New York has topped the list when it comes to the world's wealthiest cities, with 349,500 millionaires and 60 billionaires. 

In its latest report, Henley & Partners found the Big Apple's millionaire population has surged by 48% in the past decade.

And San Francisco came in second place, with 305,700 millionaires and 68 billionaires.

Meanwhile, Tokyo has seen its millionaire population declining by 5% to 298,300 people.

Joe Biden has confirmed he is going to raise the special tariff on electric vehicles coming from China. 

The standard US tariff (the amount you have to pay to get goods into a given country) on cars used to stand at 2.5% but then Donald Trump levied an extra 25% tariff on China in 2018. 

Now, Mr Biden has gone further and is quadrupling the tariff to 102.5%.

Why is the US doing this?

Our economics and date editor Ed Conway describes the latest move as "one of the biggest issues in economics right now".

He says the move "is partly because the US is worried about competition from China".

China in the past few years has become dominant when it comes to electric cars and their manufacture of the components that go into the vehicles.

But they are not dominant when it comes to electric car imports into the US.

"The US is trying to increase its share but it is going to be difficult," Conway says

"It's only the beginning of a very big saga here and the next question is what about the EU and UK?"

Will it have an impact?

Conway says the new electric vehicle rate "won't affect many goods at all" because the "vast majority of Chinese electric vehicles are going not to America but to Europe and elsewhere", including the UK.

"We're buying loads," he says.

You can watch Conway's analysis here...

Santander has become the latest bank to offer a £175 switching offer on their current accounts, joining First Direct, which relaunched its incentive this month.

The Santander switch is open to both new and existing Santander customers and those eligible will get the payment within 90 days of starting the switch process.

To qualify you must:

• Complete the full switch within 60 days of requesting the switch process;
• Pay in at least £1,500 within 60 days of requesting the switch;
• Set up two active direct debits within 60 days;
• Continue to hold the qualifying current account on the day the payment is made.

New customers can switch to a current account online through the Santander website or in branch. 

But existing Santander customers must visit a branch to take advantage of this offer.

To qualify for the First Direct incentive you must: 

• Go through the full Current Account Switch Service (Cass) process;
• Transfer a £1,000 balance into the account;
• Switch at least two regular payments;
• Use their debit card at least five times within 30 days of the account opening.

 The chairman and chief executive of JPMorgan has told Sky News he is confident the UK economy will be in safe hands "whoever wins" the election.

Jamie Dimon told Sky's Wilfred Frost that he had met with both Rishi Sunak and Sir Keir Starmer and liked that they were both "pro-business".

"Growing the economy is a good thing, and that should benefit everybody," he said.

"Everyone I heard in the Labour and Conservative government are talking about growing the economy, technology, research and development, simplifying regulations and making it easier for people to start and grow businesses.

"Those policies work."

Asked if he was confident the UK economy would be in safe hands no matter who won the election, he replied: "Yeah, I certainly hope so, and we would help whoever wins."

Mr Dimon also said the world "had been through a difficult and weird time".

On the UK specifically, he said: "It's a great country and partner and friend of America."

He said he was "optimistic" about the UK, and said the government should keep investing in "education, work skills and technology".

Here's Mr Dimon's interview in full:

By James Sillars, business news reporter 

A solid start to the day for the FTSE 100 despite one of its well known constituents posting a big drop in profits.

The index rose by 0.5% in early dealing to stand at 8,469.

Leading the gainers were industrial and mining stocks. 

Among the big names reporting its progress this morning was Burberry.

Its annual results to the end of March showed a 34% fall in operating profits as demand for luxury slowed in the second half.

The company's chief executive, who is in the process of taking the firm more upmarket, said he expected the current year to remain challenging but with a pick-up in sales weighted to the final six months.

Burberry, nevertheless, awarded a 61p per share dividend which was flat on the previous financial year.

Its shares were down by more than 3%.

Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said: "Burberry's latest figures leave a lot to be desired, amid slowing demand for luxury... Not only does this highlight the extent of consumer caution across the globe, it also puts a spotlight on some Burberry-specific issues. 

"Refreshing the store estate is all well and good, but only if those costs and charges can be recouped by selling the clothes they hold. While Burberry's brand repositioning has come a long way, it’s not yet sharp enough to slice through to the core of the even more resilient end of the luxury market."

She added: "Slowing trends are being seen across the board in the sector, so these weaker results aren't a total bolt from the blue. The question now will be how quickly demand picks up, and that of course is in the hands of the economy... Burberry faces challenges, but it remains a strong heritage brand, with a lot of the right strategic ideas."

Taylor Swift's Eras Tour has been predicted to provide a £997m boost to the UK economy. 

Fans are expected to fork out an average of £848 to see the star on one of her 15 tour dates. 

That's according to data from Barclays, which has added up the total spending of the Swifties lucky enough to get a ticket.

After tickets, fans will spend the most on accommodation at around £121, with other notable costs including £111 on travel and £56 on an outfit. 

Those visiting London, Liverpool, Edinburgh and Cardiff for the concert are expected to spend £79 each on official merchandise, as well as £59 on a pre-show meal. 

The average amount spent on an Eras Tour ticket is £206, yet for 14% of fans, including those who purchased VIP ticket packages with premium seating and exclusive merchandise, the total exceeds £400.

Dr Peter Brooks, chief behavioural scientist at Barclays, said fans of "cultural icons" like Swift have a "powerful" spending power. 

"Whoever came up with the phrase 'money can't buy happiness' clearly wasn't a Swiftie," he said. 

"When it comes to cultural icons like Taylor Swift - like we saw with Elvis and Beatlemania in the 50s and 60s - supporters have such a strong connection to the artist and to the rest of the fandom that the desire to spend becomes even more powerful.

"For non-fans, £848 may seem like an enormous amount to splash out on a concert - but for Eras Tour ticketholders, every pound they spend is an investment in the memories they'll create."

Every Wednesday we get Michelin chefs to pick their favourite Cheap Eats where they live and when they cook at home. This week we speak to Andy Beynon, chef patron of Behind in London - which was awarded a Michelin star after being open for just 20 days. 

Hi Andy, can you tell us your favourite places in London where you can get a meal for two for less than £40?

I love Lahore Kebab House in Whitechapel. It's family run and I've been going there for about 15 years. I used to go with my dad - we'd get a couple of lagers from the shop next door, then tuck into lamb chops, tarka daal, the Peshwari naan, which is always cooked fresh on the tandoor, and all the dips on the menu. 

You can't beat a "That Spicy D" from Dom's Subs. There's just something about that burnt chilli mayo and schiacciata piccante. It's my favourite lunch to have on the go, and totally worth the mess. 

Umut 2000 in Dalston is my go-to for a kebab fix. They also do this amazing chargrilled lamb mince on a bed of tomato sauce with yoghurt and clarified butter. So good.

What's your go-to cheap meal at home?

I don't cook at home often, but when I do it's usually a big pot of spicy daal. It's super easy to make and keeps well in the fridge or the freezer. My secret ingredient for making the perfect daal is condensed milk - simply add a spoonful at the end to balance all of the spice.

We've spoken to lots of top chefs and bloggers - check out their cheap eats from around the country here...

Vinted has apologised for a tech issue that has left its sellers facing long delays to withdraw their cash. 

Users have been complaining over the past few weeks about their balance not updating quickly enough after being told they had been paid... 

We reached out to platform about the issue - it said its payment service provider Mangopay was aware of the problem and was "in the process of resolving" affected cases. 

It said a "very small number" of Vinted members have experienced an issue with funds being received by banks after payouts had been initiated. 

"The large majority of payouts are successfully completed every day," it added. 

"Vinted is in constant contact with Mangopay to resolve any cases brought to our attention, however, there may be a further delay as a result, for which we apologise.

"Many cases have already been resolved and we are working as quickly as we can to help resolve the remaining cases." 

Mangopay processes and stores transactions made through Vinted and then pays the cash into users' bank accounts. 

It told us part of its legal obligations require it to verify users' identities for the payment process to be successful.

"Our team works to carry out this verification process as quickly as possible so that users can continue using their accounts as normal," it said. 

"Marketplaces and platforms often have complex payment needs and as a regulated financial institution, we take our compliance, due diligence processes and regulatory obligations very seriously." 

However, it added that from "time to time" the process can be delayed, which means it needs to withhold funds for a certain amount of time, or it "may experience issues with the payout process".

"We apologise for any delays in receiving payments caused as a result of this and are working with Vinted to resolve each case as quickly as possible," it added. 

The Duke and Duchess of Sussex's Archewell Foundation has been labelled "delinquent" in the US for failing to submit annual records.

A letter was sent to the charity on 3 May by by California's Registry of Charities and Fundraisers, saying it has been "listed as delinquent" for "failing to submit required annual report(s) and/or renewal fees".

The letter said an organisation listed as delinquent is banned from "soliciting or disbursing charitable funds" and its registration may be "suspended or revoked".

It is understood that a physical cheque was sent by Archewell Foundation but not received, and a new one has been sent to resolve the issue.

It is believed the charity was only made aware of this when the delinquency notice was published.

Read more on this story below...

Shares of US video game retailer GameStop have soared again today, fuelled by the return of online influencer "Roaring Kitty" to social media.

Real name Keith Gill, the influencer's first online post caused shares to jump yesterday, with another surge reported today.

The retailer's shares rallied 132% in pre-market trading before falling back to about 80% up as US markets opened. 

Mr Gill shared a meme and more than 10 clips from movies including The Avengers and Tombstone. Though the posts didn't mention any company names, GameStop and US cinema chain AMC were the most-traded stocks by investors yesterday and today, according to data from JP Morgan.

He is credited with helping to fuel the "meme stock" craze during the COVID pandemic, which saw GameStop shares rise more than 1,000%. They later collapsed as interest faded.