New York City remains the city with the highest number of millionaires in the world, according to a recent global ranking by immigration consultancy Henley & Partners, as reported by Bloomberg. Despite the recent exodus of wealth caused by the pandemic, the Big Apple is home to an astounding 350,000 millionaires, representing a significant 48% increase over the past decade.

The report reveals that one in every 24 residents in New York City boasts a net worth exceeding one million dollars. This proportion has seen a remarkable improvement from one in 36 in 2013. The city's wealth extends beyond millionaires, with 60 billionaires and 744 individuals possessing investable wealth exceeding $100 million. Collectively, the citizens of New York City hold a staggering $3 trillion in wealth.

The surge in the number of millionaires in New York City can be attributed, in part, to the city's status as the financial capital of the United States. The booming stock market in recent years has played a significant role in bolstering the city's wealth, as noted by Juerg Steffen, the chief executive officer of Henley & Partners.

However, recent trends have seen a shift in the landscape, with many wealthy individuals choosing to relocate to Florida in search of lower taxes and less stringent pandemic lockdowns. This migration to the Sunshine State has had a notable impact on New York's financial landscape, to the extent that Florida reportedly surpassed New York as the most valuable housing market in the US last year.

The exodus of wealthy individuals to Florida is evidenced by the fact that over 91,000 individuals relocated there in 2022 from New York State. The allure of favorable tax conditions and the desire for a change in lifestyle have enticed many to make the move. Luxury golf clubs in South Florida have experienced a surge in membership rates, doubling or even tripling in some cases, as noted by the Financial Times.

This trend has also led to a power shift, giving rise to what Bloomberg refers to as a "Wall Street South." Prominent financial firms such as Icahn Capital Management and Elliott Management have moved their headquarters from Manhattan to Florida, contributing to the migration of approximately 160 Wall Street firms. This exodus has resulted in a staggering $1 trillion in financial assets under management leaving Manhattan.

Despite these developments, New York City managed to retain its status as the city with the highest number of millionaires in the world. The Bay Area in California, encompassing cities like San Jose, San Francisco, and Palo Alto, came in second, with 305,700 millionaires. Tokyo, Singapore, and London rounded out the top five cities with the most millionaires, with figures ranging from 227,000 to 298,300.

While the pandemic-induced exodus has certainly impacted New York City's wealthy population, the city's enduring appeal as a financial hub and its robust stock market have helped sustain and grow its millionaire population. Time will tell how the ongoing trends in wealth migration continue to shape the financial landscape of these prominent global cities.