News & Politics

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

Tech millionaires have helped the Northern California city become the ultimate destination spot for the uber-wealthy.

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.

Kali Holloway is a senior writer and the associate editor of media and culture at AlterNet.

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