Posted October 1st, 2014

One in 25 New Yorkers Is a Millionaire

statue of libertyA new global study of wealthy metropolitan areas by a British banking magazine and consulting firm reveals that one in every 25 New Yorkers has a net worth of $1 million or more, excluding their primary residence. In addition to New York (4 percent), Houston and San Francisco (each at 2 percent) also were included in Spear’s magazine and WealthInsight’s listing of the 20 global cities with the highest percentage of millionaire residents. Only Monaco (29 percent), Zurich (27 percent) and Geneva (18 percent) have a higher percentage of millionaires than New York.

When determining which cities have the most billionaires, London comes out on top. According to a report recently published by The Sunday Times, London is home to 72 individuals with assets of £1 billion or more ($1.6 billion). Moscow comes in a distant second with 48 billionaires, followed by three U.S. cities—New York (43), San Francisco (42) and Los Angeles (38). The Sunday Times also reported that Britain is home to more billionaires per capita than any other country, with one billionaire per every 607,000 Britons. In comparison, the United States claims roughly one billionaire per every one million citizens.

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The publisher of Give & Take is not engaged in rendering legal or tax advisory service. For advice and assistance in specific cases, the services of your own counsel should be obtained. Articles in Give & Take may generally be reprinted for distribution to board members and staff of nonprofit institutions and other non-donor groups. Proper credit must be given. Call for details.

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