It’s a little-known fact that most of the world’s wealthy people live in cities, which have been struggling to retain them.
But that trend has accelerated in recent years, with some of the wealthiest people living in urban areas.
And the trend is likely to continue, according to a new report from The New York Times.
In its annual Wealth in Cities report, the Times looked at how much wealth Americans own in cities around the world and compared it to the cities where they live.
And as cities continue to expand their financial infrastructure, they’re also expanding their influence in their cities.
“What you’re seeing in the world of cities is that you’re going to see more and more money flowing in,” says Andrew S. Bickford, a professor at Columbia Business School who studies urbanization and mobility.
“The cities that are doing well, like New York and London, are the ones where you are seeing more and longer-term growth, and that means you’re likely to see people investing more in their city.”
Cities with the most wealth cities with the least wealth The most wealthy people in New York City are also the most likely to live in New Jersey and California.
These two states have a population of 1.4 billion and a combined wealth of $1.4 trillion, respectively.
According to the Times, the average New York household earned $1,846,000 in 2015.
That means the average person in New England is about $2,400 richer than the average American.
But while New York’s rich tend to live there, they live far from its more prosperous, suburban areas.
“We’re going from the suburbs to the city, and it’s going to take time to get to that point,” says Chris Sperling, co-founder of the Wealth in the City program, which seeks to reduce inequality in cities.
The U.S. has some of highest levels of inequality in the developed world, according the Brookings Institution.
In 2015, the U.K. was the most unequal country in the G7, with a median household income of $67,000.
In the U, the median household earned only $48,000, compared to a U.N. report that found the U is one of the 10 most unequal countries in the World.
“For the last decade, the United States has had a policy of redistributing wealth,” says Michael Tesler, a senior fellow at Brookings and a co-author of the report.
“But in some places, it’s been a mistake, and now it’s really about moving from the middle to the upper class.”
Cities have grown as people have moved from cities to suburbs, and there are more people in the middle class, says Chris Jackson, director of the Center for Urban Policy Studies at the University of Maryland.
Cities have been slow to change their housing policies, but the trend toward gentrification is coming faster than previously thought.
“It’s not only cities that have moved away from housing, it is also suburbs and suburbs that have been displaced by high-density, high-value housing,” Jackson says.
Cities with more wealth cities that offer more affordable housing and better transit also have higher levels of wealth.
In 2014, the Brookings report found the average U.P. city was worth $5,958 per person, compared with $3,917 per person in the U of A. In New York, a city with about one-third the population of the U-P, the typical U.H.C. home cost about $1 million more per year.
In Philadelphia, the city with the second-highest rate of poverty, the rate of median income for a household is $24,000 compared to $32,000 for a U-H.S.-based household.
“These cities are really different from the U,” says Spering.
“People in the inner city have more of a connection to the outside world and they have more access to the things that are going on in the suburbs.
And that’s a big factor in the success of these cities.”
As cities become more prosperous and are able to invest more in infrastructure, people are more likely to be able to save for retirement.
In 2017, the Census Bureau reported that the median retirement savings for the typical American fell by $1 billion in that year, compared the year before.
“Retirement savings are going up,” says Bickfield.
“That means there’s more wealth to be created.”
In the next decade, there are going to be more cities where people will be able live more independently, says Tesler.
“If you live in a city that’s going up in value, then you can take the value with you,” he says.
“And if you live within an area that’s experiencing significant growth in the housing market, you’re more likely than not to be part of that growth.”
Cities that have the least financial wealth Cities with