Would You Guess These Three Cities as the Richest on Earth?

When you think of the richest city on the planet, what's the first city to pop into your head? We're not talking about the most expensive but the richest.

Tokyo, Singapore, or London came to my mind first.

According to the Time Out website, a new global ranking puts New York City as the richest city in the world. A home of financial fantasies for many, more millionaires call America's largest city home than any other.

According to Forbes Magazine, New York City is home to nearly 350,000 millionaires and 60 billionaires, with a total wealth of more than $3 trillion.

That's a 48% increase of millionaires from just a decade ago. Even more impressive is the fact that there are 744 centi-millionaires—people with more than $100 million of investable wealth—and a staggering 60 billionaires in New York alone.

New York isn't the only city in the United States with thousands of millionaires; 10 more cities, including the second richest city in the world, made it into the top 50 richest cities in the world.

California's San Francisco Bay area takes that slot followed by Tokyo, Japan rounding out the top three.

Ten Richest Cities 

1. New York
2. The Bay Area
3. Tokyo
4. Singapore
5. London
6. Los Angeles
7. Paris
8. Sydney
9. Hong Kong
10. Beijing

According to the investment firm Henley and Partners, here are the other American cities that made the top 50.

• Chicago -12
• Houston -17
• Dallas - 22
• Seattle -26
• Boston -30
• Miami -33
• Austin -35
• Washington, DC -41

As for the most expensive city in the world, it's no surprise that it's the tiny sovereign city-state of Monaco nestled on the Frend Riviera. According to Forbes, the average wealth of its residents exceeds $20 million. Yes, average.