It takes decades of consistency for these factors turn a place around in terms of success and richness; a city can not accumulate wealth overnight, and if it does, this wealth will most likely not stick around for long. Surat - City Of Sun. More than 80% of Russias billionaires call its capital home, including mining mogul Vladimir Potanin, who is also the richest person in the nation. London and the rest of the United Kingdom finally left the European Union on January 31st, 2020. Not surprisingly, China is home to three of these cities, including Hong Kong (SAR). Its wealthiest resident, , chairman and CEO of Internet media behemoth Tencent Holdings, is the, . According to the United Nations' latest report on populations in cities, by 2030, "urban areas are projected to house 60 percent of people globally and one in every three people will live in . The richest country in the world is Luxembourg. The metropolitan area of Rhine-Ruhr is divided into 3 regions, and each region contributes to the GDP of the entire Rhine-Ruhr metropolitan area. According to Jennifer Reynolds, Pre4sident and CEO of Toronto Finance International, Torontos success is due in large part to the strength and significant growth of its financial industry. The city contributes about 30% of goods sold in Russia. This international city is also attractive to domestic and foreign investors alike. In 2020, New York had the largest number of ultra wealthy individuals (UHNW), reaching 11,475 people. Since 1949, Beijing was considered one of China's most industrial cities. 2. For instance, the city of New York is a metropolitan area made up of 5 boroughs with each borough contributing to the cities overall GDP. This may not be surprising, considering the U.S. is the world's largest wealth marketit holds over 29% of the world's wealth. In fact, Seoul is known as the most wired city in the world due to the high concentration of high-tech industries. Most of the cities in our list have a similar history in terms of long-standing economical power (Tokyo, Paris, London), while others seem to have gained most of their wealth in the past 2 to 3 decades (San Francisco.). Before the Ukraine invasion, Moscow was the economic hub of Russia. But if this inflation is compounded with a strong national currency, you may live in one of the worlds most expensive cities. Dubai ranks at #6 on the PlanetWare guide, ahead of Singapore, Rome, Istanbul, and Tokyo. In the latest edition of the ranking, North America has a strong showing with seven of the wealthiest cities, by number of millionaires. With an estimated GDP of $310 billion, Mumbai ranks number one in the list of the richest cities in India. New York is the wealthiest city in the worldhome to 345,600 millionaires with a total private wealth that exceeds $3 trillion. The LSE is one of the largest stock exchanges in Europe, encompassing assets from over 2,400 companies, with many of these companies using London as their central headquarters. Though affordability sounds good at face value, sitting at the bottom of the ranking isnt necessarily a coveted position. Let's consider New York City. Foreign corporations such as IBM, Nestle, Hewlett-Packard and more flooded Beijing, causing a rapid economic expansion. Other notable NYC billionaire residents include hip-hop superstar, , the widow of former Koch Industries magnate. New York City (NYC), which lost the number one slot to Beijing in 2021, has added eight new billionaires with a total net worth of $640.4 Billion. However, its also a city steeped in industry. Founded in 1630, Boston is one of our countries oldest cities. Currently, 43 Fortune 500 companies that call New York City home include: Verizon, JP Morgan, Pfizer, Citigroup, MetLife, Goldman Sachs, Morgan Stanley, and more. London and the rest of the United Kingdom finally left the European Union on January 31st, 2020. When Covid struck, global traveling came to a halt, and for a while Macao even slipped out of the 10 richest nations ranking. Zurich, Switzerland - 27.34% Millionaires. Top 100 City Lists Top 100 cities with highest median household income Top 100 cities with highest median household income Previous toplist Next toplist New! Currently, you are using a shared account. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. to incorporate the statistic into your presentation at any time. Tokyo may not be as wealthy as New York, but this megacity remains one of the richest cities in Asia. Many cities in India are densely inhabited, trade between them has improved, and transportation systems have been modernized. A massive powerhouse in Seoul is Samsung. On this list, New York City was ranked as the richest city with a total of $3 trillion in private wealth. 2. London: 63 Billionaires Since Last Year: +7 Total Net Worth: $316.1 Billion Richest Resident: Len Blavatnik, $32 Billion Accessed March 04, 2023. https://www.statista.com/statistics/299494/billionaires-top-cities/, Hurun Research Institute. In terms of asset management, FinTech, and ESG investment, Tokyos continued growth as the worlds most foremost economies appears secured. Home to 12 Fortune 500 companies, the city of Philly is Pennsylvanias financial hub. Image Source. You need at least a Starter Account to use this feature. Makati City: $4.48 billion. The city by the bay has five fewer billionaires than a year ago in part because fortunes fell below $1 billion for former Uber CEO Ryan Graves and Pinterest cofounder Ben Silbermann. Being China's largest city, Shanghai also houses on of the world's largest ports, due to its proximity to the Yangtze River Delta. Kim Kardashian- $1 billion. These are the 10 wealthiest cities in the world - and the number of wealthy individuals who live in each of them - according to Henley & Partners' report. Here are the 10 cities in the world with the most billionaires: New York City notched the top spot for the sixth year running, growing its count of billionaire city dwellers by eight compared to 2019. In fact, such diversity plays well in times of economic hardship, which includes the recent downturn caused by the pandemic. She finds almost all topics she writes about interesting, but her favorite subjects are travel and food. GM was the best-performing automobile company in the 20th century but has still maintained a top position among the wealthiest car manufacturers. The TYO encompasses over 3,700 listed companies and a market value estimated at JPY 600 trillion (or approximately $42 billion USD). If we're looking at cities in terms of total wealth, then the Big Apple leads the pack by a country mile. Otherwise, Los Angeles enjoys wealth from other industries related to biosciences, trade, information, transportation, and aerospace. . In particular, the United States claims five of the cities in the top 10, including the very top spot with New York City. For over 50 years, Tokyo has occupied the top spot, and shows no sign of slowing down. Property prices, across the board in Hong Kong in late 2019, damaging the real estate industry that is the source of wealth for many of the citys richest, including Hong Kongs sole, Moscow is the only other city among the top 10, besides Shenzhen, where every single billionaire is self-made (as opposed to inheriting a fortune); many have close ties to Russian President Vladimir Putin. Liz loves the process of researching information, learning new things, and putting into words what others who share her interests might like to read. However, Shanghai is one of Asia's most expensive cities to live in, due to its high cost of living, from real estate to daily transportation. Cities may be defined as the cities proper, the extent of their urban area, or their metropolitan regions. One dropoff is Rajan Raheja, a member of the citys Raheja real estate clan, who was worth an estimated $2.3 billion last year. $516.5. StartupTalky has compiled an exhaustive list of the top richest people in India for the year 2022. When determining the GDP, the UN classifies 3 methods to determine it: City proper, urban area and metropolitan regions.. Our numbers for the richest cities in the world are based on the metropolitan statistical region. In other words, the city produces poor copies of everything from designer fashions to scooters. Does your team make it in the top fifty richest soccer clubs in 2022? Being a prominent city in Asia, Shanghai is home to over 24 million people, there are about6,180 multi-millionaires and 42 billionaires living in Shanghai. The place is mostly known for its stunning Renaissance architecture and is . Most such agglomerations are economically, socially and culturally dominated by one city at their centre. Besides thriving on industries related to finance, tourism, and media, London's wealth is also linked to the London Stock Exchange (LSE). With about 2,320 multi-millionaires calling Paris home, the backbone of this European city relies on hospitality, commerce, transportation, and other services. San Francisco has a rich economic history,,one that includes the wealth generated by the California Gold Rush. In the past, manufacturing was seen as a booming sector in Shanghai, but lately its slowed and is being replaced by financial services, trade, information tech, real estate and commerce, among others. Shipping isnt the only industry which brings revenue into SEZ, its also the sizable industrial parks, high-tech industries and of course, trade. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). Their net worth is based on the data from 2022 available on their respective Forbes profiles. The PPP value of a city (or country) is commonly used by macroeconomic analysts and economists, as its a popular metric to determine a city's standard of living and economic prosperity. Kolkata is the financial, commercial and industrial hub of the North East region. Mumbai gained one billionaire resident since 2019, losing five billionaires but adding six newcomers. Standing as Russia's capital for centuries, the country's national wealth has been building in Moscow since the 1990s after the fall of the Soviet Union. The infographic above uses data from EIU to rank the world most and least expensive cities to live in. To use individual functions (e.g., mark statistics as favourites, set Newsletter. This is because they are supposed to get a better idea, Read More When is it OK to Buy a House Site Unseen as an Investor?Continue, You might be thinking of relocating to New Hampshire for work or other reasons. Business Solutions including all features. As a Premium user you get access to background information and details about the release of this statistic. As of March 2023, MacKenzie Scott's net worth is estimated to be $33.3billion. Rising development costs and foreign competition had already felled the fortunes of South Koreas pharmaceuticals sector, before coronavirus concerns hit the countrys economy in late February in total, thirteen Seoul-based billionaires dropped off the list. According to various estimates, the Japanese capital is home to 13.1 to 13.7 million people. Source: Forbes Music: Beethoven 5th Symphony Though famous for prominent technology companies and hundreds of start-ups across the Silicon Valley, San Francisco's wealth is tied to industries in manufacturing and tourism. In order to recoup losses, in June of 2022, the city of Shanghai released a post-lockdown business recovery plan. Fortune 500 companies include Discovery Communications, Fannie Mae, Walmart and CACI International among others. Furthermore, being a world-class city, Seoul's cost of living is high compared to other cities in Asia, especially in regards to its real estate prices. A big economic draw for San Francisco is its close proximity to Silicon Valley. Hong Kong is once again the city with the second most billionaires in the world. In Hong Kong, 9,530 ultra wealthy individuals resided, followed by Tokyo with 8,345 lived. For the fourth straight year, Atherton topped Bloomberg's Richest Places annual index. The United Nations uses three definitions for what constitutes a city, as not all cities may be classified using the same criteria. Once considered a major shipping hub to the world, that distinction has been replaced by the service industries, such as financial services. For example, Moscow's rich neighborhoods like Rublyovka contain private houses that can cost up to $60 to $80 million! A home stands in Atherton, California, U.S., on Tuesday, Feb. 18, 2020. For instance, Osaka is home to major electronics corporations like Sharp and Panasonic as well as pharmaceutical companies, food, retail and trading companies. Countries that want to attract wealthy individuals will have to apply tax-friendly policies along with other factors such as quality of life, safety, education, and access to amenities that ultra-wealthy residents value. Macao SAR will climb from 17th in 2020 to 9th in 2021. Geneva, Switzerland - 17.92% Millionaires. The manufacturing and export hub across from Hong Kong added five members to the three-comma-club in the last year, all of them self-made. According to Investopedia, Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a countrys borders in a specific time period. In this case, we are looking at the GDP of metropolitan statistical areas, and not countries. Tripoli and Tehran, the capitals of Libya and Iran, respectively, follow next on this list, reflecting their weakened economies. Adding to the diversity are biotech companies and information technologies. The Top 5 Cities in Mexico. Newcomers to the billionaire ranks who live in San Francisco include private equity dealmaker Orlando Bravo and cloud communications entrepreneur Vlad Shmunis. Let me take you through the updated list of the World's richest cities as of 2022. 4. 12. How does a city become one of the wealthiest in the world? Two of those in Beijing are new billionaires this year: Larry Xiangdong Chen of GSX Techedu and Liu Yachao of TAL Education Group, both of whom own companies that provide online education and after-school tutoring for students. From Singapore To New York City, more than 26% of the worlds 2,095 billionaires live in just 10 cities on three continents. Get full access to all features within our Business Solutions. The methodology of calculating GDP may differ between the studies and are widely based . It leverages a comprehensive data set that tracks the movements and spending habits of high-net-worth individuals in over 150 cities around the world. Los Angeles, USA The city of Los Angeles makes significant efforts to foster economic growth in the local community. New York is home to many Fortune 500 companies and is the financial heart of the United States, with the New York Stock Exchange and NASDAQ located in the Big Apple. Other profitable sectors include information technology, medical technology, retail, financial and legal sectors. Cairo Cairo Pyramids Hotel - Cairo, Egypt (photo: Marriott) ADVERTISEMENT Located along the Nile River, Cairo is one of the. This northern Chinese city is not only a hub for luxury brands, it headquarters China's largest companies, many of which are considered in the Fortune Global 500. Dublin is the wealthiest city, with a per capita income of $115,094. As such when it comes to the richest cities in the world, New York City comes in at number 2. You only have access to basic statistics. The 10 Best Places to Live in Mexico for Americans, The 20 Cheapest Places to Buy Land in the U.S. 2022, 20 Cities with The Worst Weather in Europe, How Zac Stacy Achieved a Net Worth of $6 Million. Barcelona, Spain Rome, Italy Madrid, Spain Singapore, Singapore Amsterdam, Netherlands Prague, Czech Los Angeles, USA Chicago, USA San Francisco, USA Berlin, Germany Hong Kong, China Washington, USA Beijing, China Dublin, Ireland Istanbul, Trkiye Las Vegas, USA Milan, Italy Budapest, Hungary Toronto, Canada Sydney, Australia Seoul, South Korea In some U.S. cities, however, more than half of all households earn $70,000-plus. Billionaire refers to U.S. dollar billionaire. Each of the columns in the table is sortable by pressing on the arrows at the head of the column: Cities (metropolitan areas) by percentage of national GDP. Four cities made the list for the first time: Blackhawk, California; New Albany, Ohio; Long Grove, Illinois; and Darnestown, Maryland. Liz Flynn has worked as a full-time writer since 2010 after leaving a career in education. This list is incomplete, as not all companies disclose their information to the general public. According to the Hurun Global Rich List 2022, the leading city with the most billionaires in 2022 was Beijing. If youre looking, Read More The 20 Cheapest Places to Buy Land in the U.S. 2022Continue. It is the largest urban economy on the planet. This site uses Akismet to reduce spam. Paris is also home to several Fortune Global 500 companies such as, BNP Paribas, Peugeot, CNP Assurances, SNCF, Vivendi and more. Asia continues to dominate the list of the worlds least expensive cities, followed by parts of North Africa and the Middle East. While Shenzhens export-led manufacturers have. Indian richest cities 2021. 1. Despite suffering a tough downturn due to the pandemic, Shanghai remains one of the worlds richest cities. 11. At 89 years old, Warren Buffett is the oldest richest person by 5 years. We added hundreds of new lists - see our top 101 city lists. The Private Industry Council works to promote the local economy via job training programs. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. In fact, Delhi's population can beat Tokyo by 2028. The richest person in New York City is Bloomberg LP founder and former Mayor Michael Bloomberg, who spent nearly $1 billion of his $48 billion fortune on a failed presidential campaign before dropping out in March to endorse Joe Biden. London and Paris are the major and richest cities in Europe with a GDP of US$835 billion and US$822 billion respectively. Europe comes in third with five cities, though only London makes into the top 10 portion of the ranking. If that is the case, knowing its cost of living is vital. Beijing's richest billionaire is the founder of TikTok (among other things), Zhang Yiming with a net worth of $35.6 billion.