After topping the charts for being the most expensive city in the nation and also being home to the nation’s most expensive colleges, it comes as no surprise that New York City is home to the most number of millionaires. According to the new Metro Wealth Index, created by consulting firm Capgemini, the New York Metropolitan area had 650,000 high-net worth individuals, or people with $1 million or more in investible assets in 2009. Surpassing the millionaire population in the boom times, the number of wealthy residents in NYC is now 18.7% higher than in 2008. This growth has ensured New York City a top position in the list of metro-area wealth centers. Given the high price of living, it is but expected that only those who can afford these prices can make a comfortable abode here.
Following are the list of the top ten cities that are populated by most number of millionaires. The list not only gives the number of high net worth individuals in the cities but also the overall percentage growth in the population of the millionaires as compared to the previous year.
1. New York – 667,200, +18.7%
2. Los Angeles – 235,800, +13.3%
3. Chicago – 198,100, +15.1%
4. Washington, D.C. – 152,400 +19.3%
5. San Francisco – 138,300 +14.5%
6. Philadelphia – 104,100, +20.1%
7. Boston – 102,300, + 14.4%
8. Detroit – 89,100, +12.1%
9. Houston –- 88,200, +28.9%
10. San Jose — 86,500, +24.5%
One look at the list and you will realize that the number of high net worth individuals in New York is greater than the combined total of the next three runners-up–Los Angeles, Chicago and Washington. It will be interesting to see if Houston, which has shown the fastest growth of 28.9%, manages to make it in the top five of this list next year.