America is developing a millionaire-inferiority complex.
New data from WealthInsight shows that Beijing and Shanghai each have more multi-millionaires now than Los Angeles. The study measures the segment of the population worth $30 million or more, known in wealth-industry parlance as “ultra-high-net-worth individuals.”
Beijing has 1,318 people in that group. Shanghai has 2,028. Both are higher than Los Angeles, which has 950 people worth $30 million or more.
New York still towers over the others when it comes to the ultra-highs, with 2,929 people worth $30 million or more.