Walking down 5th Avenue or through the quiet, leafy streets of Brooklyn Heights, it's easy to feel the money. It’s in the architecture, the $18 juices, and the sheer density of black SUVs. But if you're looking for the hard numbers, the reality is even more staggering than the vibe suggests.
So, how many millionaires in New York City are there right now?
According to the latest data from the Henley & Partners World's Wealthiest Cities Report 2025 (and updated projections for early 2026), New York City remains the undisputed heavyweight champion of global wealth. There are approximately 384,500 millionaires living within the five boroughs.
Think about that for a second. That is roughly 1 in every 22 New Yorkers.
While the news often focuses on people fleeing to Florida or Texas for lower taxes, the "Big Apple" continues to mint more high-net-worth individuals (HNWIs) than it loses. It isn't just a slight lead; it’s a massive gap between NYC and almost every other city on the planet.
Breaking Down the New York City Wealth Brackets
When we talk about wealth, "millionaire" is actually a pretty broad bucket. In a city where a one-bedroom apartment can cost $1.2 million, having a seven-figure net worth doesn't always feel like Succession.
The real power—the kind that moves markets and buys skyscrapers—is concentrated in the tiers above.
- The Millionaires: 384,500 people with liquid investable wealth of $1 million or more.
- The Centi-Millionaires: 818 individuals with more than $100 million.
- The Billionaires: 66 people who have reached the ten-figure mark.
Interestingly, while the number of millionaires grew by about 10% over the last year, the billionaire count actually dipped slightly from 68 down to 66. Some analysts think this is just the result of market volatility or a few ultra-wealthy families moving their primary residence to Palm Beach, but the core "wealthy class" is expanding.
Wall Street is the engine. It always has been. Despite the rise of tech in the Bay Area, the sheer volume of capital flowing through the New York Stock Exchange and NASDAQ keeps the city’s coffers full.
Why the Bay Area is the only real rival
For a long time, people thought San Francisco would overtake New York. It hasn't happened. The Bay Area (which includes San Francisco and Silicon Valley) currently has about 342,400 millionaires.
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They do have one thing New York doesn't: more billionaires. The tech hub boasts 82 billionaires compared to New York’s 66.
But for raw, sheer volume of people with seven figures in the bank? New York is still king.
Is "Millionaire Flight" Actually Happening?
You've heard the stories. You've seen the headlines about the "Great New York Exodus."
Honestly, it’s complicated.
There is a very real trend called "silent migration." Nigel Green, CEO of deVere Group, has pointed out that while many wealthy New Yorkers keep their apartments in the city, they are changing their primary tax residency to places like Florida or Tennessee. They aren't "leaving" in the sense that they disappear; they're just shifting their legal footprint.
But the data shows that for every person who moves their tax ID to Miami, New York’s internal economy—private equity, hedge funds, and a booming AI-integration sector—creates a new millionaire.
The city is a revolving door of capital.
The Citizens Budget Commission noted that while domestic out-migration is real, international in-migration from wealthy families in Europe and Asia is filling the gaps. New York is seen as a "safe haven" for global capital, especially when compared to the volatility in places like London (which saw a 10% drop in its millionaire population) or Hong Kong.
The Neighborhoods Where the Money Lives
If you want to find where these 384,500 people are hiding, you have to look beyond just the Upper East Side.
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The geography of wealth in NYC has shifted. Manhattan is still the hub, with the "Billionaires' Row" towers on 57th Street serving as the ultimate status symbols. But the real growth is happening in the "outer" boroughs.
Brooklyn has seen a massive surge. Neighborhoods like DUMBO, Cobble Hill, and even parts of Williamsburg are now essentially extensions of the Manhattan financial district.
In Queens, Long Island City has become a mini-Manhattan for the tech and finance crowd who want "luxury-lite" living with a view.
The Cost of Being a Millionaire in NYC
Being a millionaire in New York is expensive.
Prime real estate in the city averages about $27,500 per square meter. If you’re trying to buy a decent-sized family home in a good school district, $1 million is often just the down payment.
This is why many New Yorkers don't feel rich. If your wealth is tied up in a co-op on the West Side and your kids’ tuition at a private school like Trinity or Dalton is $60,000 a year, that million-dollar net worth disappears fast.
Basically, the "millionaire" label in 2026 doesn't mean what it did in 1996. It’s the new middle class for the elite.
The Impact of Taxes
New York has some of the highest combined city and state income taxes in the country. This is the #1 driver for those who do decide to leave.
When you add up the federal rate, the NY State rate, and the NYC city tax, high earners can see nearly half their income vanish before they even pay the rent. However, for many, the "New York Premium" is worth it.
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The networking, the culture, and the access to the world’s most influential people are things you just can't get in a tax-haven suburb.
What This Means for the Future of the City
The fact that there are nearly 400,000 millionaires in the city is a double-edged sword.
On one hand, it provides a massive tax base that funds the subways (well, theoretically), the parks, and the city's social services. On the other hand, it drives up the cost of living for everyone else.
As more millionaires move in, the "middle" gets squeezed out to the suburbs of Westchester or New Jersey.
We are seeing a city that is becoming increasingly bifurcated. It is a playground for the global elite, while the people who make the city run—the teachers, the artists, the chefs—are struggling to find a place to live.
Actionable Steps: How to Track and Understand NYC Wealth
If you're an investor, a real estate pro, or just someone curious about the city's economic health, here is how you should look at these numbers:
- Watch the "Centi-Millionaire" Count: This is a better indicator of the city's health than the total millionaire count. If the $100M+ group starts to shrink significantly, that's when you should worry about the city's tax revenue.
- Follow the Real Estate Trends: Keep an eye on the "prime" market ($5M+). When these sales slow down, it’s usually a lead indicator for the broader NYC economy.
- Look at Investment Migration: NYC is a top destination for those using residence-by-investment programs. Keep an eye on federal policy changes that might affect the flow of global talent.
- Analyze the Sectors: Finance is still #1, but the tech and biotech sectors in NYC are where the new millionaires are being minted. Follow the VC funding rounds in Chelsea and the Flatiron District.
The "death of New York" has been predicted every decade for the last century. But with nearly 400,000 millionaires and a total private wealth exceeding $3 trillion, the city isn't just surviving—it’s outperforming almost every other economy on earth.
Whether you love it or hate it, the money is staying put for now.
The next step for anyone looking at New York's economy is to monitor the 2026 fiscal reports from the NYC Comptroller to see if the "silent migration" starts affecting the municipal budget surplus.