Banking, finance, and taxes
The American City With The Most Millionaires
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According to Henley & Partner’s “Wealth Report 2023”, there are 5.3 million millionaires in the U.S., 9,630 centi-millionaires, and 770 billion in the country. A centi-millionaire is worth at least $100 million.
The city with the largest number of rich people in America, with 340,000 millionaires, a staggering number. Henley puts it into another context. “Perhaps most notably, total wealth held by the city’s residents exceeds USD 3 trillion— higher than the total wealth held in most major G20 countries.”
The cities that rank directly behind New York are the Bay Area (San Francisco and San Jose) at 285,000, Los Angeles at 205,400, Chicago at 124,000, and Houston at 98,500.
In 2021, 37.9 million Americans lived in poverty, which makes the official poverty rate 11.6%. The figure has improved because of government assistance due to the COVID-19 pandemic. However, as the effects of that disappear, the number is likely to return to historic levels.
The millionaire factor likely helps keep poverty rates down in the largest cities. The higher poverty rates are in cities that once had good economies undermined by the end of the industrial revolution. These include Detroit, Dayton, Hartford, Rochester, and Newark. The wealthy will never return to these cities. There is no way for them to make money if they return.
These are the richest cities in America.
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