San Francisco Now Tops Los Angeles in Number of Ultra-Rich Residents

The ultra-rich have always called California home, but according to a recent study, the state's super-rich have chosen a new favorite city.


Wealth-X, a research firm dedicated to tracking the habits of ultra-high-net worth (UHNW) individuals, recently found that San Francisco now outpaces Los Angeles in the number of ultra-rich people residing there. The study, conducted in partnership with Swiss bank UBS, determined that the number of super-rich in San Francisco jumped 12 percent in 2014 alone, climbing to 5,460. In contrast, Los Angeles— the long-standing playground of celebrities and other mega-wealthy types—saw its UHNW population rise a mere 4 percent in the same period, up to just 5,135.

Still, the study found that New York City remains at the top of the list where the super wealthy are concerned, not just in the United States, but the world over. The city is home to 8,655 hyper-rich denizens, up 8 percent from the year before.

Despite grim economic news for most of us, the fortunes of the ultra-rich are continuously on the rise. In the U.S. overall, the number of uber-wealthy increased 7.6 percent to 34,789 over the last year. And across the globe, the number of super-rich rose 6 percent, to 211,275.

For more revelations from the report, check out the Wealth-X press release about the study, here.

Enjoy this piece?

… then let us make a small request. AlterNet’s journalists work tirelessly to counter the traditional corporate media narrative. We’re here seven days a week, 365 days a year. And we’re proud to say that we’ve been bringing you the real, unfiltered news for 20 years—longer than any other progressive news site on the Internet.

It’s through the generosity of our supporters that we’re able to share with you all the underreported news you need to know. Independent journalism is increasingly imperiled; ads alone can’t pay our bills. AlterNet counts on readers like you to support our coverage. Did you enjoy content from David Cay Johnston, Common Dreams, Raw Story and Robert Reich? Opinion from Salon and Jim Hightower? Analysis by The Conversation? Then join the hundreds of readers who have supported AlterNet this year.

Every reader contribution, whatever the amount, makes a tremendous difference. Help ensure AlterNet remains independent long into the future. Support progressive journalism with a one-time contribution to AlterNet, or click here to become a subscriber. Thank you. Click here to donate by check.

Close
alternet logo

Tough Times

Demand honest news. Help support AlterNet and our mission to keep you informed during this crisis.