The New York metropolitan area remains the top magnet for the world’s ultra rich, attracting 8,350 residents with a net worth of at least $30 million in 2016, according to a Wealth-X report released Tuesday.
Compared with 2015, the ultra-high-net-worth individuals residing primarily in New York, New Jersey and Pennsylvania grew 9.6%, according to the World Ultra Wealth Report 2017 by Wealth-X, a global wealth information and insight business provider.
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Hong Kong and Tokyo remained the second and third most popular global cities for the ultra rich; London and Paris ranked fifth and sixth.
London was the only top-10 city to register a decline in its ultra wealthy population, as wealth levels took a hit from currency weakness and Brexit-related concerns.
Worldwide, the ultra-rich population grew by 3.5% to 226,450 in 2016, representing a strong rebound from last year’s sharp fall of 7.1%.
However, there were significant regional fluctuations, with North America and Asia Pacific recording a rise in the number of the ultra rich and their overall fortunes, while the rest of the world saw a decrease in wealth creation.
TOP 10 UHNW Countries
Other major findings in the report include:
The combined wealth of the ultra rich, which comprises just 0.003% of the global adult population, increased 1.5% year-over-year to $27 trillion. Almost half of the global ultra wealthy population (108,610) had a net worth of between $30 million and $50 million. The number of billionaires declined 3.1% to 2,397; their combined net wealth dropped 3.1% to $7,400 billions. Latin America and the Caribbean suffered double-digit falls in its ultra wealthy collective wealth, with the population decreasing 3.4% to 6,850. Liquid assets, primarily cash, owned by the ultra wealthy stood at $9.6 trillion in 2016, accounting for the largest share (35.4%) of their holdings.
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U.S. Dominate the top 10 cities
The strong U.S. dollar was a major factor in lifting North America as the top destination for the ultra-high-net-worth individuals. There were 81,700 people with a net worth of $30 million or more there in 2016, a 5.1% increase from a year ago. Their combined fortune, $9.633 billion, accounted for 35.6% of global wealth.
The region’s dominance is driven by the U.S., with 73,110 ultra wealthy people in 2016, rising 6.7% year-over-year. Canada saw a decline in the number of ultra wealthy individuals (-1.5%) and their combined wealth (-2.4%), hampered by a weaker Canadian dollar and the still subdued trend in global oil prices, according to the report.
U.S. cities made up half of the 30 leading cities with the highest ultra rich population and accounted for five of the top 10. In addition to New York, metro areas around Los Angeles, Chicago, Washington D.C. and Dallas also squeezed in the top 10.
Top 10 UHNW Cities
Billionaires make a comeback. World’s ultra-wealthy population grew by 6,340 in 2016, after decline in 2015 https://t.co/RSyMF3IO17 pic.twitter.com/enHgtO7xRu
— Mansion Global (@MansionGlobal) March 3, 2017