NYC is officially the richest city in the world

Although inflation continues to wreck havoc on some New Yorkers’ bank accounts, there are, apparently, other locals who are living out their financial fantasies. 

In a new global ranking of the richest cities in the world, New York came in the number one spot, beating towns like Paris, Singapore and even London for having the most millionaires.

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The survey, conducted by Henley & Partners and the wealth intelligence firm New World Wealth, took several factors into account when developing the ranking of wealthiest cities worldwide.

New York’s crowning seems to be in large part due to the many millionaires that call it home. Apparently, there are 349,500 of them walking among us, a 48% increase from just a decade ago. Even more impressive is the fact that there are 744 centi-millionaires—people with more than $100 million of investable wealth—and a staggering 60 billionaires in New York alone.

While the number of New York millionaires grew, London actually saw a 10 percent decrease in its rich population compared to ten years ago, bumping the town down to the fifth spot on the list.

All in all, 11 U.S. cities made it to the top 50, which is actually not at all surprising when you consider how much more expensive American towns tend to be compare to other places. 

Ten richest cities in the world

1. New York
2. The Bay Area
3. Tokyo
4. Singapore
5. London
6. Los Angeles
7. Paris
8. Sydney
9. Hong Kong
10. Beijing