The number of individual millionaires in the D.C. area has grown by 75% in the last decade.
But it ranks nowhere near the top for wealthiest cities in the world, based on the number of millionaires.
Henley & Partners’ annual “World’s Wealthiest Cities” report ranks the D.C. region at No. 40 out of the top 50, with 28,300 individuals having at least $1 million in liquid investable wealth. D.C. also registers 88 centi-millionaires, or those with at least $100 million in investable wealth, and 12 billionaires.
New York City firmly leads the global list, with 349,000 millionaires, 774 centi-millionaires and 60 billionaires.
The total wealth held by New York City residents now exceeds $3 trillion — higher than the total wealth held in most major G20 countries, according to Henley & Partners. The number of millionaires in New York City has grown by 48% in the past decade.
The San Francisco Bay Area, which encompasses Silicon Valley, ranks No. 2 and has seen the biggest growth of millionaire individuals — up by 82% in the past decade. The Bay Area has 305,700 millionaires and 744 centi-millionaires. It tops New York City for billionaires, at 68.
Tokyo, which led the pack a decade ago, now ranks No. 3 and has seen the number of millionaire individuals decline by 5% over the past decade. Singapore climbed two places to No. 4 on this year’s list. Henley & Partners predicts Singapore will overtake Tokyo as Asia’s wealthiest city very soon.
London, which was ranked as the world’s wealthiest city for many years, continues to move down the list. Now ranked No. 5, it’s had a decline in millionaires of 10% over the past decade.
Henley & Partners full list of 50 wealthiest cities is online.
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