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The Big Golden Apple: The World's Richest City
Description
New York is known for its yellow taxis. They're everywhere: pushing through the busy streets like bees.
They are a symbol of the city and there are more than 13,500 of them buzzing around the "Big Apple."
That's a lot of taxis. But there are some other things buzzing around the city and they aren't always quite so easy to see — millionaires.
The city of yellow taxis is also the city of millionaires, and according to a new report there are about 26 times more millionaires in New York than there are taxis!
The 2024 World's Wealthiest Cities report, by investment company Henley and Partners, says New York has almost 350,000 millionaires.
That number grew by 48% between 2013 and 2023, and there are also 60 billionaires in the city.
But like so many wealthy cities, the gap between the rich and the poor in New York is big, and it's getting bigger.
According to 2023 data, the top 20% of earners in the city make almost six times as much as the bottom 20% of earners.
New York is also the world's second most expensive city to live in.
There are 11 US cities in the top 50 wealthiest cities in the world.
The Bay Area, which includes San Francisco and California's tech area of Silicon Valley is second in the list. More than 300,000 millionaires live there, along with 68 billionaires.
Tokyo is third with 298,000 millionaires, although the Japanese capital has seen a small decrease in the number of millionaires over the last 10 years.
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Practice Listening, Reading & Comprehension
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