Wealth

These Cities Have the Most Billionaires in the World

Only 15 cities account for over 30 percent of the world's billionaire population.
IMAGE UNSPLASH
Comments

Though it seems a rising number of high net worth individuals are migrating to Australia, new research reveals the world's billionaires haven't given up on major cities such as New York, Hong Kong, and San Francisco. In fact, it's quite the opposite, as these cities have been found to have the highest concentration of billionaires in the world.

The sixth edition of Wealth-X's Billionaire Census found the global billionaire population significantly declined in 2018. Due to a slowdown in global growth, trade tensions, and a slump in equity markets, billionaire wealth declined by seven percent and the population by 5.4 percent. One of its more interesting findings, however, is that billionaires are increasingly congregating in a cluster of cities.

Leading the findings is New York with more billionaires than almost every other city in the world. Still, while New York has the largest billionaire population at 105 individuals, San Francisco has more billionaires as a percentage of its population than all those cities on the list. Wealth-X found that there was one billionaire for approximately 11,600 residents in the California city. In this aspect, New York, Dubai, and Hong Kong follow with around one billionaire per 80,000-85,000 inhabitants.

ADVERTISEMENT - CONTINUE READING BELOW

Hong Kong, with a total of 87 billionaires, came in second after losing six individuals in 2018, while San Francisco and Moscow added one billionaire each. San Francisco's rise has been attributed to the wealth gains in the technology sectors. Moscow, on the other hand, benefitted from rising investments and higher oil prices.

ADVERTISEMENT - CONTINUE READING BELOW

The drop in billionaire population is of particular interest since it's only been the second time it's declined since the global recession of 2009. Several countries excluding the U.S., U.K., Russia, and France experienced a decline. The top Asia-Pacific countries, specifically, recorded falls in both their billionaire population and net worth. According to the research, the falls in China and Hong Kong were a result of the "U.S.-China trade war, softer Chinese demand, emerging-market volatility, and weakening global growth."

Comments
View More Articles About:
About The Author
Paolo Chua
Associate Style Editor
View Other Articles From Paolo
Comments
Latest Feed
 
Share
It's possible to listen to music underwater if you know the right earbuds to buy.
 
Share
It's hard to imagine a film scarier than Hereditary. But in his new film, director Ari Aster seems to have created something more horrifying.
 
Share
 
Share
Now home to photoshoots and stag do's, the Exclusion Zone is looking a lot less abandoned these days.
 
Share
 
Share
When you want to drink your dessert, mix yourself up a vodka, coffee liqueur, and Irish cream cocktail.
 
Share
Ava DuVernay's limited series about the Central Park Five has become one of the most important shows of the year.
 
Share
Habijan learns about what Pride truly means through her father, a devout Catholic.
 
Share
Square Enix finally assembled the Marvel superheroes for a video game. But at what cost?
Load More Articles
Connect With Us