Monday, October 12, 2020

    The top 10 cities in the world for billionaires, ranked

    new york citynew york city

    New York City has the largest billionaire population of any city in the world.

    Lucas Jackson/Reuters


    • Nearly a third of the world’s billionaire population is concentrated in just 15 cities, according to Wealth-X’s recently released annual Billionaire Census.
    • Strong tech industries have fostered considerable wealth in several cities across the world, from San Francisco to Shenzhen.
    • A large share of the world’s billionaire population lives in eastern Asia, which has several cities on the list.
    • The US remains home to the most billionaires — New York City alone has more billionaires than most countries.
    • Visit Business Insider’s homepage for more stories.

    Billionaires are increasingly becoming concentrated in a cluster of cities, according to Wealth-X’s annual Billionaire Census.

    According to its findings, 29% of the world’s billionaire population is concentrated in the 15 major cities. We outlined the top 10 below.

    Strong tech sectors are responsible for wealth accumulation in several cities, from San Francisco to Shenzhen in China. A large share of the world’s billionaire population resides in eastern Asia — several cities like Hong Kong and Beijing made the list.

    Three US cities are also included on the list. The US, according to Wealth-X, has the largest billionaire population in the world. New York City alone houses more billionaires than almost any country in the world with 113 billionaires.

    Here are the cities with the largest billionaire populations, listed in increasing order of billionaire residents.

    10. Mumbai is a city of imbalance: It has many billionaires — but half of its population lives in slums.

    mumbai india



    Towering Goals/Shutterstock


    Country: India

    Population: 20 million

    Number of billionaires: 38

    Number of billionaires gained: 0

    Asia’s wealthiest family, the Ambanis, hail from Mumbai. Mukesh Ambani has an estimated net worth of $64.4 billion.

    9. Shenzhen has become a manufacturing hub in China, contributing to a rise in wealth among some of its residents.

    shenzhen china



    Shutterstock/HelloRF Zcool


    Country: China

    Population: 12.4 million

    Number of billionaires: 39

    Number of billionaires gained: 2

    Shenzhen is home to famed Alibaba cofounder Jack Ma.

    8. Los Angeles gained five billionaires this year.

    Los Angeles California



    Chones/Shutterstock


    Country: USA

    Population: 4 million

    Number of billionaires: 44

    Number of billionaires gained: 5

    Billionaire Angelenos include Tesla Founder and CEO Elon Musk, who has an estimated net worth of $46.3 billion, and Hollywood’s richest mogul, David Geffen, who has an estimated net worth of $9 billion.

    7. Singapore gained six billionaires.

    singapore



    MOLPIX/Shutterstock


    Country: Singapore

    Population: 5.8 million

    Number of billionaires: 45

    Number of billionaires gained: 6

    In Singapore, limited land makes owning a house the ultimate status symbol, Business Insider’s Katie Warren reported. Billionaires spend millions snapping up the island’s few single-family homes in secluded, ritzy neighborhoods like Orchard Road and Holland Village.

    6. Beijing gained two billionaires this year.

    Beijing



    HelloRF Zcool/Shutterstock


    Country: China

    Population: 20.4 million

    Number of billionaires: 57

    Number of billionaires gained: 2

    Hong Kong‘s billionaire newcomers operate at the nexus of technology and education — both Larry Xiangdong Chen and Liu Yachao became billionaires because of their companies that provide online education and after-school tutoring, according to Forbes.

    5. Over the past year, London saw its billionaire population increase by one.

    London England



    Pajor Pawel/Shutterstock


    Country: UK

    Population: 9.3 million

    Number of billionaires: 66

    Number of billionaires gained: 1

    Some London billionaires live on Kensington Palace Gardens, known as Billionaire’s Boulevard, the most expensive street in Britain. Here, homes average about $53 million and can cost nearly $260 million, according to real estate agency Knight Frank.

    4. Moscow gained three billionaires this year.

    moscow



    Reidl/Shutterstock


    Country: Russia

    Population: 12.5 million

    Number of billionaires: 73

    Number of billionaires gained: 3

    Moscow is the homebase for Russia’s richest known billionaire — Vladimir Potanin, a mining mogul with an estimated $23.5 billion net worth. Many of Moscow’s billionaires have close ties to Russian President Vladimir Putin, according to Forbes.

    3. San Francisco’s billionaires mostly hail from the technology sector.

    San Francisco



    IM_photo/Shutterstock


    Country: USA

    Population: 883,300

    Number of billionaires: 77

    Number of billionaires gained: 2

    According to Wealth-X’s report, San Francisco has consistently risen in its ranking of billionaire cities over the last 10 years thanks to gains in the tech industry.

    2. Hong Kong saw the biggest uptick in its billionaire population this year, with nine additions.

    hong kong



    EarnestTse/Shutterstock


    Country: Hong Kong

    Population: 7.5 million

    Number of billionaires: 96

    Number of billionaires gained: 9

    Hong Kong’s billionaires live in mansions in secluded neighborhoods like The Peak, bet big money on horse races, and dine at some of the city’s many Michelin-starred restaurants, Katie Warren previously reported.

    1. New York City is the world’s only city with more than 100 billionaires, according to Wealth-X.

    new york city



    Atanas Bezov/Shutterstock


    Country: USA

    Population: 8.4 million

    Number of billionaires: 113

    Number of billionaires gained: 8

    Wealth-X noted there are more billionaires in New York City than almost every country in the world, with the exception of China and Germany. Former New York City mayor and failed presidential candidate Michael Bloomberg, who has an estimated net worth of $60.1 billion, is the city’s richest person.

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