1 in 25 New Yorkers Is a Millionaire

And city tops world for billionaire residents, study says
By Rob Quinn,  Newser Staff
Posted Jul 23, 2014 1:41 PM CDT
Updated Jul 26, 2014 3:44 PM CDT
1 in 25 New Yorkers Is a Millionaire
About 1 in 25 New Yorkers have at least a million bucks in assets.   (AP Photo/Mark Lennihan)

If you were to chuck everybody who wasn't a millionaire out of New York City, the city would still have a higher population than New Orleans, according to a new study. Researchers at Spear's magazine say 4.63% of the city's population have assets of $1 million or more—excluding their primary residences—adding up to 389,100 millionaires. New York has the fourth-highest proportion of millionaire residents in the world, though there's a big drop-off after the first three: You can barely move around Monaco without tripping over millionaires, who make up 29% of the population, while Zurich is at 27% and Geneva 18%.

"New York has long been the bastion of wealth not only in America, but the world," an analyst at consulting firm WealthInsight tells the Los Angeles Times. "It has the second largest millionaire and largest billionaire population of any global city." By numbers of millionaires instead of proportion, Tokyo came out on top and London third. Only two other American cities made the top 20 based on the proportion of millionaires: Houston and San Francisco, at roughly 2% each. (Click to read about what the uber-rich worry about.)

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