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The 10 richest cities in America

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A new report reveals that New York City is the No. 1 location for high-net-worth individuals to own property.

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A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide for wealthy investors and consumers. Register to receive future editions, straight to your inbox.

New York still leads the United States and the world when it comes to wealthy cities.

With nearly 350,000 millionaires and 60 billionaires, the Big Apple is the richest city in America, according to the USA Wealth Report from Henley & Partners and New World Wealth. Despite all the headlines about the rich leave the cityits millionaire population has increased by 48% over the past decade.

The San Francisco Bay Area is the second richest city in America, although it leads New York in the number of billionaires, with more than 305,000 millionaires and 68 billionaires. The Bay Area’s growth rate over the past 10 years has been even more impressive, with the millionaire population up 82 percent. The boom in investment and the growth of artificial intelligence are expected to give new impetus to this field.

The fastest-growing U.S. city for the ultra-wealthy among the top 10 is Austin, Texas, which more than doubled its millionaire population over the past decade to nearly 33,000 residents. Miami also leads, with an 87% growth in millionaires over the past decade – but with a tenth of New York’s total.

The numbers show that America’s two wealth hubs persist, despite the migration of wealth to the Sun Belt – which is roughly defined as the southern third of the United States, known for its sunny climate and lower-tax states .

“Despite the recent rise of major wealth hubs in Texas and Florida, the Bay Area and New York City are expected to remain America’s wealthiest cities for many decades to come,” said Andrew Amoils, director of research at New World Wealth.

Here are the top 10:

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