New York City has clinched the title of the wealthiest city globally, boasting a staggering 359,500 millionaires and 60 billionaires, according to a recent study. Despite concerns about wealth migration and the impact of the Covid-19 pandemic, New York’s millionaire population has surged by 48% over the past decade, surpassing the entire populations of Orlando or Pittsburgh. The city now flaunts over $3 trillion in wealth, eclipsing the GDPs of Brazil, Italy, or Canada.

Meanwhile, the Bay Area of California is racing to catch up, with its millionaire population skyrocketing by 82% over the same period, reaching 305,700 individuals. The surge in tech wealth, coupled with a booming stock market and increased deal-making activity, has fueled unprecedented wealth creation, especially among America’s top 1%, whose fortunes surged by over 40% during the pandemic, according to the Federal Reserve.The dominance of the U.S. in the global financial, tech, and entertainment sectors has cemented its position as the primary creator of millionaires and billionaires, with 11 U.S. cities making it to the top 50 richest cities list. However, some cities have witnessed a reversal of fortune, with Tokyo slipping to third place and London tumbling to fifth due to factors like Brexit and Russian sanctions.

On the other hand, cities like Singapore are ascending the ranks rapidly, benefiting from the flow of wealth out of China. With a 64% growth in millionaires and a significant influx of affluent individuals, Singapore is poised to overtake Tokyo’s position in the rankings soon.Overall, financial markets have emerged as the primary engine of wealth creation globally, with assets like stocks, cryptocurrencies, and advancements in technology driving unprecedented opportunities for accumulation and growth.