- Expert shares list of the 10 places occupied by billionaires.
- New York tops the list, with Hong Kong and Beijing close behind.
- Expert says these cities are hotspots for networking.
Billionaires, otherwise known as members of the Three Comma Club, can more or less decide to live wherever they like. Some even choose to buy an island for themselves, to get away from it all! However, most opt to live and work in some of the world’s major cosmopolitan areas. So where are they?
Julian Goldie, a leading business consultant and educator, gives us a rundown of billionaires’ top ten favourite cities, how much they are collectively worth, and why they choose to live where they live.
According to Goldie, these cities are spread across the whole globe, and are as diverse as they come.
“But they do all have one thing in common, and that is that they are all hotspots for networking. There is no doubt that successful founders of businesses would do well by making any one of these ten cities their home.”
1. New York City
It’s probably no great surprise that the city with the most billionaires in residence, by a large margin, is New York – The City that Never Sleeps. Aside from its wealth of restaurants, clubs, bars, high-ticket shopping stores, hotels, and other luxury amenities, New York is the USA’s centre for financial services.
The city is home to Wall Street, as well as the headquarters of some of America’s largest banks. With the most expensive apartment ever sold in New York going for $250 million, it’s easy to see how this city is a place where billionaires can splash their cash!
The city, with a population of 8.47 million, is home to 101 billionaires whose combined net worth totals $616.8 billion.
2. Hong Kong
Asia’s World City is the Far East’s centre for finance and insurance services, as well as playing host to some of the largest global import and export businesses.
With a population of 7.41 million, the city boasts 70 billionaires with Combined Net Worth: $286.8 billion.
Julian comments, “Not many people know that Hong Kong began life as a fishing village. It represents to all of Asia just how much can be achieved, no matter where you begin.”
3. Beijing
With a population of Population 21.54 million, it is one of the world’s oldest cities, the capital of China has a wide portfolio of industries, including tourism, electronics, chemicals, textiles, and automobile firms.
Beijing is home to 68 billionaires with Combined Net Worth of $247.2 billion
Although the number of billionaires living there is getting smaller (Beijing used to be #1 on this list) it still represents a significant proportion of the world’s richest people.
4. Shanghai
Another Chinese entry on this list, Shanghai is actually China’s most important manufacturing base and is the country’s hub for industry and commerce. It produces a wide range of materials and goods, including chemicals, metals, fertilisers, ships, and consumer goods, as well as a large number of petroleum products.
Its cultural heritage and amazing nightlife also cannot be overlooked; Shanghai really is the city that has everything.
City’s Population: 26.32 million
Number of Billionaires: 65
Combined Net Worth: $181.9 billion
5. London
For this list, we are counting the billionaires who live all across London. Although it can get confusing, London is the capital city of the UK but is also home to a smaller area called the City of London, a separate entity that is also known as the Square Mile.
The City of London is predominantly a financial centre and is the largest financial exporter in the world, as well as the home of both the Bank of England and Lloyds of London – the world’s leading insurance market. This wealth of financial expertise makes the city a huge draw for billionaires, along with all its cultural highlights.
City’s Population: 8.98 million
Number of Billionaires: 63
Combined Net Worth: $294.9 billion
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More Places Occupied by Billionaires
6. Moscow
Moscow is the capital city of the Russian Federation, the largest city in Europe, and the second largest on this list in terms of combined net worth. Moscow billionaires, despite years of economic sanctions, are still doing very well for themselves. Last year saw their combined net worth increase by around 42 percent on the year before.
Moscow is the main commercial and financial centre of Russia, but the surrounding area is also a huge industrial base, including oil refining and mechanical engineering centres, as well as food and energy production among many others.
City’s Population: 13.01 million
Number of Billionaires: 61
Combined Net Worth: $307.1 billion
7. Mumbai
Mumbai is the financial capital of India but is also host to a healthy and diverse range of other industries. Aside from a wide manufacturing portfolio, it also has a thriving film production industry.
Julian adds, “Mumbai is commonly known as the ‘City of Dreams’, as in the minds of many of India’s population, it represents a place of opportunities and aspirations.”
City’s Population: 21.67 million
Number of Billionaires: 56
Combined Net Worth: $276.4 billion
8. Shenzhen
China’s answer to Silicon Valley is the country’s third entry on this list. Shenzhen is a global centre of technology and research, has a thriving economic industry, and is a popular tourist destination. On top of all that, it is also the world’s fourth busiest container port.
City’s Population: 12.59 million
Number of Billionaires: 54
Combined Net Worth: $246 billion
Read also: Urbanisation in Africa: Building Inclusive and Sustainable Cities
9. Singapore
Singapore is a major financial hub in the Asia Pacific region, so it’s no surprise that it has climbed the ranks into this top ten list in recent years.
Although its major income generation comes from manufacturing, the contribution that its financial services make to the economy is growing steadily. Singapore’s main industries include electronics, precision engineering, and biomedical sciences.
City’s Population: 5.45 million
Number of Billionaires: 46
Combined Net Worth: $133.3 billion
10. Delhi
The country’s second entry in the listing, Delhi is India’s capital city and northern India’s largest commercial centre. It has a large representation in banking, insurance, and other financial services, but is also home to agricultural firms, construction, real estate, and IT. It is also hugely popular as a tourism centre.
City’s Population: 33.80 million
Number of Billionaires: 37
Combined Net Worth: $116.4 billion.
