Statistics indicate that more people than ever are becoming wealthy in today’s worldwide economy. The capital cities of several emerging nations are being transformed into futuristic metropolises. Yet, there is a little shift in the trend for developing countries, where ultra-high-net-worth individuals are relocating to smaller cities in search of a change in lifestyle and a closer connection to the outdoors.
Nonetheless, it appears that among wealthy individuals, the adage “Habit is the sixth sense that dominates the other five” is accurate. The world’s most renowned cities are home to some of the wealthiest people, as seen by Forbes’ ranking of the richest cities.
With 107 billionaires residing in the city as of 2022, New York has recaptured the title of the richest city in the world after losing the top spot to Beijing in 2021.
10 Richest Cities In The World
23.61% of the 2,668 billionaires globally, according to research by Forbes magazine, reside in just 10 locales. New York City tops the list with the highest concentration of ultra-high-net-worth individuals worldwide, according to this survey as well.
Let me walk you through the most recent list of the richest cities in the world as of 2022.
1. New York City: 107 Billionaires
Eight new billionaires have contributed to New York City’s (NYC) total of 640.4 billionaires after it lost the top spot to Beijing in 2021. With a net worth of more than $82 billion, Bloomberg founder and media tycoon Michael Bloomberg is the richest person in New York City.
Beijing’s total net worth is $330 billion less than New York’s.
NYC, which is called ‘The Big Apple,’ is home to 25,000 ultra-high net worth residents. Josh Kushner, the founder of Thrive Capital, is one of the eight newcomers this year.
2. Beijing: 83 Billionaires
With a combined net worth of $310 billion, 83 billionaires reside in Beijing, the capital of China. In comparison to the previous year, Beijing lost 33 billionaires as a result of Chinese government monitoring. On Forbes’ annual list, Beijing has moved from first to second place, a reduction of one position.
Zhang Yiming, the originator of the social media phenomenon TikTok, is the richest inhabitant of Beijing. He has a $50 billion net worth. Beijing’s wealthiest together lost $174.3 billion last year.
3. Mumbai, 37 billionaires (-8 since 2018)
Ambani’s $1 billion, the 27-story estate is located in Mumbai and is possibly the most expensive residence on the planet. Another Ambani-sponsored event that took place there was one of the largest and most expensive weddings ever. In December 2018, he organized a week-long extravagant party for his daughter Isha and the son of another billionaire, Ajay Primal.
4. Seoul, 38 billionaires (-3)
The majority of South Korea’s billionaires, all South Korean residents, live in the nation’s largest metropolis. The nation’s largest companies, including global giants Samsung and Hyundai, are under the control of Seoul’s wealthiest individuals. With over $5.7 billion in annual sales, South Korea is the fourth-largest online gaming market in the world, and the industry has given rise to five billionaires in Seoul, including Kim Jung-ju, the creator of Maple Story.
5. Hong Kong: 68 Billionaires
In the list of the richest cities in the world, Hong Kong, one of the biggest financial hubs and commercial ports, is ranked third. Hong Kong remains in third place despite losing 12 billionaires from 2021 to now.
The wealthiest of Hong Kong together lost $143.8 billion in 2021. The city now has a $304.6 billion net value.
68 billionaires presently reside in the former British territory of Hong Kong. With 32.6 billion in his bank account, Lee Shau Kea is the richest individual in the city. He formed Henderson Land Development and cofounded the real estate investment company Sun Hung Kai.
6. London: 66 Billionaires
There are 66 billionaires in London, the capital of England and the United Kingdom, with a combined net worth of $324.1 billion. London saw the addition of three new billionaires this year despite difficult economic circumstances brought on by Brexit and the COVID-19 epidemic.
With a net worth of $32.5 billion, oil and media tycoon Len Blavatnik, a native of Ukraine, is the wealthiest person in the city.
7. San Francisco, 42 billionaires (+8)
Uber, Airbnb, and Pinterest were all founded in San Francisco, the epicenter of the American technological revolution. The area has become the most expensive city in the US as a result of the entry of digital-age businesses (The entire Bay Area, including San Francisco and nearby cities, has 82 billionaires, still fewer than New York). One escapee is PayPal co-founder and Trump supporter Peter Thiel, who relocated to Los Angeles in 2018 allegedly in search of a city with a more diverse political population.
8. Shanghai, 45 billionaires (-5)
E-commerce is expanding around the globe, and with its fortunes like Huang’s, which is connected to the online store Pinduoduo. The market for package delivery has grown significantly as a result of all those internet purchases. Four significant package delivery firms with a combined two billionaires each are based in Shanghai, which is also the largest port in the world. The co-founders of Yunda Express, Nie Tengyun, and Chen Liying, are the richest logistics couple in the city; their combined net worth is $5.1 billion.
9. Moscow: 53 Billionaires
In a list of the richest cities in the world, Moscow, the capital of Russia, comes in at number seven. Moscow dropped to position #7 after losing the most billionaires from the previous year—26. 53 billionaires presently live there. The Coronavirus epidemic created a significant slowdown in the Russian economy, which resulted in a decline in GDP. While the economy was recovering, Vladimir Putin declared war on Ukraine. Several billionaires have lost their comma figures as a result of this.
53 billionaires from Moscow currently own a combined $214.9 billion. Vladimir Lis, who has a net worth of $18.4 billion, is the richest person in Moscow. He is the head of the NLMK Group, one of the top producers of steel goods.
10. Shenzhen, 39 billionaires
The city that borders Hong Kong was designated as a “special economic zone” during China’s 1980s economic reforms, and it has since developed into a major commercial and tourism destination. The second-richest inhabitant of Shenzhen, Hui Ki Yan, spent ten years working as a manufacturing technician before becoming one of China’s top real estate developers. Everyone on the list is a self-made billionaire from Shenzhen. Frank Wang, the creator of the dorm room industry, along with an early investor and his chief marketing officer, both Shenzhen locals, became the first drone billionaire in the world in 2016.