What Are The Cities With The Most Number of Billionaires?
To know about billionaires always signifies a general sense of fascination from our end. It not only shows the relative advancement of that particular region but also sheds light on the circumstances and choices that led to the huge rise in the material wealth of these individuals.
New York City remains the global capital of billionaires, with a staggering 110 billionaires calling the Big Apple home. According to Forbes' latest World's Billionaires list, these billionaires have a combined net worth of $694 billion. This comes as no surprise, as New York has consistently held the top spot for the past 11 years, with the exception of 2021 when Beijing briefly took the lead.
Among the billionaires in New York City are 62 Wall Streeters and finance tycoons, 14 real estate moguls, and a dozen fashion and retail magnates. Some notable residents include media magnate and former mayor Michael Bloomberg, with an estimated net worth of $106 billion, and Julia Koch, heir to Koch Industries, with a net worth of $64.3 billion. New York City also welcomed eight new billionaires this year, including Jean Madar, co-founder of French fragrance company Interparfums, and Assaf Rappaport, co-founder of Israeli cloud security startup Wiz.
Hong Kong and Moscow tie for second place, with each city boasting 74 billionaires. Hong Kong saw a modest net increase of four billionaires, while Moscow experienced a significant jump from sixth place last year to second place this year, gaining 12 billionaires. The ongoing war in Ukraine played a role in Moscow's wealth growth, with some billionaires profiting directly or indirectly from the conflict. For example, Vladimir Melnikov, whose fast-fashion retailer Gloria Jeans saw a 28% increase in sales to $875 million in the past two years, thanks in part to the closure of foreign rivals H&M and Zara.Mumbai made a notable jump from seventh place to fourth place this year, with a total of 69 billionaires. The city's billionaires saw a combined increase of $100 billion in net worth.
Mukesh Ambani, Asia's richest person, tops the list with a net worth of $116 billion. Other notable billionaires in Mumbai include Shapoor Mistry, who controls the engineering and construction giant Shapoorji Pallonji Group.
Beijing, China's capital, retained its spot in the top five with 63 billionaires. However, the city experienced a significant drop from its first-place ranking in 2021 when it had 100 billionaires. The combined net worth of Beijing's billionaires dropped by 14% due to China's economic struggles. Despite this, two newcomers emerged this year, including Dai Wenyuan, founder and CEO of AI software company 4Paradigm, and Zheng Fan, independent director at Li Auto, an electric vehicle manufacturer.
London dropped from fourth place to sixth place this year, with 62 billionaires. The city did not add any newcomers to its billionaire list and lost one iconic resident, Mohamed Al Fayed, known for being the former owner of London department store Harrod's. Shanghai also experienced a decline, dropping from 65 billionaires to 54. Over half of the remaining billionaires in Shanghai saw a decrease in their net worth compared to last year.Los Angeles made its way into the top 10 this year, thanks to a new methodology used by Forbes to include surrounding areas. The city now has 53 billionaires, including NBA star LeBron James, reality TV star Kim Kardashian, and singer Rihanna.
Singapore also climbed the ranks, moving from ninth place to eighth place with 52 billionaires. Notable residents include Eduardo Saverin, co-founder of Facebook, and several sets of brothers who run successful businesses. Lastly, San Francisco rounded out the top 10 with 50 billionaires, including Dustin Moskovitz, co-founder of Facebook and Asana, and Ivan Zhao, co-founder and CEO of productivity software Notion.
These cities and their billionaire residents play a significant role in the global economy, with their combined wealth shaping industries and driving innovation. As the world continues to change, it will be interesting to see how the distribution of billionaires evolves and which cities will emerge as new centers of wealth and influence.
Sign in with Google