the list.

Over the past decade, wealth creation globally has primarily been driven by financial markets, according to Juerg Steffen, CEO of Henley & Partners.

"The S&P 500's 24% gain last year, the Nasdaq's 43% surge, and bitcoin's 155% rally have boosted the fortunes of wealthy investors," he said. "Advancements in AI, robotics, and blockchain technology have opened up new avenues for wealth creation and accumulation."

According to Henley & Partners and New World Wealth, here is the full ranking of the world's richest cities.

1. New York City

2. Bay Area, California

3. Tokyo

4. Singapore

5. London

6. Los Angeles

7. Paris & Île-de-France

8. Sydney

9. Hong Kong

10. Beijing

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