The mega-city is home to nearly 10 million people (Image: Getty)
When someone thinks about the richest cities in the world, a few places spring to mind straight away. For most people, the list usually starts with the likes of London, Paris and Tokyo. And while all three are usually in the top 10, they are not the richest.
That title belongs to a megacity in the US that is home to nearly 10 million people. And according to the most recent data, at least 154 of them are billionaires. The number of millionaires is even bigger, standing at around 400,000.
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New York is home to 154 billionaires whose combined fortunes are worth an estimated £722billion (Image: Getty)
That city is, of course, New York City. It has recently been named the world’s richest city, with 154 billionaires whose combined fortunes are worth an estimated £722billion.
The figures come from a new report by Oxfam America, which found the state is home to some of the highest concentrations of ultra-wealthy residents anywhere on the planet.
According to the report, New York’s billionaires have a combined net worth of $975.7billion (around £722billion).
Among those based in New York are former mayor Mike Bloomberg, whose wealth is estimated at $109billion (around £80billion), and Blackstone chief executive Stephen Schwarzman, worth $41billion (around £30billion).
Oxfam America said the wealth of New York’s billionaires increased by 11.6% over the past year. It added that this rise was three times greater than the hourly wage growth of private-sector workers in the state.
The wealth of New York’s billionaires increased by 11.6% over the past year (Image: Getty)
The report also found that real average hourly earnings in New York’s private sector have largely stagnated and were even slightly lower in 2025 than before the pandemic.
At the very top of the list, the gap is even bigger. The 10 richest New Yorkers added $42.4billion (around £31billion) to their fortunes over the past year, according to Oxfam. That works out at around $4.2billion each (around £3.1billion), or roughly $2million per hour (around £1.5million).
By comparison, the state’s average private-sector hourly wage stands at $39.62 (around £29). Oxfam calculated that it would take a typical worker 82,863 years to earn as much as one of the 10 wealthiest residents gained in just one year.
Rebecca Riddell, senior policy lead for economic justice at Oxfam America, said the situation in New York reflects a broader national trend.
She added: “In many ways, we have an economy that’s rigged against working people and in favour of the wealthiest.”
Among those based in New York are former mayor Mike Bloomberg, whose wealth is estimated at £80bn (Image: Getty)
Federal Reserve data shows that the wealthiest 0.1% of US households hold around a quarter of all US equities. By contrast, the bottom 50% of Americans own just 1.1% of the wealth, according to Oxfam.
Separate research has also highlighted growing public concern about the widening wealth gap.
A Pew Research survey found that nearly one in five Americans believe being a billionaire is “morally wrong”, with younger generations most likely to hold that view.
Meanwhile, a 2026 YouGov report found that 52% of Americans believe the wealth gap is a very serious problem.
The same survey showed 59% think the government should take steps to reduce inequality, while 62% believe tax rates on billionaires are too low.
