You've probably heard the rumors that everyone rich is fleeing for Florida. People talk about "Wall Street South" like Manhattan is a ghost town of empty penthouses. Honestly, the data tells a completely different story. If you’re wondering exactly how many millionaires in New York are left, the answer is a lot. More than anywhere else on the planet, actually.
According to the latest 2025 and 2026 wealth snapshots from firms like Henley & Partners and New World Wealth, New York City remains the undisputed heavyweight champion of private capital. We’re talking about 384,500 millionaires living within the city limits.
That is a staggering number. To put it in perspective, that’s roughly one out of every 24 residents. If you’re standing in a crowded subway car in Manhattan, chances are at least two people in that car have a seven-figure bank account.
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The Breakdown of New York's Wealth
When we look at the sheer density of high-net-worth individuals (HNWIs), the "Big Apple" doesn't just lead—it dominates. While the headline figure is 384,500 individuals with investable wealth of $1 million or more, the concentration gets even more intense as you climb the ladder.
- Centi-millionaires: There are 818 people in NYC worth over $100 million.
- Billionaires: The city hosts 66 billionaires (though some reports, like the Forbes 2025 list, suggest this number spikes even higher depending on how you define "resident").
- Total Wealth: The combined private wealth held by New Yorkers exceeds $3 trillion.
That $3 trillion figure is wild. It’s more than the total GDP of most G20 nations.
Why the Bay Area is the Only Real Rival
For a long time, people thought London or Tokyo would give New York a run for its money. They didn't. Instead, the real competition is coming from the San Francisco Bay Area.
The Bay Area has seen a massive 98% growth in its millionaire population over the last decade. New York "only" grew by 45% in that same timeframe. But even with that tech-fueled explosion in California, New York still holds the top spot for total millionaires. Interestingly, the Bay Area actually surpassed New York in the billionaire count recently—hosting 82 billionaires compared to New York’s 66—but for the "everyday" millionaires, New York is still king.
The Myth of the Great Wealth Exodus
You've seen the headlines. "Ken Griffin moves Citadel to Miami." "Icahn leaves for Florida."
While it's true that some high-profile hedge fund managers have packed their bags for lower taxes, the vacuum they left behind was filled almost instantly. The number of millionaires in New York grew by nearly 10% in the last couple of years alone. Basically, the city is a revolving door for the ultra-rich; for every billionaire who leaves for a beach house in Palm Beach, a dozen new tech founders or finance VPs hit that $1 million milestone.
New York remains the financial capital for a reason. You can't replicate the networking, the proximity to the New York Stock Exchange, or the sheer density of talent anywhere else. Miami is growing fast—up 94% in millionaire population over a decade—but with only around 38,800 millionaires, it isn't even in the same league as NYC yet.
Where the Money Lives
It isn't just the Upper East Side anymore. The geography of wealth in New York has shifted.
Tribeca and SoHo have long been bastions of the wealthy, but we're seeing massive concentrations of HNWIs in parts of Brooklyn now. Dumbo and Brooklyn Heights are essentially extensions of Manhattan’s financial district at this point.
How many millionaires in New York reside in the outer boroughs? While the vast majority still cluster in Manhattan, the "wealth sprawl" is real. The rise of the tech sector in Long Island City and the "Silicon Alley" corridor has minted thousands of new millionaires who prefer industrial lofts over Fifth Avenue pre-war co-ops.
The Real Estate Reality
Living among nearly 400,000 millionaires has a funny effect on the housing market. Prime real estate in New York now averages around $27,500 per square meter. That makes it the second most expensive city in the world to buy property, trailing only Monaco.
If you're looking to buy a "starter" apartment in a neighborhood where millionaires hang out, you're looking at a seven-figure price tag just for a one-bedroom. This density of wealth creates a self-sustaining ecosystem of luxury services, high-end dining, and exclusive clubs that, ironically, attracts even more wealthy people.
What This Means for 2026 and Beyond
Looking ahead, the concentration of wealth in New York doesn't seem to be slowing down. The 2025 USA Wealth Report highlighted that the US holds 37% of the world's millionaires, and New York is the crown jewel of that collection.
There are challenges, of course. Geopolitical tensions and shifting tax laws are always a concern for the ultra-wealthy. Dr. Tim Klatte of NYU Shanghai has noted that affluent investors are becoming more "agile," often keeping residences in multiple cities to hedge their bets. But even with a "pied-à-terre" in Miami or a villa in Italy, the global elite still feel the need to keep a footprint in NYC.
Actionable Insights for Navigating Wealth in New York:
- Network Proactively: Since 1 in 24 people is a millionaire, your social circles are your biggest asset. High-end charity events, specialized professional associations, and even certain gym memberships (like Equinox Mansion) are literal hubs for high-net-worth networking.
- Focus on "Investable" Wealth: When people ask how many millionaires there are, they often forget that "millionaire" status in NYC is usually defined by investable assets, not just the value of a primary home. To compete in this market, liquidity is more important than equity.
- Watch the Tech Pivot: Finance still drives the city, but tech and AI are the new engines. If you're looking for where the next 100,000 millionaires will come from, keep an eye on the startups moving into the Chelsea and Flatiron districts.
- Tax Planning is Mandatory: If you are approaching that $1M or $10M mark, New York's tax structure (state and city) is brutal. Professional wealth management isn't a luxury here; it's a survival tool to keep from losing a massive chunk of your gains to the taxman.
The "death of New York" has been predicted every decade for a century. Yet, the numbers prove that the city is actually more concentrated with wealth than it was before the pandemic. Whether it's the culture, the coffee, or the capital, New York is still the place where people go to get rich—and stay rich.