The richest city in the world has the most billionaires in it. It is more developed than any other city.
Many developing countries are reimagining their capital cities as futuristic megacities. It is obvious that the world’s wealthiest people live in the world’s most famous cities.
Top 20 Richest Cities in the World with Most Billionaires
1. New York City: 107 Billionaires
New York City (NYC), which lost the number one spot to Beijing in 2021, has added eight new billionaires, totaling $640.4 billion in net worth. However, it is considered as the richest city in the world.
Michael Bloomberg, the founder of Bloomberg, is the wealthiest person in New York City, with a net worth of more than $82 billion.
New York’s total net worth exceeds Beijing’s by $330 billion. 25,000 ultra-high net worth residents live in New York City, also known as “The Big Apple.”
Josh Kushner, founder of Thrive Capital, is one of the eight newcomers this year.
Beijing, China’s capital city, is home to 83 billionaires, totaling $310 billion in net worth.
Due to the Chinese government’s scrutiny, Beijing lost 33 billionaires in comparison to last year. On Forbes’ annual list, Beijing has dropped from first to second place.
Zhang Yiming, the founder of the social media sensation TikTok, is Beijing’s wealthiest resident.
His net worth is estimated to be $50 billion. Last year, Beijing’s billionaires collectively lost $174.3 billion.
3. Hong Kong
Hong Kong, one of the world’s most important financial centers and commercial ports, is ranked third among the world’s wealthiest cities.
Despite losing 12 billionaires since 2021, Hong Kong remains in third place.
Hong Kong’s billionaires collectively lost $143.8 billion. The city’s total net worth is now $304.6 billion.
London, England’s and the United Kingdom’s capital, is home to 66 billionaires with a combined net worth of $324.1 billion.
Despite the challenging economic conditions caused by Brexit and the Covid-19 pandemic, London added three new billionaires this year.
Shanghai fell to fifth place on the list after losing three new billionaires, bringing the city’s total to 61 billionaires.
Shanghai’s wealthiest billionaires have a combined net worth of $187 billion. With a net worth of 13.2 billion, Liu Yongxing, chairman of East Hope Group, is the richest person in Shanghai. However, Shanghai lost fewer billionaires than the rest of China’s major cities.
Tokyo is the world’s richest city. However, Tokyo is known as the world’s financial center and is home to both invention and innovation, anime, manga, and, of course, robots.
In fact, Tokyo is home to the world’s top money-making organizations and minds. This includes the rapidly expanding FinTech (financial technology) industries.
Tokyo has held the top spot for over 50 years and shows no signs of slowing down. In terms of asset management, FinTech, and ESG investment, Tokyo’s position as one of the world’s leading economies appears secure.
Moscow, Russia’s capital, is ranked seventh among the world’s wealthiest cities.
The Russian economy experienced a significant slowdown as a result of the Coronavirus pandemic, which caused its GDP to contract; while it was recovering, Vladimir Putin declared war on Ukraine.
As a result, many billionaires have lost their comma figures. How Moscow is not the richest city in the world but it is considered to be among the list of richest cities.
Mumbai, India’s financial hub, ranks eighth on the list of the world’s wealthiest cities.
The city now has 51 billionaires after adding three new billionaires.
Mukesh Ambani, the chairman and managing director of Reliance Industries, is a Mumbai resident.
9. San Francisco
San Francisco lost four billionaires, bringing the city’s total to 48. However, San Francisco is worth a total of $160.8 billion.
Dustin Moskovitz and Brian Chesky are the wealthiest people in Silicon Valley, with a combined net worth of $11.5 billion.
Since 2019, Seoul has been absent from the top ten richest cities list.
However, it has returned with four new billionaires. The city’s total net worth is $108.3 billion, and it is home to 38 billionaires.
Kim Beom-soo, aka Brian Kim, the founder and chairman of Kakao, a South Korean internet company, and Jay Y. Lee, the vice-chairman of Samsung Electronics, are the city’s wealthiest residents, each worth $9.1 billion.
“Toronto’s success is due in large part to the strength and significant growth of its financial industry,” says President and CEO of Toronto Finance International.
“Toronto is North America’s second largest financial center.” Toronto’s financial district, like New York City’s, is home to a diverse range of industries.
Financial services, fashion, digital media, the food/beverage industry, and technology all found a home in Toronto.
12. San Francisco
The wealth generated by the California Gold Rush is part of San Francisco’s rich economic history.
San Francisco has remained a strong financial stronghold for the state of California ever since. Montgomery Street in San Francisco is known as the “Wall Street of the West.”
Tech, tourism, and service industries such as hospitality are also driving their economy. San Francisco’s proximity to Silicon Valley is a major economic draw.
Despite the fact that the city was plagued by the effects of the pandemic, job growth occurred, with another 5,700 jobs added.
Washington, D.C., like the other cities on our list of the richest cities in the world, has a diverse economy.
It goes without saying that because of its history, tourism is a huge revenue generator.
Other industries that thrive here include high-tech, scientific research and development, and professional services such as legal, insurance, finance, and public administration.
Among the Fortune 500 companies are Discovery Communications, Fannie Mae, Walmart, and CACI International.
The Rhine-Ruhr metropolitan area is Germany’s economic powerhouse. This large metropolitan area has long served as the center of Germany’s heavy industry sector.
However, it has now shifted to more profitable economic interests such as finance, high technology, and insurance, to name a few.
Osaka ranks highly in terms of affordable housing, community safety, business, and healthcare. Historically, Osaka has been regarded as a major economic center in Japan.
Osaka attracts creative and innovative industries because it is known as a center of learning due to the city’s many high caliber universities such as Osaka and Kansai universities.
Osaka, for example, is home to major electronics corporations such as Sharp and Panasonic, as well as pharmaceutical companies, food, retail, and trading firms.
Biotech firms and information technologies add to the variety.
The Chicago Board of Trade, NYSE Arca, Chicago Mercantile Exchange, Chicago Board Options Exchange, and the Chicago Stock Exchange are all part of the city’s thriving financial sector.
AT&T, Walgreens, Abbott Labs, the CTA, Walmart, and Allstate Insurance are among the city’s largest employers.
Food processing, manufacturing, publishing, insurance, and tourism are among the industries that have thrived in the city.
It should come as no surprise that tourism accounts for a sizable portion of the Paris economy.
After all, Paris is one of the world’s most popular tourist destinations; it’s the city of love and art.
It is, however, a city steeped in industry. Once a top contender in manufacturing, manufacturing revenue now accounts for only about 10% of the economy.
It has been quickly supplanted by information technology and financial services.
18. Los Angeles
Los Angeles makes significant efforts to promote economic growth.
However, Los Angeles makes good use of job training programs as well as development projects.
The Private Industry Council promotes the local economy by offering job training programs. L.A. is also buzzing with development projects, such as the renovation of Mann’s Chinese Theater and infrastructure projects.
Entertainment, international trade, gaming, tourism, fashion, and other industries are critical to L.A.’s economic success.
Shenzhen city took sixth place on this list, with 59 billionaires. Last year, Shenzen lost nine billionaires.
The total net worth of the city is now $286.6 billion. Shenzhen, also known as “China’s Silicon Valley,” is home to many self-made billionaires.
Dallas is home to a variety of industries, and it is these industries that drive the Dallas metropolitan area’s economic growth.
Indeed, such diversity benefits during times of economic hardship, such as the recent downturn caused by the pandemic.
These industries include manufacturing, energy, information tech, finances, telecommunications, education, and telecommunications.
According to data, more people are becoming wealthy in today’s globalized economy than ever before. However, many countries have advanced significantly and the richest city in the world is dynamic.
There is a slight shift in the trend for developed countries, with ultra-high net worth individuals moving to smaller cities in search of a lifestyle change and proximity to nature.