If you guessed New York City, you were correct.

The city that never sleeps took the title as the world’s wealthiest city according to a study from Henley & Partners, because of its high number of residents with millionaire status. The report analyzes findings that tracked the amount of resident high net worth individuals in each city across the world. The study states there are 340,000 millionaires living in New York City.

“New York City wears the crown as the world’s top city with the most millionaires in 2023,” the report states. “Seven of the World’s Top 10 cities listed are in countries that host formal investment migration programs and actively encourage foreign direct investment in return for residence or citizenship rights.”

It continues: “The high-net-worth-individual population data in the World’s Wealthiest Cities Report 2023 covers 97 cities across nine regions worldwide (Africa, Australasia, CIS, East Asia, Europe, the Middle East, North America, South Asia, and Southeast Asia) and includes most of the world’s top wealth hubs.”

It’s unsurprising that the city houses so many millionaires—the location is one of the most expensive places to live as compared to most other places in the US.

As previously reported by ESSENCE, a $100k annual salary in NYC feels like what $36k according to financial education platform Smart Asset recently released findings from a wide-reaching survey. It analyzed on far a $100,000 salary will go in several metro areas across the US.

The report states: “Accelerated depletion of savings will increase the urgency for those staying on the sidelines to join the labor force, and the resulting increase in labor supply will likely dampen wage growth.”