There's a lot of smaller communities that cater to the super-rich. There are places like Scarsdale, NY, or Winnetka, IL; towns that boast a high proportion of rich residents. But that's not really where the wealth is found. No one made their fortune in Scarsdale - it's just a place to build a big house and throw parties. The town has a median family income of almost $300,000 - the best such figure in the U.S. It's not a coincidence though, that you can get from Scarsdale to the middle of Manhattan in a half hour by train. The money in Scarsdale is really New York City's money.
So what are the hottest cities on the planet? Where are the cities that create and hold the most wealth? Where are the metropolitan areas that generate or attract the fancy of the super-rich? That's what this list registers.
This is a list of the favorite cities for rich people. But there is an irony: many of these same cities are also home to large populations of helpless poor. Many of the cities on the list, despite their iconic skylines and world-renown cultural amenities, are also blighted by large slums and are bedeviled by all the challenges of large urban centers.
Another aspect of the list is that it charts the emergence of a number of rising global economic powers. Many of the homes of the super-rich are the usual suspects: European and American cities that have been attracting investment and tourists for generations. But there are newer wealth centers on the list as well, places that are just in the last few decades becoming synonymous with high living. Places like Korea, India, China and Russia, have entered the big leagues of international finance, and their cities are becoming havens for the wealthy and powerful.
8 Washington DC
5 Los Angeles
3 San Francisco
2 Hong Kong
1 New York City
It's no surprise that New York is at the top of the list. It's not just the city that never sleeps. It's also the financial center of the world, possibly the most iconic place to make a fortune. New York has nearly 1 million wealthy residents and represents total wealth of $3.5 trillion. It also has about 80 billionaires who call the city home. This includes Michael Bloomberg, possibly New York's richest resident with a net worth of around $40 billion. You know you live in a rich-friendly city when the wealthiest citizen is also its former three-term mayor. It's also the hometown of 2016 Republican presidential candidate Donald Trump, and Democratic candidate Hillary Clinton, who was the state's U.S. senator for eight years.
Sources: Fortune, Forbes, Business Insider
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