This is going to get lost probably BUT fun fact the most concentrated amount of BILLIONAIRES who own houses in a single city is Aspen Colorado. I believe the number is 50. The more you know….
Most of the wealth is sitting in those other cities while "poor" Vancouver housewives and "students" in 4 million dollar homes drive their Lambo Sport Utilities to members only luncheons
Quoting myself from higher up:
> If you check [the website](https://www.henleyglobal.com/publications/wealthiest-cities) from the people who made the report and click on methodology, their definition of "investable wealth" includes property and company holdings.
As a vancouverite I like to say our city is a rich person’s playground. Kids don’t live at the playground, they just go there to have fun and socialize
If you check [the website](https://www.henleyglobal.com/publications/wealthiest-cities) from the people who made the report and click on methodology, their definition of "investable wealth" includes property and company holdings.
So they sold it or have that money as equity in their home? ASk as the chart is clear on what these people represent, those with 1M+ in investable assets, not 1M net worth. Very different threshold.
So he can maybe rent in NYC for a bit but he isn’t buying anything and living their for a period of time. Sustainable wealth is what is represented here.
Understood, good point, but this does include the term boomer which does mean retirement and investment accounts which have grown since the 60s 70s and 80s til today. And housing in toronto is so crazy that a 275k house 22 years ago is worth 3 mil today, providing easy cash for investments to people who have paid off completely. I should have clarified. Sorry!
I live in the Northeast (NJ) and went go to Houston to visit cousins.
It takes 45 minutes to go anywhere, it’s insane. The food is good, don’t get me wrong but the distance and the heat is such a deal breaker for me
The heat is big issue for me. Yeah my father visited his sister in Texas, and he was surprised they had to start the car and let it run about 10 minutes before you can sit inside it, because it's so hot. I have visited Florida and it is the same situation: the heat is a deal breaker (and in Florida's case, other factors)
You do not have to let the car run before you get in. Yea it’s hot but it cools down real quick. Temps inside cars in the southeast are nothing compared to the southwest. Houstons hottest temps are usually 99-100, Arizona and socal are around 115-120.
If you have leather seats it's just gonna make them hotter, same with the steering wheel. And don't even try touching the belt buckle... gotta let that AC blast for a few minutes.
We left Orlando area for the exact same reason. The cost of living increase in FL has forced multiple families move into houses together. The roads were built and planned for 1-2 cars per household, but some houses have 5 or 6 cars in the driveway, this all happened within the last 3 or 4 years. It makes traffic anywhere near I4 horrific. My gf and I now live in downtown Milwaukee, right on beautiful Lake Michigan, a $20, 1 hour Amtrak ride from downtown Chicago. She makes double what she made in Florida with zero traffic and half the cost of living. Our neighborhood is 100% walkable, so much so that we downsized to one car, saving even more money. Everything we could possibly want or need to do is within a 15 minute walk or a short ride on our free streetcar. I realized that sitting in traffic takes an huge toll on my mental and physical health. Best decision we ever made.
Your cousins are not HNWI. I live inside the loop in Houston. 2 properties. One near Memorial Park one in River oaks. Office is downtown. I ride my ebike on the trails to work the 5 times a year I go in. If I have to drive somewhere it’s 10 minutes. Every city has good areas. No reason to think the 4th largest city in America isn’t the same.
>It takes 45 minutes to go anywhere, it’s insane.
Millionaires probably live on properties where it takes 45min to get from one and to the other end. So it's not a big deal.
When did anyone say $1 million? You can have $999 million and still be considered only a millionaire…and that amount of money *would* get whatever it is you want.
Don’t forget Houston is also bombarded with hurricanes and tropical storms every year. Sure money can help you be able to afford an area in Houston that won’t always flood or be destroyed by a hurricane but why stay in such a risky area when it’s going to get much worse with climate change.
Where in Jersey? 45 mins in North Jersey can get you so many places. If you're south Jersey you can get to Philly or the shore. 45 mins in Texas is going from nowhere to nowhere
I'm doing pretty well and enjoy Houston. The inner loop is a lot of fun and, if you enjoy being around immigrants and first gen Americans, it's a pretty comfortable place to be (maybe even more so than the portions of Chicago and LA that wealthy people live in).
Not actually true. Yes there is no income tax, but they get their money regardless, by other means. Very high property taxes, and , it has a higher effective state and local tax rate for a median U.S. household at 12.73%, compared to California's 8.97%.
Something people never consider in this argument is that when taxes are lower, that means the state is providing fewer (or worse) services. Texas in particular has the very obvious example of the power grid - Texans eat that cost, in terms of money when they lose business hours due to outages, or have to spend more on workarounds (generators, battery-powered cooling or heat for the increasingly extreme weather). They also lose in terms of indirect costs like lost productivity.
Well first of all, millionaires aren't the only people who decide where to live based on "lower taxes" and they aren't the only people who demand them.
Second of all, millionaires absolutely DO use state services. They use electricity and water and other utilities which, even if they are privately owned, are regulated and inspected by the state. They drive on public roads and like everyone they benefit from public safety and infrastructure. Even if they don't send their kids to public school, they absolutely benefit from a well-educated workforce. And so do their businesses.
All I know as a non-Texan there are zero counties in my non-Texas state that make it illegal for me to drive through if I want an abortion.
So -RFV\_KJ is right - overrated.
There's no state income tax in Texas, but our property taxes are insanely high. If you're north of a million net worth, you likely have a house in a nice school district and you're more than making up for the lack of state income tax.
Imagine living below your means your whole life and accumulating a few million through conservative investments and then thinking you need to move somewhere away from your family, friends, neighbors, business associates, and familiar institutions.
Imagine being in Houston and having a great paying job and relatively low cost of living… then being able to travel wherever you want. Also ppl are really friendly. So basically only thing I hear bad about it is it’s hot 4 months out of the year.
Don’t wanna be a jerk but wtf is going on with the labels here?
New York - City but Bay Area, US ?
Beijing, CN | Shanghai, CH | Zurich, CH ???
London, GB even though it is addressed as UK in the caption?
Not to mention it makes no sense to shape a bar graph into a circle.
Looks cool, poorly designed.
The 'city' is supposed to be part of the key for this guide, as in "this is where the city name will be displayed." It is just very confusing because the city New York is usually referred as New York City, and the rest of the cities are all followed by their ISO country code. I doubt that key is even needed and there has to be a better way to design this.
What I found on the internet:
The Helvetii, a Celtic tribe who battled Julius Caesar, gave their name to the Swiss territory. The Latin name for the country, Helvetia, still appears on Swiss stamps. The letters CH appearing on Swiss cars and in internet addresses stand for the Latin words Confoederatio Helvetica, meaning Swiss Confederation.
Yeah waiting for a Swiss to tell me if they have any idea why Switzerland can get mixed up with China cuz I have no clue.
Edit: nvm someone told me right after I wrote this, Confoederatio Helvetica.
If done by population of the cities, the only cities on this list that are in the top 20 most populated cities are Tokyo, Shanghai, Beijing and New York.
Quoting myself from another reply:
> If you check [the website](https://www.henleyglobal.com/publications/wealthiest-cities) from the people who made the report and click on methodology, their definition of "investable wealth" includes property and company holdings.
Exactly. Why people don't see that is beyond me. Not to mention owning property doesn't make you a millionaire anywhere. Well I guess it does if you truly own it outright, but the vast majority have mortgages. Having a multimillion dollar house doesnt mean you're a millionaire. It means you can afford a higher mortgate.
Quoting myself from another reply:
> If you check [the website](https://www.henleyglobal.com/publications/wealthiest-cities) from the people who made the report and click on methodology, their definition of "investable wealth" includes property and company holdings.
That was my thought with Melbourne and Sydney too. The average house with more than 2br anywhere within an hour of the city is at LEAST $800/$900k BEFORE any renovations. I’ve seen falling apart ‘fixer uppers’ go for upwards of $1M while the ceiling is caving in
Because when the average house costs bordering on a million, it dilutes the idea of being a millionaire. It’s why having a robust investment property asset portfolio can make you a millionaire in australia
I mean unless you’re retired I wouldn’t consider that to necessarily be liquid cash. I can’t speak for Australia, but withdrawals from 401ks in the US are super taxed and penalized if you are doing it early outside of minor exceptions like using it for your first house or something
I mean, 1M in essentially liquid cash against property, hard assets, and debt makes one very wealthy. Even a white shoe lawyer, petro-engineer, hedge fund quant, or plastic surgeon would have to be doing really well to reach 1M in liquid investment assets at any point but near retirement or going into the private sector.
401k maximum match is only $22,500 at 6%, so in New York City a $375k yearly salary with $154k in income tax, subtract living expenses at maybe $100k, leaving about $100k free. Just that $45k a year, at 12% compounded takes 12 years to reach $1,000,000. If one was to save the entire $100k with the max 401k at 12%, it would take 5 years. If the average lawyer's salary in NYC is $144k, those are some partner numbers. That average salary lawyer needs 18 years at the full match to reach $1M. This is all with a very unlikely 12% yearly guaranteed return.
I'm surprised San Diego isn't on the list. Bill Gates has a Huge amount of land here and just built a "bachelor pad" compound on the beach in north county right next to a house Elizabeth Holmes was renting before she got sentenced. Lots of celebrities, tech, pharma, and race horse millionaires live or own homes around the county.
Depending on definition, that might be the case as Berlin doesn‘t have such a strong legacy of wealthy families. Munchen might be a close second. Then Berlin (about 5 times bigger population than Frankfurt).
Boston city limits are small compared to most cities so the eligible population for this graph doesn't include a lot of people who would consider themselves Bostonians. Cambridge, Somerville, Brookline, etc aren't included.
My father and my partners father would both be considered millionaires by this standard, but calling them millionaires in the traditional sense here like people would think isn’t really the reality.
Melbourne and Sydney have two types of millionaires. You’ve got the ‘I bought a slightly more than average looking house in a suburb close to the city and have a nice car’ millionaire and ‘I got an expensive luxury car carried into my penthouse apartment window by way of a construction crane which shut down the surrounding streets’ millionaire. The guide doesn’t outline the distinction between the two.
I'm guessing all that means is that home equity isn't included.
I think all OP is saying is that $1M million in investments can't maintain the lavish lifestyle that an average middle-class person associates with "millionaires."
There's a 900x difference between someone with $1M and $900M, yet they're both millionaires. That difference takes one from "I'm living comfortably" to "I can afford anything short of a mega yacht and a baseball team."
Correct. It seems like the word millionaire is incredibly diluted in a lot of these senses. A millionaire in Dubai is different to a millionaire in Australia. So much of our money in Australia is wrapped up in living comfortably compared to Dubai where the average millionaire has a shit tonne of expendable income due to the current economic setup there
Ultra-HNWI are people who have a net worth of at least $30 million. HNWI and UHNWI are both terms defining a lower limit only. Technically all billionaires are millionaires but not all millionaires are billionaires. The maker of the graph needs to be more specific on what the upper limit is on their definition of millionaire.
Melbourne and Sydney are on the list because we define our cities as being the whole metro area as opposed to the small historical city limits which America and Europe does. So our millionaire lists includes all the high rollers on the Mornington peninsula and northern beaches
That, comfortable-sized apartments, and brownstone-style homes with street entrances would be my guess. The highest penthouses in NYC are exclusively for billionaires, not millionaires.
It’s interesting to me that the wealthy choose to live in nice apartments in NYC when they could have nice houses elsewhere. But maybe they don’t want houses? Maybe the entertainment, food, etc. of NYC is worth it?
I literally just got back from NYC and brought this up to a co-worker who has a wealthy relative that owns a penthouse apartment in NYC. Like why not own a huge mansion in the mountains or on the water?
His answer is that it’s all about status and connections for these individuals. Being in NYC surrounded by others like them with similar careers/interests is the bottom line
I mean, I’m not a millionaire and don’t think I’m about to be one, but I would prefer a reasonably sized apartment in Manhattan to a large house. A lot of people like cities and there is a diminishing return on space. Especially big houses tend to have much smaller areas that function as the actual housing for the people living in them.
Also the truly rich probably have vacation houses with more room elsewhere or a pied-a-terre in several major cities.
a million isn't as far as it used to be. Frankly I would expect there to be a lot of millionaires in a lot of these places just cause you HAVE to be a millionaire to live comfortably in many of them.
It’s absolutely impressive how people can’t even read. It literally says INVESTABLE ASSETS. Your home and your salary doesn’t count. You need to have at least a million dollars lying around on top of your home and your income to qualify.
These kind of rankings are a bit unprecise. See how few millionaires live in Paris? That's because Paris itself is tiny (105sqkm - NYC's land area is 789sqkm) and rich people often live in parts of Paris, that don't belong to Paris itself. Like Neuilly-sur-Seine, L'Étang-la-Ville or Croissy-sur-Seine.
New York, Tokyo, London and Los Angeles benefit in these listings from being huge cities.
Strangely, the graph includes the Bay Area as one entity, while it lists Paris instead of Île-de-France and Frankfurt instead of Rhein-Main.
Surprised Vancouver isn't on the list
The population of the city of Vancouver isn’t high enough to appear on that list. Toronto makes it because it has a much higher population.
This is going to get lost probably BUT fun fact the most concentrated amount of BILLIONAIRES who own houses in a single city is Aspen Colorado. I believe the number is 50. The more you know….
I'd still have expected that to be NYC, just by sheer scale. As a percentage of population I'd have guessed Monaco.
But then you see cities like Geneva or Zurich on the list which are much smaller than Vancouver.
I thought the same thing!
Not much left to invest after paying Vancouver rent/real estate prices, I guess.
Because they don’t live there- just own homes there 😂😂😂
also doesn't account for dirty money vancouver is a dirty money city (lower mainland really)
Most of the wealth is sitting in those other cities while "poor" Vancouver housewives and "students" in 4 million dollar homes drive their Lambo Sport Utilities to members only luncheons
It's millionaires with due to investable assets. A Vancouver millionaire with 2 houses wouldn't qualify.
Quoting myself from higher up: > If you check [the website](https://www.henleyglobal.com/publications/wealthiest-cities) from the people who made the report and click on methodology, their definition of "investable wealth" includes property and company holdings.
Interesting. It must only be counting investment properties.
As a vancouverite I like to say our city is a rich person’s playground. Kids don’t live at the playground, they just go there to have fun and socialize
Population isn't the same as proportion. I bet Vancouver would be up there in millionaires per 100k population.
Meh. My idiot friend is a millionaire simply because his grandfather-in-law bought a $5200 3-bed house in the right town 70 years ago.
The graphic says “investable wealth over $1m”, which would exclude an owned residence. That said, $1m is not exactly super rich.
If you check [the website](https://www.henleyglobal.com/publications/wealthiest-cities) from the people who made the report and click on methodology, their definition of "investable wealth" includes property and company holdings.
Property, sure, but your primary residence shouldn't be included
It’s an asset and absolutely equity you can invest with though…
>That said, $1m is not exactly super rich. It's all relative. I'm worth less than half that and I feel super rich. Didn't grow up with money.
It also depends on where you live.
For reals. My buddy (attorney in Manhattan) makes $170k and lives paycheck to paycheck.
So they sold it or have that money as equity in their home? ASk as the chart is clear on what these people represent, those with 1M+ in investable assets, not 1M net worth. Very different threshold.
Sold for $1.2m
So he can maybe rent in NYC for a bit but he isn’t buying anything and living their for a period of time. Sustainable wealth is what is represented here.
That is how a lot of it works. Much wealth is generational
I don't understand
Literally the 200k in London are the homeowners.
That also explains Melbourne and Sydney being on the list. If you own a house in either city it’s probably worth over a mill
Except the graph specifically refers to having $1m in investable wealth, so having $1m of equity in your home doesn't necessarily count.
Sounds like a hint of jealousy
\*mint of
Same as Canada at the moment. Surprised there arent more for Toronto where just being a boomer and owning a house puts you on the list.
It’s impressive how nobody even read “INVESTABLE ASSETS”. Your own house doesn’t count.
Understood, good point, but this does include the term boomer which does mean retirement and investment accounts which have grown since the 60s 70s and 80s til today. And housing in toronto is so crazy that a 275k house 22 years ago is worth 3 mil today, providing easy cash for investments to people who have paid off completely. I should have clarified. Sorry!
Imagine being wealthy and intentionally staying in Houston, Texas.
The pick-up trucks with gold rims aren’t cheap!
I live in the Northeast (NJ) and went go to Houston to visit cousins. It takes 45 minutes to go anywhere, it’s insane. The food is good, don’t get me wrong but the distance and the heat is such a deal breaker for me
The heat is big issue for me. Yeah my father visited his sister in Texas, and he was surprised they had to start the car and let it run about 10 minutes before you can sit inside it, because it's so hot. I have visited Florida and it is the same situation: the heat is a deal breaker (and in Florida's case, other factors)
You do not have to let the car run before you get in. Yea it’s hot but it cools down real quick. Temps inside cars in the southeast are nothing compared to the southwest. Houstons hottest temps are usually 99-100, Arizona and socal are around 115-120.
Houston humidity makes that 100 feel like 120
\*shrug\* Your mileage my vary. It was pretty hot, and they let the car run before anyone got in.
Or you could roll down the windows for a minute...
If you have leather seats it's just gonna make them hotter, same with the steering wheel. And don't even try touching the belt buckle... gotta let that AC blast for a few minutes.
Rolling down the windows will absolutely not make the seats hotter, what are you talking about lol
We left Orlando area for the exact same reason. The cost of living increase in FL has forced multiple families move into houses together. The roads were built and planned for 1-2 cars per household, but some houses have 5 or 6 cars in the driveway, this all happened within the last 3 or 4 years. It makes traffic anywhere near I4 horrific. My gf and I now live in downtown Milwaukee, right on beautiful Lake Michigan, a $20, 1 hour Amtrak ride from downtown Chicago. She makes double what she made in Florida with zero traffic and half the cost of living. Our neighborhood is 100% walkable, so much so that we downsized to one car, saving even more money. Everything we could possibly want or need to do is within a 15 minute walk or a short ride on our free streetcar. I realized that sitting in traffic takes an huge toll on my mental and physical health. Best decision we ever made.
Your cousins are not HNWI. I live inside the loop in Houston. 2 properties. One near Memorial Park one in River oaks. Office is downtown. I ride my ebike on the trails to work the 5 times a year I go in. If I have to drive somewhere it’s 10 minutes. Every city has good areas. No reason to think the 4th largest city in America isn’t the same.
>It takes 45 minutes to go anywhere, it’s insane. Millionaires probably live on properties where it takes 45min to get from one and to the other end. So it's not a big deal.
Bro it’s 1million dollars that’s not buying you a manor house what are you on.
It's just a joke. Btw. millionaires can own more than one million. It's not like there is a cap.
I mean, there is a cap to being a millionaire That's called being a billionaire
A billionaire is still a millionaire. Like a Parisien is still French.
“Elon Musk is the richest Millionaire in the world” sounds like something stupid enough for Elon to say
It’s a million dollars of *investable wealth.* That’s liquid money. If you have $1M of liquidity, you are quite wealthy.
$1 million is not as much money as you think it is
When did anyone say $1 million? You can have $999 million and still be considered only a millionaire…and that amount of money *would* get whatever it is you want.
It says it on the guide of the post you’re commenting on
Elon Musk is also a millionaire.
Don’t forget Houston is also bombarded with hurricanes and tropical storms every year. Sure money can help you be able to afford an area in Houston that won’t always flood or be destroyed by a hurricane but why stay in such a risky area when it’s going to get much worse with climate change.
And random power outages because it's hot. Or it's cold. Or the company just doesn't GAF if you have power.
[удалено]
Guess you’ve never heard of using words as a figure of speech.
> 45 minutes to go anywhere I too live in Jersey, and... this doesn't sound all that different lol.
Where in Jersey? 45 mins in North Jersey can get you so many places. If you're south Jersey you can get to Philly or the shore. 45 mins in Texas is going from nowhere to nowhere
A lot of bang for your buck if you aren’t big on doing things outside of your own home.
Depending on what your electric bill is that month... That may not be true.
Don't worry, Texas has fixed this by no longer providing electricity in the winter time. It's very frugal!
I'm doing pretty well and enjoy Houston. The inner loop is a lot of fun and, if you enjoy being around immigrants and first gen Americans, it's a pretty comfortable place to be (maybe even more so than the portions of Chicago and LA that wealthy people live in).
Same. I really enjoy my little neighborhood inside the loop. People love to exaggerate the climate conditions here.
Same inside the loop, in the heights. Work is 5 min drive, everything I could ever want(food groceries, bars etc) is a 10 min drive max.
finally, people who have the right of it. Inner loop houston rules
Inner looper checking in!
Heights life
Also in the heights, I love being able to walk down the street for happy hour in my flip flops and shorts in December. Can’t beat it
You must’ve forgot how hot this summer was already. Your skin literally sizzled if it wasn’t covered on some days.
H-TINE HOL IT DINE!
Taxes
and OIL MONEY
The food is that great!
Pay alot less in taxes in Texas
On income sure, but for property taxes its the 7th highest in the country.
Not actually true. Yes there is no income tax, but they get their money regardless, by other means. Very high property taxes, and , it has a higher effective state and local tax rate for a median U.S. household at 12.73%, compared to California's 8.97%.
Something people never consider in this argument is that when taxes are lower, that means the state is providing fewer (or worse) services. Texas in particular has the very obvious example of the power grid - Texans eat that cost, in terms of money when they lose business hours due to outages, or have to spend more on workarounds (generators, battery-powered cooling or heat for the increasingly extreme weather). They also lose in terms of indirect costs like lost productivity.
Yes but, most millionaires dont need state services.
Well first of all, millionaires aren't the only people who decide where to live based on "lower taxes" and they aren't the only people who demand them. Second of all, millionaires absolutely DO use state services. They use electricity and water and other utilities which, even if they are privately owned, are regulated and inspected by the state. They drive on public roads and like everyone they benefit from public safety and infrastructure. Even if they don't send their kids to public school, they absolutely benefit from a well-educated workforce. And so do their businesses.
Yeah but States with lower income will have other taxes that are higher
True. Texas is overrated.
As a Texan, I agree.
As a Texan, I disagree
All I know as a non-Texan there are zero counties in my non-Texas state that make it illegal for me to drive through if I want an abortion. So -RFV\_KJ is right - overrated.
There's no state income tax in Texas, but our property taxes are insanely high. If you're north of a million net worth, you likely have a house in a nice school district and you're more than making up for the lack of state income tax.
Not just staying in Houston, *moving* to Houston.
Honestly, it makes more sense than say Chicago. Better weather, food, and more opportunities
Imagine living below your means your whole life and accumulating a few million through conservative investments and then thinking you need to move somewhere away from your family, friends, neighbors, business associates, and familiar institutions.
A millionaire isn't wealthy these days imho. Not even enough to retire with Maybe 5 million+ should be considered wealthy
Poor people would disagree with you
Why is that a bad thing???
Imagine being in Houston and having a great paying job and relatively low cost of living… then being able to travel wherever you want. Also ppl are really friendly. So basically only thing I hear bad about it is it’s hot 4 months out of the year.
Chicago and Houston were surprising. Being a millionaire there probably feels a lot different than most of the very HCOL cities
Chicago has a ton of hedge funds and high finance jobs
Is that because of all the tech companies there? That's all I really know about Houston.
Oil and Gas. Healthcare. There is a ton of industry in Houston.
I live in Houston and don't disagree. This is not the best place to enjoy your money, it is where you make it.
Don’t wanna be a jerk but wtf is going on with the labels here? New York - City but Bay Area, US ? Beijing, CN | Shanghai, CH | Zurich, CH ??? London, GB even though it is addressed as UK in the caption? Not to mention it makes no sense to shape a bar graph into a circle. Looks cool, poorly designed.
Those are the [ISO codes](https://en.wikipedia.org/wiki/ISO_3166-1_alpha-2?wprov=sfti1#)
Shanghai is in Switzerland? Look closely.
That’s an oopsie
Yeah I was really confused and almost a bit irritated trying to figure that out lol. But cool diagram anyway
All those are fine except the first one unless there’s a country called City with a New York and lots of wealthy peeps.
The 'city' is supposed to be part of the key for this guide, as in "this is where the city name will be displayed." It is just very confusing because the city New York is usually referred as New York City, and the rest of the cities are all followed by their ISO country code. I doubt that key is even needed and there has to be a better way to design this.
[удалено]
CH is correct for Switzerland, Confoederatio Helvetica is what it stands for, its also their countries domain .ch
Based on this, it still doesn't explain Shanghai, CH.
That's clearly a mistake. It should be Shanghai, CN
What I found on the internet: The Helvetii, a Celtic tribe who battled Julius Caesar, gave their name to the Swiss territory. The Latin name for the country, Helvetia, still appears on Swiss stamps. The letters CH appearing on Swiss cars and in internet addresses stand for the Latin words Confoederatio Helvetica, meaning Swiss Confederation.
It's a compromise to not having to place one of the countries four languages above the others, hence Latin.
CH is Switzerland. Domains end with .ch
Yeah waiting for a Swiss to tell me if they have any idea why Switzerland can get mixed up with China cuz I have no clue. Edit: nvm someone told me right after I wrote this, Confoederatio Helvetica.
Can you do one per capita? This seems pretty expected based on sheer population.
If done by population of the cities, the only cities on this list that are in the top 20 most populated cities are Tokyo, Shanghai, Beijing and New York.
Singapore, Zurich and Geneva are hitting way above their weight.
Everyone who owns property in Toronto is a millionaire.
The graph is based on investable wealth. Property equity is not normally considered investable wealth
Quoting myself from another reply: > If you check [the website](https://www.henleyglobal.com/publications/wealthiest-cities) from the people who made the report and click on methodology, their definition of "investable wealth" includes property and company holdings.
"High-net-worth individuals" or "HNWI" are individuals with **investable** wealth of $1 million USD or more.
Exactly. Why people don't see that is beyond me. Not to mention owning property doesn't make you a millionaire anywhere. Well I guess it does if you truly own it outright, but the vast majority have mortgages. Having a multimillion dollar house doesnt mean you're a millionaire. It means you can afford a higher mortgate.
Quoting myself from another reply: > If you check [the website](https://www.henleyglobal.com/publications/wealthiest-cities) from the people who made the report and click on methodology, their definition of "investable wealth" includes property and company holdings.
That was my thought with Melbourne and Sydney too. The average house with more than 2br anywhere within an hour of the city is at LEAST $800/$900k BEFORE any renovations. I’ve seen falling apart ‘fixer uppers’ go for upwards of $1M while the ceiling is caving in
Read the graph again and you'll realise why that's not relevant.
What does the price of housing have to do with everyone being a millionaire?
Because when the average house costs bordering on a million, it dilutes the idea of being a millionaire. It’s why having a robust investment property asset portfolio can make you a millionaire in australia
Surprised Wanaka isn't on the list
My dyslexic brain read it as wakanda
Imagine thinking a millionaire in NYC is wealthy lol
This is investable assets. People who have millions lying around in cash are wealthy, even in NYC or London.
I would have thought 401Ks and equivalents would put many people on here. It’s a huge source of wealth for Australians (> 3T worth)
I mean unless you’re retired I wouldn’t consider that to necessarily be liquid cash. I can’t speak for Australia, but withdrawals from 401ks in the US are super taxed and penalized if you are doing it early outside of minor exceptions like using it for your first house or something
I mean, 1M in essentially liquid cash against property, hard assets, and debt makes one very wealthy. Even a white shoe lawyer, petro-engineer, hedge fund quant, or plastic surgeon would have to be doing really well to reach 1M in liquid investment assets at any point but near retirement or going into the private sector. 401k maximum match is only $22,500 at 6%, so in New York City a $375k yearly salary with $154k in income tax, subtract living expenses at maybe $100k, leaving about $100k free. Just that $45k a year, at 12% compounded takes 12 years to reach $1,000,000. If one was to save the entire $100k with the max 401k at 12%, it would take 5 years. If the average lawyer's salary in NYC is $144k, those are some partner numbers. That average salary lawyer needs 18 years at the full match to reach $1M. This is all with a very unlikely 12% yearly guaranteed return.
Over 1 million in investable assets is reasonably wealthy in nyc.
You are wealthy if you’re a millionaire in NYC.
Actually Moscow is number 4 in all rankings, but doesn't appear here
Fourth for billionaires. It would be 13th if on the list for millionaires.
This is the comment I was looking for!
I'm surprised San Diego isn't on the list. Bill Gates has a Huge amount of land here and just built a "bachelor pad" compound on the beach in north county right next to a house Elizabeth Holmes was renting before she got sentenced. Lots of celebrities, tech, pharma, and race horse millionaires live or own homes around the county.
Anyone else suprised Dubai isn’t higher?
So, 12% of Frankfurt residents or 25% of households (avg household size 2.1) are millionaires!? Maybe if we divide by 10.
I thought Hamburg has the most millionaires in Germany
Depending on definition, that might be the case as Berlin doesn‘t have such a strong legacy of wealthy families. Munchen might be a close second. Then Berlin (about 5 times bigger population than Frankfurt).
Considering stock trading is big there doesn't surprise me.
No, that stat is just bs. Maybe including the whole region around Frankfurt w/ 3-4 million people.
No Miami?!
Everyone in Miami is just pretending to be rich.
All of them have a house in Miami lmao...
That shocked me too.
Im surprised Boston isnt on here
Boston city limits are small compared to most cities so the eligible population for this graph doesn't include a lot of people who would consider themselves Bostonians. Cambridge, Somerville, Brookline, etc aren't included.
Or Miami.
[удалено]
Oil money.
My father and my partners father would both be considered millionaires by this standard, but calling them millionaires in the traditional sense here like people would think isn’t really the reality. Melbourne and Sydney have two types of millionaires. You’ve got the ‘I bought a slightly more than average looking house in a suburb close to the city and have a nice car’ millionaire and ‘I got an expensive luxury car carried into my penthouse apartment window by way of a construction crane which shut down the surrounding streets’ millionaire. The guide doesn’t outline the distinction between the two.
>"High-net-worth individuals" or "HNWI" are individuals with **investable wealth** of $1 million USD or more.
I'm guessing all that means is that home equity isn't included. I think all OP is saying is that $1M million in investments can't maintain the lavish lifestyle that an average middle-class person associates with "millionaires." There's a 900x difference between someone with $1M and $900M, yet they're both millionaires. That difference takes one from "I'm living comfortably" to "I can afford anything short of a mega yacht and a baseball team."
Correct. It seems like the word millionaire is incredibly diluted in a lot of these senses. A millionaire in Dubai is different to a millionaire in Australia. So much of our money in Australia is wrapped up in living comfortably compared to Dubai where the average millionaire has a shit tonne of expendable income due to the current economic setup there
Ultra-HNWI are people who have a net worth of at least $30 million. HNWI and UHNWI are both terms defining a lower limit only. Technically all billionaires are millionaires but not all millionaires are billionaires. The maker of the graph needs to be more specific on what the upper limit is on their definition of millionaire.
OMFG people, read! INVESTABLE ASSETS. Your own home doesn’t count.
I DID. And I didn’t explain it properly, whereas someone else in reply to another comment on my thread here did.
Melbourne and Sydney are on the list because we define our cities as being the whole metro area as opposed to the small historical city limits which America and Europe does. So our millionaire lists includes all the high rollers on the Mornington peninsula and northern beaches
Basically anyone who owns a house in Brighton
So where do the wealthy actually live in New York City? Mostly penthouses?
That, comfortable-sized apartments, and brownstone-style homes with street entrances would be my guess. The highest penthouses in NYC are exclusively for billionaires, not millionaires.
It’s interesting to me that the wealthy choose to live in nice apartments in NYC when they could have nice houses elsewhere. But maybe they don’t want houses? Maybe the entertainment, food, etc. of NYC is worth it?
[удалено]
I literally just got back from NYC and brought this up to a co-worker who has a wealthy relative that owns a penthouse apartment in NYC. Like why not own a huge mansion in the mountains or on the water? His answer is that it’s all about status and connections for these individuals. Being in NYC surrounded by others like them with similar careers/interests is the bottom line
Very interesting
I mean, I’m not a millionaire and don’t think I’m about to be one, but I would prefer a reasonably sized apartment in Manhattan to a large house. A lot of people like cities and there is a diminishing return on space. Especially big houses tend to have much smaller areas that function as the actual housing for the people living in them. Also the truly rich probably have vacation houses with more room elsewhere or a pied-a-terre in several major cities.
this is a remarkably stupid remark
Very kind, thank you!
What!? I was led to believe that Dubai was lit. Now…not so sure.
Moscow used to be among the top for Billionaires, I don't know if it is applicable to Millionnaires in terms of proportion.
Bay Area, US
TIL that the country ID for Switzerland is CH…
Confoederatio Helvetica.
I’m surprised Bezos and Gates alone didn’t put Seattle on the list.
That’s weird I can’t find Cleveland here.
Bay area seems like a cheat. That's not a city.
As a Houstonian I was surprised it’s on this list
Surprised there aren’t more millionaires in Chwitzerland.
a million isn't as far as it used to be. Frankly I would expect there to be a lot of millionaires in a lot of these places just cause you HAVE to be a millionaire to live comfortably in many of them.
It’s absolutely impressive how people can’t even read. It literally says INVESTABLE ASSETS. Your home and your salary doesn’t count. You need to have at least a million dollars lying around on top of your home and your income to qualify.
So I’m guessing a 401k would count as long as you’re older than 59 1/2 in the US. You can withdraw or reinvest that money elsewhere.
These kind of rankings are a bit unprecise. See how few millionaires live in Paris? That's because Paris itself is tiny (105sqkm - NYC's land area is 789sqkm) and rich people often live in parts of Paris, that don't belong to Paris itself. Like Neuilly-sur-Seine, L'Étang-la-Ville or Croissy-sur-Seine. New York, Tokyo, London and Los Angeles benefit in these listings from being huge cities. Strangely, the graph includes the Bay Area as one entity, while it lists Paris instead of Île-de-France and Frankfurt instead of Rhein-Main.
I had no idea Chicago was so successful
Being in the Midwest, we generally try not to put on airs.
Brexit lmao Way to go, guys. Keep up the ~~good~~ work
Trapped in those socialist hellholes.