1 in 25 New Yorkers is a Millionaire

Money Talks News

The Big Apple is teeming with millionaires. In fact, if you’re walking down the street in New York City, chances are a millionaire is not far away.

That’s according to a recent Spear’s magazine study, which said that 1 in 25 New Yorkers is a millionaire. With 389,100 millionaires, New York ranks fourth on a list of global cities with the highest percentage of millionaires.

A millionaire is someone whose net worth, excluding their primary residence, is $1 million or more.

Spear’s worked with consulting firm WealthInsight to determine the list. According to the Los Angeles Times:

“New York has long been the bastion of wealth not only in America, but the world,” said Oliver Williams, an analyst at WealthInsight. “It has the second largest millionaire and largest billionaire population of any global city.”

Monaco, Zurich and Geneva earned the top three spots for the highest percentage of millionaires. One in every 3 people living in Monaco is a millionaire.

Two other U.S. cities also made the list. Houston placed 18th, followed by San Francisco in 19th place. Click here for a full list of the world’s top millionaire cities. You’ll notice that the majority of the highest-ranked cities are banking and financial centers, like London and Frankfurt. No surprise there.

Are you surprised to see three U.S. cities on a list of the cities with the highest percentage of millionaires? Share your thoughts below or on our Facebook page.

This article was originally published on MoneyTalksNews.com as '1 in 25 New Yorkers is a Millionaire'.

More from Money Talks News