A new report found that New York City is the number one place for ultra-high net worth people to own property.
Alejandro Spatari | Moment | fake images
A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide for high-net-worth investors and consumers. Register to receive future issues, directly to your inbox.
New York still leads the United States and the world when it comes to wealthy cities.
With almost 350,000 millionaires and 60 billionaires, the Big Apple is the richest city in the United States, according to the USA Wealth Report by Henley & Partners and New World Wealth. Despite all the headlines about the city's rich leaving, its millionaire population has grown by 48% in the last decade.
The San Francisco Bay Area is the second richest city in the United States, despite surpassing New York in terms of billionaires, with more than 305,000 millionaires and 68 billionaires. The Bay Area's growth rate over the past 10 years has been even more impressive, with its millionaire population increasing by 82%. Increased investment and growth in artificial intelligence is expected to add another boost to the area.
The fastest-growing American city for the ultra-rich in the top 10 is Austin, Texas, which has more than doubled its millionaire population in the last decade to nearly 33,000. Miami is also right up there, with an 87% growth in millionaires over the last decade, but a tenth of New York City's total.
The figures show that the twin centers of wealth in the United States endure, despite the migration of wealth to the Sun Belt, which is roughly defined as the southern third of the United States, known for its sunny climate and lower-tax states.
“Despite the recent rise of major wealth centers in Texas and Florida, the Bay Area and New York City are expected to remain America's wealthiest cities for many decades to come,” said Andrew Amoils, head of research at New World Wealth.
Here are the top 10:
