New York City is home to the world’s highest concentration of resident millionaires at 340,000, a report has found.
Tokyo and San Francisco Bay Area are ranked second and third, with resident millionaire populations of 290,300 and 285,000, respectively, according to Henley & Partners, which tracks private wealth and investment migration trends worldwide, and global wealth intelligence provider New World Wealth.
London dropped to fourth place on this year's list with 258,000 resident high-net-worth individuals (HNWIs), followed by city-state Singapore with 240,100, Henley & Partners said in the report, which focuses on people with a net worth of $1 million or more.
Los Angeles, Hong Kong, Beijing, Shanghai and Sydney round out the top 10 wealthiest cities globally, according to the report.
“Traditional wealth magnets such as Monaco and Dubai have also experienced especially strong millionaire growth over the past decade,” Andrew Amoils, head of research at New World Wealth, said.
“The average wealth of a person living in Monaco exceeds $10 million, making it the top-ranked city on a wealth per capita basis.
“Dubai is another established international wealth centre, with its low tax rates making it a magnet for migrating millionaires from all over the world. Approximately 3,500 HNWIs moved to the city in 2022 alone.”
The world’s ultra-wealthy shed a combined $10 trillion, or 10 per cent, from their net worth in 2022, driven by the triple “shock” of global economic uncertainty, the energy crisis and the war in Ukraine, a March report by property consultancy Knight Frank said.
The super-rich in Europe were at the centre of the crisis, with ultra-high-net-worth individuals (UHNWIs) losing an average of 17 per cent from their fortunes, Knight Frank said in The Wealth Report 2023.
Knight Frank defines UHNWIs as people who possess a net worth of $30 million or more, including primary residences and second homes not held as investments.
New York is also home to the most centimillionaires — people with a net worth of $100 million or more in investable assets — in the world at 724, followed by the San Francisco Bay Area with 629 and Los Angeles at 480, the Henley & Partners research found.
However, San Francisco Bay Area is home to the most billionaires globally at 63, followed by New York City with 58 and Beijing at 43.
Dubai hosts 68,400 millionaires, 206 centimillionaires and 15 billionaires, according to the report. Abu Dhabi is home to 24,200 millionaires, 68 centimillionaires and four billionaires.
Meanwhile, the US and China dominate the list of fastest-growing cities when it comes to resident millionaires over the past decade, the report said.
China’s Hangzhou topped the list in this respect, with millionaire growth of 105 per cent between 2012 and 2022, the data showed.
Shenzhen and Guangzhou also enjoyed significant HNWI expansion over the past decade, at 98 per cent and 86 per cent, respectively.
World's top 10 richest people in 2023 — in pictures
Meanwhile, the three fastest-growing millionaire hotspots in the US are Austin, which recorded a 102 per cent growth in resident HNWIs, West Palm Beach (90 per cent), and Scottsdale (88 per cent), according to Henley & Partners.
Indian cities Bengaluru and Hyderabad recorded 88 per cent and 78 per cent growth, respectively, in millionaires over the past decade, while Sharjah saw an 84 per cent growth.
Top 10 wealthiest cities and their millionaire population
- New York: 340,000
- Tokyo: 290,300
- San Francisco Bay Area: 285,000
- London: 258,000
- Singapore: 240,100
- Los Angeles: 205,400
- Hong Kong: 129,500
- Beijing: 128,200
- Shanghai: 127,200
- Sydney: 126,900
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
Pupils in Abu Dhabi are learning the importance of being active, eating well and leading a healthy lifestyle now and throughout adulthood, thanks to a newly launched programme 'Healthy Lifestyle'.
As part of the Healthy Lifestyle programme, specially trained coaches from City Football Schools, along with Healthpoint physicians have visited schools throughout Abu Dhabi to give fun and interactive lessons on working out regularly, making the right food choices, getting enough sleep and staying hydrated, just like their favourite footballers.
Organised by Manchester City FC and Healthpoint, Manchester City FC’s regional healthcare partner and part of Mubadala’s healthcare network, the ‘Healthy Lifestyle’ programme will visit 15 schools, meeting around 1,000 youngsters over the next five months.
Designed to give pupils all the information they need to improve their diet and fitness habits at home, at school and as they grow up, coaches from City Football Schools will work alongside teachers to lead the youngsters through a series of fun, creative and educational classes as well as activities, including playing football and other games.
Dr Mai Ahmed Al Jaber, head of public health at Healthpoint, said: “The programme has different aspects - diet, exercise, sleep and mental well-being. By having a focus on each of those and delivering information in a way that children can absorb easily it can help to address childhood obesity."
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Vaccine Progress in the Middle East
The distance learning plan
Spring break will be from March 8 - 19
Public school pupils will undergo distance learning from March 22 - April 2. School hours will be 8.30am to 1.30pm
Staff will be trained in distance learning programmes from March 15 - 19
Teaching hours will be 8am to 2pm during distance learning
Pupils will return to school for normal lessons from April 5
COMPANY%20PROFILE
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Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: seven-speed automatic
Power: 592bhp
Torque: 620Nm
Price: Dh980,000
On sale: now
History's medical milestones
1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.
1998 - The first adult live-donor liver transplant is carried out
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
