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Billionaires are increasingly becoming concentrated in a cluster of cities, according to Wealth-X's annual Billionaire Census.
2020-07-02
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.
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.
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.
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.
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.
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.
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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