Millionaires are taking Manhattan.
New York is set to become the leading home of high net-worth individuals — surpassing Tokyo to have more millionaires than any other city in the world, a new survey shows.
New York’s millionaire population is forecast to grow 31 percent by 2023, rising from 389,100 to 508,100, according to research firm WealthInsight. Right now the city is ranked fourth for millionaires, with 4.63 percent of the population fitting the millionaire criteria — or one out of every 22 New Yorkers.
As the financial epicenter of the world, New York not only attracts home-grown and foreign talent, but also serves as a playground for millionaires to splash around their personal cash.
“As emerging economies are creating more millionaires than before, this latter factor has become much more important,” WealthInsight analyst Oliver Williams said.