New York has once again topped the charts as the city with the most “billionaires”. As per Forbes World’s Billionaires List, 101 billionaires call it home out of a staggering 2,640 listed globally. These are the cities with the most billionaires…
For seven consecutive years, the city held this prestigious position, only to briefly cede it to Beijing in 2021.
However, the Big Apple has not only reclaimed its throne in 2022 but has also maintained its esteemed No.1 rank this year. The ranking firmly establishes the city as the playground of choice for the world’s ultra-rich.
1. New York
New York still continues to be the billionaire’s capital despite losing six in the last year. As per Forbes, it also left Paris behind by being $208 billion richer.
A quarter of the city’s wealth is in the hands of two of its richest residents Michael Bloomberg, whose estimated net worth stands at an astounding $94.5 billion and second-richest, Julia Koch with an estimated wealth of $59 billion.
2. Hong Kong
The city grabbed the second spot after gaining two billionaires. Zhao Tongtong, the co-founder of the hotel chain operator H World Group, now holds a fortune of $1.3 billion, while Lawrence Ho, the mastermind behind Hong Kong-listed casino operator Melco Resorts, has seen his wealth increase to an impressive $1.2 billion.
The Chinese capital used to be home to most billionaires, but not anymore. After being at the top spot in 2021 to the third spot in 2023, Beijing is losing its billionaire residents at an insane speed.
Among those who no longer hold billion-dollar fortunes is Zhao Weiguo, a prominent Beijing resident. Zhao, the former chairman of the government-backed semiconductor conglomerate Tsinghua Unigroup.
Shanghai stands out as one of the selected Chinese cities to get an influx of newly minted billionaires this year. The notable additions this year include Tang Rui, founder of the autonomous driving startup ZongMu Technology, with a net worth of $1.5 billion, Chen Yin: the chair of Greenworks, a yard and DIY tools company, with a wealth of $1.3 billion; and Lyu Yixiong: CEO of Shanghai Chicmax Cosmetic, boasting a net worth of $1.1 billion.
The British capital fell from fourth to fifth spot in 2023 after two of its billionaires experienced a significant loss to their wealth. These include harles Dunstone, founder of telecommunications company Carphone Warehouse, and Denis Sverdlov, the Russian founder and CEO of electric vehicle startup Arrival.
Their wealth dropped by a whopping three-comma threshold. London’s new billionaire is Alexander Gerko a Russian Native who started the company XT Markets which specializes in algorithmic trading.
Despite the war in Ukraine and the Western sanctions, Moscow has shifted from 7 spot to spot 6. The city has the third richest citizens overall in terms of the total net worth.
Its 61 billionaires a worth $307 billion combined which is about $92 billion more than last year. In 2022, nearly two-thirds of Moscow’s citizens experienced an increase in their wealth.
With a net gain of five new members of the three-comma club, Mumbai has moved up one spot. Mukesh Ambani continues to be the richest resident with a net worth of $83.4 billion, accounting for 30% of the city’s total billionaire wealth. There have been two new additions including Atul Ruia ($1.2 billion) and Abhay Soi ($1.2 billion).
Shenzhen, which was ranked sixth last year, experienced a decline in its billionaire population, with a net loss of five billionaires. Among those who are no longer on the billionaire list are property tycoon Huang Shih Tsai, whose wealth stood at $840 million, and Ren Zhengfei, the leader of Huawei Technologies, with a fortune of $851 million.
Despite these changes, the city’s wealthiest resident remains Ma Huateng, the CEO of Tencent, a prominent internet company, with an impressive net worth of $35.3 billion.
Singapore has surged to the forefront of the billionaire ranks this year. Leading the pack is Goh Cheng Liang, the owner of the world’s fourth-largest paint manufacturing company, with an estimated net worth of $14.3 billion.
Min-Liang Tan- founder of the electronics company Razer made a comeback with a wealth of $1.1 billion.
There’s a tie for the tenth spot on the list of cities with the most billionaires, and Delhi and San Francisco each have 37 billionaires.
The Indian capital gained two new billionaires this year including Manohar Lal Agarwal, who runs a company called Haldiram Snacks ($ 1 billion), and Saroj Rani Gupta owner of APL Apollo tubes in 1986 ($1.2 billion). The richest person of Delhi is Shiv Nadar with a total net worth of $25.6 billion.
10. San Francisco
The tech world is facing some turbulence. As San Francisco is the heart of Silicon Valley and the home of many tech billionaires, it is feeling the impact. The city lost a total of seven billionaires. This includes Stanley Tang and Tony Xu, co-founders of Doordash, with fortunes of $843 million and $940 million, respectively.
The sole addition to San Francisco’s billionaire count is Sid Sijbrandij, the founder of GitLab, who joins the ranks with a fortune of $1.2 billion.