NYC has most millionaires in the world despite COVID exodus one in 24 worth seven figures

Published

1 year ago

May 8, 2024

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The Big Apple is home to the most millionaires in the world — despite the recent exodus of wealth spurred on by the pandemic.

There are 350,000 millionaires in New York City, a 48% increase from a decade ago, meaning that one in 24 of the city’s 8.2 million residents has at least a seven-figure net worth, according to a global ranking of the wealthiest cities by immigration consultancy Henley & Partners, earlier reported on by Bloomberg.

The city’s proportion of millionaires increased from one in 36 in 2013, the report found.

In fact, New York has 60 billionaires and 744 people with investable wealth of more than $100 million.

Henley & Partners defines the term “millionaire” as “individuals with liquid investable wealth of USD $1 million or more.”

Liquid investable wealth is either cash or cash equivalents that can easily be converted into cash without losing much value, such as marketable securities like stocks, bonds or mutual funds, as well as money market funds, which typically invest in government securities and certificates of deposit.

Collectively, New York City citizens have upwards of $3 trillion in wealth.

The financial capital of the US has benefitted from the boom in the stock market in the past few years, according to Juerg Steffen, Henley & Partners chief executive officer.

Last year, global equities surged 20% and are up almost 7% this year, according to Bloomberg.

The findings prove that New York’s wealth is strong despite some of the city’s ultra-rich decamping to Florida in search of lower taxes and less restrictive pandemic lockdowns — so much so that the Sunshine State reportedly surpassed New York as the most valuable US housing market late last year.

In all, of the more than 545,000 people who left New York State in 2022, more than 91,000 relocated to Florida that same year.

As a result, luxury golf clubs in South Florida have in some cases doubled and tripled their membership rates since the pandemic, according to Financial Times.

In addition, a power shift has paved the way for a Wall Street South, according to Bloomberg.

Most notably, Carl Icahns Icahn Capital Management ditched its posh Manhattan digs atop Fifth Avenues General Motors Building in favor of a 14-story office complex in a Miami suburb in August 2020.

Hedge fund tycoon Paul Singers Elliott Management which oversees a total of $59.2 billion after shaking up investment targets including AT&T, Twitter and the government of Argentina also moved its headquarters from Midtown Manhattan to West Palm Beach, Fla., in October of that same year.

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In all, 160 Wall Street firms have moved out of the Big Apple in recent years 56 of which took their business to Florida, sucking a whopping $1 trillion in financial assets under management out of Manhattan.

The migration to Miami ranked it 33rd on the list of the city with the most millionaires in the world — up 78% over the past decade.

California’s Bay Area came in second overall behind New York. The Silicon Valley region, which includes San Francisco, Palo Alto and San Jose, has 305,700 people with a net worth exceeding $1 million.

Rounding out the top 10 were Tokyo, with 298,300 individuals — a figure that slid 5% over the past decade.

Singapore was fourth with 244,800, up 64%, and London was fifth with 227,000, down a whopping 10% from a decade ago, Bloomberg reported.

Los Angeles was the only other US city in the top 10, coming in sixth with 212,100 millionaires, an increase of 45% from 2013.

It was followed by the Paris area, Sydney, Hong Kong and Beijing, which has experience a 90% increase over the past decade.

Entertainment

Tomorrowland: ‘Devastating’ blaze destroys main stage at major festival – two days before it was due to begin

Published

2 hours ago

July 17, 2025

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Tomorrowland: 'Devastating' blaze destroys main stage at major festival - two days before it was due to begin

A huge fire has destroyed the main stage of a major festival in Belgium – two days before it was due to begin.

Tomorrowland is a dance music event as big as Glastonbury – and David Guetta was due to perform.

Footage showed flames and thick plumes of black smoke engulfing the stage and spreading to nearby woodland on Wednesday.

The annual festival in the town of Boom, north of Brussels, is one of the biggest in Europe and attracts about 400,000 people over two consecutive weekends.

It is famous for its immersive and elaborate designs and attracts big names within dance music – including Guetta, best known for tracks When Love Takes Over and Titanium.

Dutch DJs Martin Garrix and Charlotte de Witte were also due to perform, along with the likes of Swedish House Mafia, Eric Prydz and Alok.

The festival’s website described the creative elements which went into the elaborate main stage.

The theme, described as Orbyz, was “set in a magical universe made entirely out of ice” and “full of mythical creatures”.

Organisers said no one was injured in the blaze but confirmed “our beloved main stage has been severely damaged”, adding they were “devastated”.

Spokesperson Debby Wilmsen added: “We received some truly terrible news today. A fire broke out on the Tomorrowland site … and our main stage was essentially destroyed there, which is truly awful.

“That’s a stage that took years to build, with so much love and passion. So I think a lot of people are devastated.”

Despite the fire, Tomorrowland organisers said they were still expecting 38,000 festivalgoers at DreamVille, the event’s campsite.

Politics

PM criticised over ‘appalling’ decision to suspend four Labour MPs

Published

2 hours ago

July 17, 2025

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Starmer suspends four Labour MPs for breaches of party discipline

Sir Keir Starmer has suspended four MPs for repeated breaches of party discipline.

Brian Leishman, Chris Hinchliff, Neil Duncan-Jordan and Rachael Maskell have lost the whip, meaning they are no longer part of Labour’s parliamentary party and will sit as independent MPs.

The suspension is indefinite pending a review.

Three other MPs have had their trade envoy roles removed: Rosena Allin Khan, Bell Ribeiro-Addy and Mohammed Yasin.

Politics latest: Suspended MPs defend their voting record

All seven had voted against the government’s welfare reforms earlier this month. However, it is understood this is not the only reason behind the decision, with sources citing “repeated breaches of party discipline”.

More than 100 MPs had initially rebelled against the plan to cut personal independent payments (PIP). Ultimately, 47 voted against the bill’s third reading, after it was watered down significantly in the face of defeat.

Ms Maskell was one of the lead rebels in the welfare revolt, and has more recently called for a wealth tax to fund the U-turn.

The York Central MP has spoken out against the government on a number of other occasions since the election, including on winter fuel and cuts to overseas aid.

Confirming the suspension, Ms Maskell told Sky News that she “doesn’t see herself as a rebel” but “somebody that is prepared to fulfil (her) role here of holding the executive to account and speaking truth to power”.

She stopped short of criticising the decision, saying: “I hold my hand out to the prime minister and hope he takes that and wants to reach back because I think it’s really important that we work together.”

Ms Maskell was first elected in 2015, while the other suspended MPs were newly elected last year.

Mr Hinchliff, the MP for North East Hertfordshire, has proposed a series of amendments to the flagship planning and infrastructure bill criticising the government’s approach.

Mr Duncan-Jordan, the MP for Poole, led a rebellion against the cut to the winter fuel payments while Alloa and Grangemouth MP Mr Leishman has been critical of the government’s position on Gaza.

Suspended Labour MPs clearly hit a nerve with Starmer

Tamara Cohen

Political correspondent

@tamcohen

After a tricky few weeks for the government, in which backbenchers overturned plans to cut back welfare spending, now a heavy hand to get the party into line.

All four suspended MPs appear to be surprised – and upset.

Three more have lost plum roles as trade envoys – all on the left of the party.

All were active in the rebellion against the government’s welfare reforms, and voted against the changes even after a series of U-turns – but were among 47 Labour MPs who did so.

When MPs were told after the welfare vote that Number 10 was “fully committed to engaging with parliamentarians”, this was not what they were expecting.

We’re told the reasons for these particular suspensions go wider – over “persistent breaches of party discipline” – although most are not high profile.

In the scheme of things, Jeremy Corbyn and John McDonnell rebelled against the Labour whip hundreds of times under New Labour, without being suspended.

But these MPs’ pointed criticism of the Starmer strategy has clearly hit a nerve.

Read Tamara’s analysis in full here

‘Couldn’t support making people poorer’

Mr Duncan-Jordan told Sky News that he understood speaking out against benefit cuts would “come at a cost” but said he “couldn’t support making disabled people poorer”.

Mr Leishman echoed that sentiment, saying: “I firmly believe that it is not my duty as an MP to make people poorer, especially those that have suffered because of austerity and its dire consequences.”

Both said they remain committed to the Labour Party and its values, suggesting they have no plans to join the new party being set up by former Labour leader Jeremy Corbyn and ousted MP Zarah Sultana.

Similarly Mr Hinchliff said in a brief statement: “I remain proud to have been elected as a Labour MP and I hope in time to return to the Labour benches.”

The suspensions will be seen as an attempt to restore discipline ahead of the summer recess following a number of rebellions that has forced the government into U-turns.

As well as watering down the welfare bill, some cuts to the winter fuel payment have been reversed, leaving Chancellor Rachel Reeves with a fiscal blackhole to fill.

However, the move risks creating further divisions with a number of Labour MPs criticising the decision.

Starmer ‘rolling out the carpet to Reform’

Ian Byrne, Labour MP for Liverpool West Derby, said he was “appalled” by the suspensions as he and 44 others voted against welfare cuts.

He said this isn’t the first time the Starmer leadership has “punished MPs for standing up for what’s right”, as he and six others were suspended last year for voting against the two-child benefit cap.

“These decisions don’t show strength. They are damaging Labour’s support and risk rolling out the red carpet for Reform,” he added.

Richard Burgon, who was also temporarily suspended in the two-child benefit cap revolt, said he had hoped the leadership would take a different approach to backbenchers.

“Sadly, it isn’t yet doing so. To help stop a Reform government, it really must do so,” he said.

Jon Trickett, Labour MP for Normanton and Hemsworth, said “it’s not a sin to stand up for the poor and disabled”, adding: “Solidarity with the suspended four.”

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