A record number of billionaires, totaling 2,781 individuals, are spread across the globe this year. Despite their wide distribution, a significant portion chooses to reside in just ten elite cities in six different countries. New York City continues to dominate the list, with an estimated 110 billionaires calling it home. The combined net worth of these billionaires amounts to a staggering $694 billion, with prominent individuals such as media magnate Michael Bloomberg and real estate tycoon Julia Koch among the city’s wealthiest residents.
Following closely behind New York, Hong Kong and Moscow tie for second place, each with 74 billionaires residing in these cities. Moscow, in particular, experienced a notable increase in billionaire residents, climbing from the sixth spot to tie for second place. Meanwhile, Mumbai also saw a significant rise in billionaire residents, moving up to the fourth spot on the list after adding 13 new billionaires.
On the other hand, Shenzhen, a former top 10 city for billionaires, lost its spot due to a decrease in the number of billionaire residents. Beijing and Shanghai, two other popular billionaire cities in China, also experienced a decline in rankings this year. However, cities like San Francisco and Los Angeles saw an increase in billionaires, partly due to the inclusion of surrounding areas in the count.
Among the top 10 cities with the most billionaires, New York City remains at the forefront with 110 billionaires, followed by Moscow and Hong Kong tying for second place with 74 billionaires each. Mumbai, Beijing, London, Shanghai, Los Angeles, Singapore, and San Francisco round out the rest of the list. These cities are home to some of the wealthiest individuals in the world, with notable residents such as tech investor Dustin Moskovitz, Facebook co-founder Eduardo Saverin, and business magnate Mukesh Ambani.
Despite economic challenges and geopolitical events affecting some of these cities, the billionaire population continues to grow in these elite locations. The concentration of wealth in these cities illustrates the influence and prominence of the ultra-wealthy individuals who choose to call them home. As the billionaire population continues to rise globally, these cities remain key hubs for the world’s richest individuals, highlighting the ongoing disparities in wealth distribution around the world.
