Richest Cities In The World: The Top 10 Cities With The Most Billionaires

New York has been the most popular city for billionaires for five years in a row. Photographer: Craig Warga/Bloomberg People with ten-digit fortunes can live pretty much anywhere they want. As it turns out, many like the same spots. Of the 2,153 members of the 2019 Forbes World’s Billionaires List , 551 live in just 10 of the world’s 1,860 cities . Billionaires living in this relative handful of locations possess a collective $2.3 trillion of wealth, exceeding the GDP of all but seven nations on earth. New York City again tops the list with 84 billionaires, whose combined net worth of $469.7 billion is greater than the GDP of Austria. The biggest city in the U.S. and home of the world’s two biggest stock exchanges, New York has housed the most billionaires for five years running. The streak started in 2015 when it beat out Moscow, which has ranked as No. 3 since 2016. The Russian capital had 85 billionaires in 2014, 14 more than today. China has the most cities in the top 10, with 145 of the nation’s billionaires living in just three places: No. 4 Beijing, No. 6 Shanghai and No. 8 Shenzhen. While all three Chinese cities have fewer billionaires than last year, they still account for 45% of the country’s list members. That percentage may stand to grow even larger as China sprints toward further urbanization; the nation’s city-dwelling population has increased from 48% to 59% since 2009, per Chinese census data . The same 10 sites were also the most popular on last year’s World’s Billionaires list , albeit with slightly shuffled rankings. San Francisco saw the biggest year-over-year jump, moving up from No. 10 to No. 7 and adding eight billionaires, including Coinbase cofounder Brian Armstrong and Levi Strauss heiress Mimi Haas . Mumbai is the biggest loser, dropping from No. 7 to No. 10 with a net loss of eight billionaires. Nine fell off the list, including pharma bigwigs Samprada Singh and Basudeo Singh of Alkem Laboratories, whose stock price fell some 20%. Only one new billionaire emerged in India’s most populous city: paint company heir Mahendra Choksi . Here are 10 cities with the most billionaires from No. 10 to No. 1: 10. Mumbai, 37 billionaires (-8 since 2018) Total net worth: $184.4 billion Richest resident: Oil and gas heir Mukesh Ambani , $50 billion Mumbai is home to what is likely the most expensive residence on earth: Ambani’s $1 billion 27-story palace . It was also the site of one of the biggest, costliest weddings ever, again courtesy of Ambani. He hosted the week-long blockbuster celebration for his daughter Isha and the son of fellow billionaire Ajay Piramal in December 2018. 9. Seoul, 38 billionaires (-3) Total net worth: $99.9 billion All but one of South Korea’s billionaires reside in its biggest city, and all are South Korean citizens. Seoul’s richest people control the nation’s biggest businesses, including global powerhouses Samsung and Hyundai . South Korea is also […]