Who wants to be a millionaire? It was a question originally sung by Frank Sinatra and Celeste Holm in 1956, asked in a game show that originated in the United Kingdom in 1998, re-asked 100 times over in as many countries as the game show spread all over the world, and featured in the Academy Award-winning film entitled “Slumdog Millionaire.” The often-asked question shows not the popularity of the song, game show or movie, but rather, it showed the universal quest for money and the desire to become a millionaire.
But if we are to rephrase the question to, “Who here is a millionaire?,” which cities would have the most hands raised? The United States, Japan and China have the most number of millionaires, while Singapore, Qatar and Kuwait have the highest concentration in proportion to the number of households. These are countries, however. So here now is a list of the top 10 cities with the most millionaires in the world.
10. San Jose – 90,700 millionaires
It is the third largest city in the state of California and the largest city within Silicon Valley. It is considered the capital of Silicon Valley, as the city was in the forefront of the rapid rise of high technology and electronic companies in the area. As a result, the transition from an agricultural economy was hastened. It is now a highly urbanized area, though the city is taking steps to avoid the pitfalls that Los Angeles fell into. From 69,500 millionaires in 2008, the number has risen to 90,700 in just a span of three years.
9. Houston – 98,500 millionaires
In Texas where everything is big, Houston is the biggest city. It is also the fourth largest in the entire United States. The city has a broad industrial base with energy, aeronautics, transportation and manufacturing companies located in the area. Their port is one of the busiest in the country. It also has an active arts scene. It seems like Houston does not have much of a problem
8. Philadelphia – 109,400 millionaires
Philadelphia is known as the “City of Brotherly Love.” It is also a highly historic city that served as a meeting place of the Founding Fathers who signed the Declaration of Independence and the U.S. Constitution in 1776 and 1787 respectively. The city is one of the largest health education and research centers in the country. It has an information and service-based economy, with financial activities accounting for a huge part.
7. Boston – 110,200 millionaires
Boston is one of the oldest cities in the United States. It is an international center of higher education, medicine and finance. Its economy is largely based on research, manufacturing, biotechnology, banking and finance. While the cost of living in the city is quite high, it also remains one of the most livable cities in the world. Boston citizens are also known for its ability to innovate.
6. San Francisco – 147,800 millionaires
The city is known as a leading financial and cultural center in California. It is one of the top tourist destinations in the world. It is a center of start-up companies with 85 percent of the city’s establishments made up of small businesses with 10 or fewer employees. It is also a leading biotechnological and biomedical hub. A lot of prominent Internet companies also have their base in San Francisco.
5. Washington, D.C. – 166,200 millionaires
The city is under the exclusive jurisdiction of the United States Congress. Its economy has a huge percentage of professional and business service jobs. As the federal government is located in the city, law firms, defense contractors, independent businessmen, non-profit groups, lobby groups, trade unions and professional organizations have headquarters in the city. The city also hosts international organizations like the World Bank, IMF and the Organization of American States. It is also a center of education and scientific research.
4. Singapore – 188,000 millionaires
Singapore is a state situated in just one city. It has the highest concentration of millionaires in the world. It is a major trade node as it hosts one of the busiest ports in the world. The city is also a leading logistics hub. The economy relies heavily on manufacturing, refining imported goods and exports. It also has significant sectors in electronics, petroleum refining, chemicals, mechanical engineering and biomedical sciences. The country also has a big casino gambling market and a major ship repairer.
3. Chicago – 212,100 millionaires
Chicago is an international center for finance, commerce, industry, telecommunications and transportation. It has the second busiest airport in the world in terms of traffic movements. Other major sectors include manufacturing, printing, publishing and food processing. It also hosts several startup companies, including CareerBuilder, Orbitz, 37signals, Groupon and Feedburner. Several retailers also call Chicago home, like Ace Hardware, Claire’s, Crate& Barrel, OfficeMax, Sears and Walgreens.
2. Los Angeles – 255,600 millionaires
It is the most populous city in California and the second most populous in the entire country. Los Angeles is a leading hub of business, international trade, culture and entertainment, media, fashion, sports, science and technology and education. It is the home of Hollywood and is the leading center in the world for movie and television productions, recorded music and video games. It has one of the busiest ports in the world and has significant industries in aerospace, petroleum and tourism.
1. New York – 727,100 millionaires
What else will be at number one but The Big Apple, New York City? It has more millionaires than the next three cities combined. It is the cultural capital of the world and an important center for international diplomacy. The United Nations has its headquarters within the city. New York’s most significant economic sectors include the fields of commerce, finance, media, art, research, fashion, education, technology and entertainment. It is the home of the New York Stock Exchange, the largest stock exchange in the world. It is also considered the financial capital of the world, with a financial district anchored by Wall Street.
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