New York City is now the metropolitan area with the highest number of millionaires, with 349,500, according to Henley & Partners. This translates to an astonishing statistic: one in every 24 residents of the Big Apple is now a millionaire. The city’s millionaire count surged 48% over the past decade, showcasing the significant wealth influx despite the pandemic. New York also boasts 60 billionaires, solidifying its position as a hub for the ultra-wealthy, second only to the Bay Area. However, this makes the city’s socioeconomic landscape quite complex, with lower-earning residents facing increasing financial pressures. Skyrocketing living costs has driven nearly 200,000 New Yorkers earning under $172,000 to move out of the city in recent years. The city has a notable wealth gap, with the average rent for a two-bedroom apartment reaching $4,950 per month. Despite New York’s affluence, the city’s demographic shifts highlight broader concerns about affordability and economic inequality.
DJ Kamal Mustafa
I’m DJ Kamal Mustafa, the founder and Editor-in-Chief of EMEA Tribune, a digital news platform that focuses on critical stories from Europe, the Middle East, Africa, and Pakistan. With a deep passion for investigative journalism, I’ve built a reputation for delivering exclusive, thought-provoking reports that highlight the region’s most pressing issues.
I’ve been a journalist for over 10 years, and I’m currently associated with EMEA Tribune, ARY News, Daily Times, Samaa TV, Minute Mirror, and many other media outlets. Throughout my career, I’ve remained committed to uncovering the truth and providing valuable insights that inform and engage the public.
