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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.

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Fourteen children arrested on suspicion of manslaughter over Gateshead fire released on bail

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Fourteen children arrested on suspicion of manslaughter over Gateshead fire released on bail

All 14 children arrested on suspicion of manslaughter after a boy died in a fire have been released on police bail, officers said.

Layton Carr, 14, was found dead near the site of a fire at Fairfield industrial park in the Bill Quay area of Gateshead on Friday.

Northumbria Police said on Saturday that they had arrested 11 boys and three girls in connection with the incident.

In an update on Sunday, a Northumbria Police spokesman said: “All those arrested have since been released on police bail pending further inquiries.”

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Teenager dies in industrial estate fire

Firefighters raced to the industrial site shortly after 8pm on Friday, putting out the blaze a short time later.

Police then issued an appeal for Carr, who was believed to be in the area at that time.

In a statement on Saturday, the force said that “sadly, following searches, a body believed to be that of 14-year-old Layton Carr was located deceased inside the building”.

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David Thompson, headteacher of Hebburn Comprehensive School, where Layton was a pupil, said the school community was “heartbroken”.

Mr Thompson described him as a “valued and much-loved member of Year 9” and said he would be “greatly missed by everyone”.

He added that the school’s “sincere condolences” were with Layton’s family and that the community would “rally together to support one another through this tragedy”.

A fundraising page on GoFundMe has been set up to help Layton’s mother pay for funeral costs.

Pic: Gofundme
Image:
Pic: Gofundme

Organiser Stephanie Simpson said: “The last thing Georgia needs to stress trying to pay for a funeral for her Boy Any donations will help thank you.”

One tribute in a Facebook post read: “Can’t believe I’m writing this my nephew RIP Layton 💔 forever 14 you’ll be a massive miss, thinking of my sister and 2 beautiful nieces right now.”

Detective Chief Inspector Louise Jenkins, of Northumbria Police, also said: “This is an extremely tragic incident where a boy has sadly lost his life.”

She added that the force’s “thoughts are with Layton’s family as they begin to attempt to process the loss of their loved one”.

They are working to establish “the full circumstances surrounding the incident” and officers will be in the area to “offer reassurance to the public”, she added.

A cordon remains in place at the site while police carry out enquiries.

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Football bodies could be forced to pay towards brain injury care costs of ex-players

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Football bodies could be forced to pay towards brain injury care costs of ex-players

Football bodies could be forced to pay towards the care costs of ex-players who have been diagnosed with brain conditions, under proposals set to be considered by MPs.

Campaigners are drafting amendments to the Football Governance Bill, which would treat conditions caused by heading balls as an “industrial injuries issue”.

The proposals seek to require the football industry to provide the necessary financial support.

Campaigners say existing support is not fit for purpose, including the Brain Health Fund which was set up with an initial £1m by the Professional Footballers’ Association (PFA), supported by the Premier League.

But the Premier League said the fund has supported 121 families with at-home adaptations and care home fees.

From England‘s 1966 World Cup-winning team, both Jack and Bobby Charlton died with dementia, as did Martin Peters, Ray Wilson and Nobby Stiles.

Neil Ruddock speaks to Sky's Rob Harris outside parliament
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Neil Ruddock speaks to Sky’s Rob Harris outside parliament

Ex-players, including former Liverpool defender Neil Ruddock, went to parliament last week to lobby MPs.

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Ruddock told Sky News he had joined campaigners “for the families who’ve gone through hell”.

“A professional footballer, greatest job in the world, but no one knew the dangers, and that’s scary,” he said.

“Every time someone heads a ball it’s got to be dangerous to you. You know, I used to head 100 balls a day in training. I didn’t realise that might affect my future.”

A study co-funded by the PFA and the Football Association (FA) in 2019 found footballers were three and a half times more likely to die of a neurodegenerative disease than members of the public of the same age.

‘In denial’

Among those calling on football authorities to contribute towards the care costs of ex-players who have gone on to develop conditions such as Alzheimer’s and dementia is Labour MP Chris Evans.

Mr Evans, who represents Caerphilly in South Wales, hopes to amend the Bill to establish a care and financial support scheme for ex-footballers and told a recent event in parliament that affected ex-players “deserve to be compensated”.

Greater Manchester Mayor Andy Burnham, who helped to draft the amendment, said the game was “in denial about the whole thing”.

Mr Burnham called for it to be seen as “an industrial injuries issue in the same way with mining”.

In January, David Beckham lent his support to calls for greater support for footballers affected by dementia.

One of the amendments says that “the industry rather than the public should bear the financial burden”.

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A spokesperson for the FA said it was taking a “leading role in reviewing and improving the safety of our game” and that it had “already taken many proactive steps to review and address potential risk factors”.

An English Football League spokesperson said it was “working closely with other football bodies” to ensure both professional and grassroots football are “as safe as it can be”.

The PFA and Premier League declined to comment.

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Terror arrests came in context of raised warnings about Iran, with ongoing chaos in its own backyard

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Terror arrests came in context of raised warnings about Iran, with ongoing chaos in its own backyard

These are two separate and unrelated investigations by counter-terror officers.

But the common thread is nationality – seven out of the eight people arrested are Iranian.

And that comes in the context of increased warnings from government and the security services about Iranian activity on British soil.

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Counter terror officers raid property

Last year, the director general of MI5, Ken McCallum, said his organisation and police had responded to 20 Iran-backed plots presenting potentially lethal threats to British citizens and UK residents since January 2022.

He linked that increase to the ongoing situation in Iran’s own backyard.

“As events unfold in the Middle East, we will give our fullest attention to the risk of an increase in – or a broadening of – Iranian state aggression in the UK,” he said.

The implication is that even as Iran grapples with a rapidly changing situation in its own region, having seen its proxies, Hezbollah in Lebanon and Hamas in Gaza, decimated and itself coming under Israeli attack, it may seek avenues further abroad.

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The government reiterated this warning only a few weeks ago, with security minister Dan Jarvis addressing parliament.

“The threat from Iran sits in a wider context of the growing, diversifying and evolving threat that the UK faces from malign activity by a number of states,” Jarvis said.

“The threat from states has become increasingly interconnected in nature, blurring the lines between: domestic and international; online and offline; and states and their proxies.

“Turning specifically to Iran, the regime has become increasingly emboldened, asserting itself more aggressively to advance their objectives and undermine ours.”

Read more:
Anybody working for Iran in UK must register or face jail, government announces

As part of that address, Jarvis highlighted the National Security Act 2023, which “criminalises assisting a foreign intelligence service”, among other things.

So it was notable that this was the act used in one of this weekend’s investigations.

The suspects were detained under section 27 of the same act, which allows police to arrest those suspected of being “involved in foreign power threat activity”.

Those powers are apparently being put to use.

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