This U.S. City Is the Wealthiest in the World, According to a New Study

New York City is the wealthiest city in the world, beating out other major hubs like Tokyo, London, and Hong Kong.

The Big Apple took the top spot thanks to the largest concentration of millionaires, according to a study from Henley & Partners, which looked at the amount of resident high net worth individuals in each city. Overall, there are 340,000 millionaires living in New York City.

“The right to live, work, study, and invest in leading international wealth hubs such as New York, London, Singapore, Sydney, and Hong Kong can be secured via residence by investment,” Juerg Steffen, the CEO of Henley & Partners, said in a statement. “Being able to relocate yourself, your family, or your business to a more favorable city or have the option to choose between multiple different residences across the world is an increasingly important aspect of international wealth and legacy planning for private clients.”

Beyond New York City, Tokyo came in as the second wealthiest city with 290,300 millionaires, followed by California’s Bay Area with 285,000 millionaires, London with 258,000 millionaires, and Singapore with 240,100 millionaires. Los Angeles took the No. 6 spot on the list with 205,400 millionaires, while Chicago took the No. 11 spot with 124,000 millionaires.