In today’s globalized economy, data suggest that numerous people are striking it rich than ever before. Many developing countries are turning their capital cities into futuristic metropolises whereas there is a slight change in the trend for developed nations where ultra-high net worth individuals are moving to smaller cities seeking a change of lifestyle and be close to nature.
But as the saying goes, ‘Habit is the sixth sense that dominates the other five’ which seems to be 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 city however it is still the world’s richest city with a cumulative net worth of more than $560 billion which is home to 25,000 ultra-high net worth residents.
10 Richest Cities In The World
According to research done by Forbes magazine, out of a total of 2,095 billionaires across the world, more than 40% of billionaires live in just ten cities. Also as per this report, New York City still dominates the list with the world’s biggest concentration of ultra-high net worth individuals.
Off late Asian cities are featuring in this list as they have been the world’s economic engine. Four Chinese cities made their way into the list of the world’s top 10 richest cities.
Let us now get into the list of the top 10 richest cities in the world with the most billionaires.
1. Beijing: 100 Billionaires
Beijing, China’s capital city is home to 100 billionaires with a total net worth of $484.3 Billion. Beijing added 33 new billionaires compared to last year as the country has been recovering from a slowdown because of the coronavirus pandemic. Beijing has jumped three spots from No. 4 to No. 1 on the annual list of Forbes.
The richest resident of Beijing is Zhang Yiming, who is the founder of TikTok company which was a social media sensation that has increased his net worth by more than 100 percent to $35.6 billion. 34-Year-old Wang Ning, Founder of Pop Mart company which went public in Hong Kong in the month of December 2020 is the wealthiest newcomer this year.
2. New York City: 99 Billionaires
New York City (NYC) which lost the number one slot to Beijing this year has added 7 new billionaires with a total net worth of $560.5 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 $59 billion.
Even though NYC city is in second place this year it is still the world’s richest city with a cumulative net worth of more than $560 billion which is $80 billion greater than Beijing billionaires.
NYC which is nicknamed ‘The Big Apple’ is home to 25,000 ultra-high net worth residents. Boris Jordan, founder of Curaleaf company which is the distributor of cannabis is the newcomer this year along with 6 other billionaires.
3. Hong Kong: 80 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. Hong Kong added nine new billionaires this year.
In spite of a challenging year because of a slowdown in real estate and China’s interference in its local affairs which caused large-scale protests, Hong Kong managed to grow whose cumulative net worth is $448.4 Billion.
Hong Kong, a former British colony is now home to 80 Billionaires. The city’s wealthiest person is Li Ka-Shing, a retired investing legend whose net worth is $33.7 billion. Li Ka-Shing added $12 billion more to his fortune this year while media tycoon Jimmy Lai was arrested last year under the city’s controversial national security law.
4. Moscow- 79 Billionaires
Moscow, the capital of Russia ranks fourth in the list of the world’s richest city which added nine new billionaires making it home to 79 billionaires. Russian economy faced a serious slowdown due to the Coronavirus pandemic which caused its GDP to contract in 2020.
However, it was indeed a good year for Moscow city’s mega-billionaires due to the steep rise in commodities and crude oil whose cumulative net worth is now $420.6 billion which is $72 billion more compared to the previous year.
Alexey Mordashov, Chairman of Severstal, a Russian business conglomerate that has business interests in Metal and Mining is the richest resident of Moscow city with a net worth of $29.1 Billion.
5. Shenzhen: 68 Billionaires
Shenzhen city grabbed the fifth spot in this list which is home to 68 billionaires. Shenzen added 24 new billionaires this year whose cumulative net worth is now $415.3 Billion.
Shenzhen which is popularly known as “China’s Silicon Valley” has all self-made billionaires except one which is a testament to its name.
Ma Huateng, CEO of Tencent, which is a Chinese conglomerate tech company added a record $28 billion to his fortune which is now worth $65.8 Billion. Ma Huateng is now Shenzhen’s wealthiest resident.
6. Shanghai: 64 Billionaires
Shanghai occupied the sixth position in the list even though the city added 18 new billionaires taking its total count to 64 billionaires. The total net worth of Shanghai’s wealthiest billionaires is $259.6 billion.
Coli Huang, the founder of e-commerce giant Pinduoduo, is a self-made billionaire who has tripled his fortune to $55.3 billion due to a massive boom in the e-commerce sector.
7. London: 63 Billionaires
London city, the capital of England and the United Kingdom is home to 63 billionaires whose cumulative net worth is $316.1 Billion. London added seven new billionaires this year in spite of facing challenging economic conditions due to Brexit and the Covid-19 pandemic.
There was a rise of 37% in the net worth of London’s billionaire residents compared to last year. Leonard Blavatnik, Ukrainian-born oil and media magnate added $10 billion dollars to his net worth which is now $32 billion. José Neves, the founder of online luxury fashion retailer Farfetch, is a newcomer this year as Farfetch stock gained a whopping 500% in the past year.
8. Mumbai: 48 Billionaires
Mumbai, the Financial Hub of India, is at eighth position in the list of the world’s richest cities. The city added record 10 billionaires to its list which is now home to 48 billionaires. Mukesh Ambani, chairman and managing director of Reliance industries is a resident of Mumbai.
Mukesh Ambani, the richest person in Asia almost doubled his net worth to $84.5 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 nearly 33% of Mumbai billionaires’ total wealth which is $265 Billion. Reliance Industries raised record capital in the history of corporate India last year by diluting its stake in telecom arm, Reliance Jio to US companies like Google, Facebook, Microsoft, etc.
9. San Francisco: 48 Billionaires
San Francisco added 11 new billionaires to its ranks taking its overall billionaires count to 48 whose total net worth is $190 Billion. Dustin Moskovitz, Internet entrepreneur and co-founder of Facebook is silicon valley’s wealthiest person with a net worth of $17.8 Billion.
Recently few billionaires have shifted from San Francisco to different places like Miami and Austin thereby changing the narrative of home to tech moguls. New food delivery pioneer billionaires like Apoorva Mehta, founder of Instacart founder and Tony Xu, CEO of DoorDash made it to the list this year. Following the record success of Airbnb listing in December 2020, its three co-founders now rank among San Francisco’s top 5 wealthiest.
10. Hangzhou: 47 Billionaires
Hangzhou is the fourth Chinese city featuring in this list which toppled Singapore for the number 10 slot. Hangzhou is now home to 47 billionaires. Hangzhou added 21 billionaires since last year whose total net worth is $269.2 Billion.
Jack Ma, the co-founder of e-commerce giant Alibaba, saw his fortune rise by $9 billion to $48 billion this year even though he had trouble with China’s regulators. Zhong Shanshan, the 13th richest person in the world with a net worth of nearly $69 billion is Hangzhou’s wealthiest person. Zhong Shanshan is the founder and chairperson of bottled water company Nongfu Spring which went public last year to raise $1 billion.
Well, this is what we have in store for you about the top 10 richest cities in the world in 2021. Hope you liked the article.
So, do you belong to any of the above cities? If yes, head over to our comments section and do let us know if we can improvise the article in any way possible. Stay tuned for more interesting topics from us!