Data suggest that numerous people are striking it richer in today’s globalized economy than ever. Many developing countries are turning their capital cities into futuristic metropolises. In contrast, there is a slight change in the trend for developed nations where ultra-high net worth individuals are moving to smaller cities seeking a lifestyle change and being close to nature.
But as the saying goes, ‘Habit is the sixth sense that dominates the other five,’ which seems true among rich people. According to the Forbes list of richest cities, it is evident that the most famous cities of the world have the richest individuals among their residents.
New York lost the top slot to Beijing in 2021; however, it has reclaimed the title of the world’s richest city, with 107 billionaires living in the city as of 2022.
10 Richest Cities In The World
According to research by Forbes magazine, out of a total of 2,668 billionaires worldwide, 23.61% of billionaires live in just ten cities. Also as per this report, New York City dominates the list with the world’s biggest concentration of ultra-high net worth individuals.
Let me take you through the updated list of the World’s richest cities as of 2022.
1. New York City: 107 Billionaires
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. Media mogul turned politician Michael Bloomberg, founder of Bloomberg, is the wealthiest individual in New York City, with a net worth of more than $82 billion.
New York’s cumulative net worth is $330 billion greater than Beijing’s.
NYC, which is nicknamed ‘The Big Apple,’ is home to 25,000 ultra-high net worth residents. Thrive Capital founder Josh Kushner is one of the eight newcomers this year.
2. Beijing: 83 Billionaires
Beijing, China’s capital city is home to 83 billionaires with a total net worth of $310 Billion. Beijing lost 33 billionaires compared to last year due to the Chinese Government’s scrutiny. Beijing has dropped one spot from No. 1 to No. 2 on the annual list of Forbes.
The richest resident of Beijing is Zhang Yiming, who is the founder of TikTok company which is a social media sensation. His net worth is $50 billion. Beijing billionaires lost $174.3 billion between them last year.
3. Hong Kong: 68 Billionaires
Hong Kong, which is one of the world’s most important financial centers and commercial ports ranks third in the list of the world’s richest cities. Despite losing 12 billionaires compared to 2021, Honk Kong stays in position #3.
Hong Kong’s billionaires lost $143.8 billion between them in 2021. The city now has a total net worth of $304.6 billion.
Hong Kong, a former British colony is now home to 68 Billionaires. The city’s wealthiest person is Lee Shau Kee; with 32.6 billion to his name, he started Henderson Land Development and cofounded property developer Sun Hung Kai.
4. London: 66 Billionaires
London city, the capital of England and the United Kingdom, is home to 66 billionaires whose cumulative net worth is $324.1 Billion. London added three new billionaires this year despite facing challenging economic conditions due to Brexit and the Covid-19 pandemic.
Len Blavatnik, a Ukrainian-born oil and media magnate, is the richest person in the city, with a net worth of $32.5 billion.
5. Shanghai: 61 Billionaires
Shanghai occupied the fifth position in the list as the city lost three new billionaires taking its total count to 61 billionaires. The total net worth of Shanghai’s wealthiest billionaires is $187 billion.
Liu Yongxing, the chairman of East Hope Group, is the wealthiest person in shanghai, with a net worth of 13.2 billion. Shanghai lost fewer billionaires than the rest of the cities in China.
6. Shenzhen: 59 Billionaires
Shenzhen city grabbed the sixth spot on this list and is home to 59 billionaires. Shenzen lost nine billionaires last year. The City’s cumulative net worth is now $286.6 Billion.
Shenzhen, which is popularly known as “China’s Silicon Valley,” has many self-made billionaires.
Ma Huateng, CEO of Tencent, which is a Chinese conglomerate tech company, has $37.2 billion to his fortune. Ma Huateng is now Shenzhen’s wealthiest resident.
7. Moscow: 53 Billionaires
Moscow, the capital of Russia, ranks seventh on the list of the world’s richest cities. Moscow lost 26 billionaires (the most) from last year, dropping to the #7 position. It is now home to 53 billionaires. Russian economy faced a serious slowdown due to the Coronavirus pandemic which caused its GDP to contract; while it was recovering, Vladimir Putin announced War on Ukraine. This has made many billionaires lose their comma figures.
Moscow’s 53 billionaires now hold a total of $214.9 billion between them. Vladimir Lisin is Moscow’s wealthiest person, with a net worth of $18.4 billion. He is the chairman of NLMK Group, a leading manufacturer of steel products.
8. Mumbai: 51 Billionaires
Mumbai, the Financial Hub of India, is at eighth position in the list of the world’s richest cities. The city added three new billionaires to its list and is now home to 51 billionaires. Mukesh Ambani, chairman and managing director of Reliance industries is a resident of Mumbai.
Mukesh Ambani, the richest person in Asia, has a net worth of 90.7 billion this year, thanks to record stock market gains despite the economic slowdown caused by the pandemic which led to GDP contraction. Mukesh Ambani is the world’s 10th richest person accounting for 30.13% of Mumbai billionaires’ total wealth which is $301.3 Billion. Reliance Industries raised record capital in the history of corporate India in 2021 by diluting its stake in its telecom arm, Reliance Jio to US companies like Google, Facebook, Microsoft, etc.
9. San Francisco: 44 Billionaires
San Francisco lost four billionaires taking its overall billionaires tally to 48. San Francisco has a total net worth of $160.8 Billion. Dustin Moskovitz and Brian Chesky are silicon valley’s wealthiest people, with a net worth of $11.5 billion.
San Francisco actually welcomed a few new ultra-rich people, such as Grammarly co-founder Max Lytvyn, Henrique Dubugras, and Pedro Franceschi, the 26 & 25 y/o (respectively) cofounders of fintech startup Brex.
But recently, few billionaires have shifted from San Francisco to different places like Miami and Austin, changing the home narrative to tech moguls.
10. Seoul: 38 Billionaires
Seoul has been missing from the top 10 richest cities list since 2019. But it is back and has added four new billionaires. The total net worth of the city is $108.3 billion, and it is home to 38 billionaires.
Kim Beom-soo, aka Brian Kim, the founder and chairman of Kakao, a South Korean internet company, and Jay Y. Lee, the vice-chairman of Samsung Electronics, are the richest residents of Seoul, having a net worth of $9.1 billion each.
Well, this is what we have in store for you about the top 10 richest cities in the world in 2022. Aisa is the continent with the richest cities in the top 10, accounting for six cities. Europe has two spots, with London and Moscow making it to the list. I hope you liked this article. Comment below your thoughts on the post. We would love to hear them.