When Money Doesn't Matter
If you have ever been to New York or London you know that it is dangerous to stay for more than a day or two. Not dangerous in the sense of physical danger, but financially. These cities will suck away all of your money and fast. To get by in Manhattan, you need an income of close to $100,000 per year for a modest lifestyle. For the average person, living in an area like this is a real struggle.
Despite the day-to-day struggles for most people, cities like New York attract the world's richest people. For the purpose of this post we will define the "richest" people as those worth over 100 million US Dollars. For people in this income range, luxury is most important. But where do these people actually go?
Top Five Cities for UltraRich
2. New York
3. Hong Kong
The richest people flock to these metros in droves. In fact, more billionaires live in these places than everywhere else in the world combined! This is because these cities are safe. If you are extremely rich, the thing that you care most about is your own personal safety and stability. At this level of wealth, your only real concerns are death and loss of money! These cities offer political stability and luxury amenities designed to keep you safe. Extreme net worth households care less about education and affordability because neither of these things will help them to become any more rich.
Maybe someday we will all be able to afford to live in London, but for now it will remain a playground for the world's elite.