From Singapore To New York City, more than 26% of the worlds 2,095 billionaires live in just 10 cities on three continents. Not surprisingly, China is home to three of these cities, including Hong Kong (SAR). GM was the best-performing automobile company in the 20th century but has still maintained a top position among the wealthiest car manufacturers. This may not be surprising, considering the U.S. is the world's largest wealth marketit holds over 29% of the world's wealth. Both these cities had high inflation and a strong currency. The city-state of Singapore is the wealthiest country in Asia, with a per-capita GDP of . Greater Mumbai still is the most populated city in its 440 sq. Another industry that rains gobs of revenue on the City of London is the tourism industry with over 20 million visitors per year. Beijing also has the dubious distinction of being the knock-off capital of the world. As of March 2023, MacKenzie Scott's net worth is estimated to be $33.3billion. Cities become expensive due to a variety of factors such as high demand for housing, a concentration of high-paying businesses and industries, and a high standard of living. 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. 5. Although she spends most of her time writing, she also enjoys spending time with her husband and four children, watching films, cooking, dining out, reading, motorsports, gaming, and walking along the beach next to her house with her dog. Compared to many other states, Kentucky has low, Read More The 20 Safest Places to Live in KentuckyContinue, The price of land jumped dramatically from 2020 to the present. As a SEZ, businesses in the area receive special treatment in the form of tax benefits, which helps increase the GDP bottom line immensely. Toronto is the second largest financial center in North America, Like New York City, Torontos financial hub is populated by diverse industries. Beyonc, Jay Z and Taylor Swift are just a few of the celebrities who own property in Tribeca. Hong Kong remains No. 2 on the list, but the city recorded a net loss of eight billionaire residents. 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. The decade-long conflict in Syria weakened the Syrian pound, led to a spiraling inflation and fuel shortages, and further collapsed its economy. the country's economy as a whole is one of the fastest growing in the world. New York. China retains its title as the country with the most cities in the top 10, with Shenzhen moving up one spot to No. We added hundreds of new lists - see our top 101 city lists. However, today it has moved on to other, more profitable economic interests such as finances, high tech and insurance, to name a few. 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. $520.1. Photo: @Kim Kardashian West. Kolkata is the financial, commercial and industrial hub of the North East region. These industries include manufacturing, energy, information tech, finances, telecommunications, education, and telecommunications. statistic alerts) please log in with your personal account. In the list of Forbes' Philippines' 50 Richest 2020, the Sy siblings remain at the number one spot of Philippines' Rich List for this year with a net worth of $13.9 Billion despite losing $3.3 Billion due to the pandemic. + - Leaflet | Tiles OpenMapTiles | Data OpenStreetMap contributors Income distibution for all U.S. cities - Mappe, Popolazione, Statistiche Demografiche dell'ISTAT", "Total Real Gross Domestic Product for Wichita, KS (MSA)", "Population estimates by selected Non-ABS Structures, 2010-2020", "China: Gungdng (Prefectures, Cities, Districts and Counties) - Population Statistics, Charts and Map", https://en.wikipedia.org/w/index.php?title=List_of_cities_by_GDP&oldid=1142520927, This page was last edited on 2 March 2023, at 21:41. The four cities that made the top 50 in 2019 but did not make . 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. There are many benefits to living in an iconic city like New York or Singapore, but the amenities and exclusivity can come at a high cost. Of the top 50, the city with the biggest jump in the rankings was Austin, Texas, which moved up 18 spots from 2017 to claim No. Additionally, approximately 18% of Japan's universities are found in Tokyo. In fact, such diversity plays well in times of economic hardship, which includes the recent downturn caused by the pandemic. Apart from the cost of a home, examining how, Read More What is the Cost of Living in New Hampshire?Continue, Mexicos proximity to the US makes it a hugely popular option for American expats and retirees. Liz loves the process of researching information, learning new things, and putting into words what others who share her interests might like to read. Five are new billionaires from the finance industry, including private equity wizards, . 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. Kolkata is the third richest city in South Asia after Mumbai and Delhi. Manila: $790 million. Number of individuals with a net worth of $5 million or more: 49,005 Percentage of global population: 1.7% Paris is the capital and most populous city of France, with an estimated population of 2,150,271 residents as of 2020, in an area of 105 square kilometers (41 square miles). However, its also a city steeped in industry. The Southeast Asian city-state gained nine new billionaires since 2019, while the South Korean capital recorded a net loss of ten members of the three-comma-club. Dubai ranks at #6 on the PlanetWare guide, ahead of Singapore, Rome, Istanbul, and Tokyo. 6 and No. Though residents are keen on investing in the real estate market, younger generations are finding it difficult to afford a home in Seoul due to the rising cost of real estate property and rising economic insecurity. Tokyo's wealth is also tied to the Tokyo Stock Exchange (TYO), regarded as one of the largest stock exchanges in the world. India is the world's second-most populous country, with several large cities and densely inhabited areas. American retail corporation Walmart has been the world's largest company by revenue since 2014. Alongside its growing wealth, San Francisco is also one of the fastest growing cities in the country. Let me take you through the updated list of the World's richest cities as of 2022. The third-wealthiest country in Asia is Japan, with just over $5.3 trillion. Top 10 Poorest Countries In The World 1. Beijing, China: $591.374 Billion Beijing is the capital of China and has a population of over 20 million. The methodology of calculating GDP may differ between the studies and are widely based . Historically speaking, Osaka has always been thought of as a major economic center of Japan. The Big Apple has historically been a hub for trade and investment, due to a buzzing port and its very well connected location, with rivers and canal systems reaching out to the midwest. By 2025, the city's GDP would have [] Additionally, the world's major companies are headquartered in Seoul, which include Samsung, Hyundai, LG, and Kookmin Bank. Cities in the UAE became millionaire magnets, attracting over 4,000 millionaires in 2022. San Ramon ranks among the top ten safest cities in California. The billionaire's rank, nationality, and source of his or her wealth is listed. Penthouses in the 30 Park Place complex are currently listed for 10 times as much. The company currently focuses on its four core brands: Cadillac, Chevrolet, GMC and Buick. Before the Ukraine invasion, Moscow was the economic hub of Russia. 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. For instance, billionaires like Zhang Yiming, founder of TikTok, calls the capital city home (with a net worth of about $35.6 billion USD)! 3. Being one of Asia's most wealthy countries, South Korea is home to the capital Seoul, which witnessed an 11% increase in its millionaire population between 2019 and 2020, despite facing a global pandemic. How does a city become one of the wealthiest in the world? While such metrics are not all encompassing, these measurements of private wealth do help put the financial health and economic activity of some of the worlds wealthiest cities in perspective. 13. Top 10 Richest Asian Countries (2020 GDP, Int$ PPP - World Bank) China - $24.27 trillion; . Shanghai. 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. [3] List [ edit] Among the top 50 economies having the highest gdp per capita, Macao SAR . Founded in 1630, Boston is one of our countries oldest cities. The wealthy city-state has 31 billionaire residents, up from 22 last year, and replaces Seoul in the top 10. Meanwhile, Barcelona dropped to No. Other industries which thrive here are those in high-tech, scientific R&D, professional services such as legal, insurance, finance and public administration. The place is mostly known for its stunning Renaissance architecture and is . 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. Most such agglomerations are economically, socially and culturally dominated by one city at their centre. One of the largest cities in the world with the GDP of about 1,520 billion dollars, Tokyo is the wealthiest city in the world in terms of GDP ranking. 12. The city with one of the most expensive real estate markets worldwide, Hong Kong ranked fourth in this list, followed by Los Angeles, which moved up from its ninth rank in 2021. Among the top 50, Aruba will climb five spots. 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. 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. 1. 12. The collective net worth of the citys billionaires is $424 billion, down $45.7 billion from a year ago. Media mogul turned politician Michael Bloomberg, founder of Bloomberg, is the . 1. 1. The 373-page COA report covered all 81 provinces, 145 out of 146 cities, and 1,447 out of 1,488 municipalities that submitted their 2020 financial statements. Chart. London and the rest of the United Kingdom finally left the European Union on January 31st, 2020. The top ten richest cities in the world based on private wealth include: If youre looking, Read More The 20 Cheapest Places to Buy Land in the U.S. 2022Continue. Furthermore, Tokyo owns 10% and close to 16% of Japan's officespace and workers, respectively. Once considered a major shipping hub to the world, that distinction has been replaced by the service industries, such as financial services. In fact, Seoul is known as the most wired city in the world due to the high concentration of high-tech industries. Once a top contender in manufacturing, today manufacturing revenue covers only around 10 percent of the economy. New York, U.S . Here are the Top 10 Richest Places in America and how they split their Heroes Act bailout allocation: #1. It is the largest urban economy on the planet. Home to both invention and innovation, animes, mangas and of course, robots, Tokyo is known as the financial center of the world. In particular, the United States claims five of the cities in the top 10, including the very top spot with New York City. Travel + Leisure. Finally, London hosts some of the most prominent Fortune Global 500 companies such as Lloyds Banking Group, Prudential, J Sainsbury, BP, Tesco and Vodafone Group, among others. Everything from financial services, fashion, digital media, the food/beverage industry and tech found a home in Toronto. The richest cities in the world are determined by their gross domestic product, or GDP. The Football Lovers Menu News Premier League Manchester City Manchester United Liverpool Chelsea Arsenal Leicester City Tottenham Hotspur West Ham United Everton Transfers Top 10 Quizzes 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 various estimates, the Japanese capital is home to 13.1 to 13.7 million people. Please create an employee account to be able to mark statistics as favorites. Surprisingly, this is the Big Apples first time atop the ranking. But what are the fastest growing cities for the rich? Ranked: Americas Best Places to Work in 2023, Mapped: GDP Growth Forecasts by Country, in 2023, Charted: Teslas Unrivaled Profit Margins, Ranked: The Top Online Music Services in the U.S. by Monthly Users. Ahmedabad - Textile Hub Of India. Elon Musk Elon Musk is a South African-born Canadian-American businessman, investor & the richest person in the world. Home to thousands of millionaires, wealthy Parisian neighborhoods include the 7th Arrondissement, the Boulogne-Billancourt, Saint-Cloud, and Neuilly-sur-Seine. 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. The Southeast Asian city-state gained nine new billionaires since 2019, while the South Korean capital recorded a net loss of ten members of the three-comma-club. 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. Their net worth is based on the data from 2022 available on their respective Forbes profiles. The richest city in the world is Tokyo. 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). Beijing's richest billionaire is the founder of TikTok (among other things), Zhang Yiming with a net worth of $35.6 billion. The largest economy in states, New York Citys prosperity is rooted in Wall Street. London and Paris are the major and richest cities in Europe with a GDP of US$835 billion and US$822 billion respectively. Being a world-class city that attracts prominent figures in the tech industry, San Francisco is one of California's most popular (and richest) cities. 2. 3. Makati City: $4.48 billion. The top 10 riches cities in the world behind New York City were Tokyo, San Francisco Bay Area, London, Singapore, Los Angeles and Malibu, Chicago, Houston, Beijing, and Shanghai. The TYO encompasses over 3,700 listed companies and a market value estimated at JPY 600 trillion (or approximately $42 billion USD). Major metropolitan areas contributing at least 2.5% of world GDP. Los Angeles is not California's only wealthy city! The city of rich historical, cultural, political and social significance, New Delhi, ranks second on this list with a GDP of $293.6 billion. In some U.S. cities, however, more than half of all households earn $70,000-plus. Access to this and all other statistics on 80,000 topics from, Show sources information Hong Kong is once again the city with the second most billionaires in the world. Two of those in Beijing are new billionaires this year: of TAL Education Group, both of whom own companies that provide online education and after-school tutoring for students. Sy Siblings Still at Top. According to the Hurun Global Rich List 2022, the leading city with the most billionaires in 2022 was Beijing. Asia is the region with the second most millionaires with six cities in the mix. Kim Kardashian- $1 billion. Devoted to encouraging economic development, Chicagos Department of Planning and Development has a number of economic development initiatives. Our ranking shows the 50 wealthiest countries, measured by gross domestic product per capita and adjusted by the purchasing in the respective country. Show publisher information In terms of asset management, FinTech, and ESG investment, Tokyos continued growth as the worlds most foremost economies appears secured. He worked to revolutionize transportation on earth. Due to heavy investment into research and development, high-tech companies in Shenzen have consistent government support. San Francisco also has the highest median household income in the country. Regarded as China's financial hub, this bustling city is home to the Shanghai Stock Exchange, one of the largest stock exchanges in the world. 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.). In detail, 144 billionaires resided in the capital of China. Home to 12 Fortune 500 companies, the city of Philly is Pennsylvanias financial hub. The Top 5 Cities in Mexico. How many millionaires, centimillionaires, and billionaires live in the worlds wealthiest cities? Out of the 2,095 members of the 2020 Forbes Worlds Billionaires list, 552 live in just ten cities. 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. Indian richest cities 2021. 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. Monaco - 29.21% Millionaires. Other profitable sectors include information technology, medical technology, retail, financial and legal sectors. On a related note, there is a sizeable population of secondary homeowners in London. Fortune 500 companies located in the Rhine-Ruhr metropolitan area include: ThyssenKrupp AG, RWE AG, Bayer AG, Evonik Industries, among others. "The Sy siblings took the biggest hit in dollar terms but remain at No. 30 in the index, a. 1. Its wealthiest resident, , chairman and CEO of Internet media behemoth Tencent Holdings, is the, . 9 last year. The United Nations uses three definitions for what constitutes a city, as not all cities may be classified using the same criteria. Lower down the list So, which cities are lower ranked than in previous years? Today, Boston is a center of learning with many stellar educational institutions like MIT and Harvard, which contribute greatly to Bostons economy. Dallas plays host to a variety of industries, and its these industries which are responsible for the economic growth of the Dallas metropolitan area. When is it OK to Buy a House Site Unseen as an Investor? Industries critical for L.A.s economic success include entertainment, international trade, gaming, tourism, fashion and more. Newcomers to the billionaire ranks who live in San Francisco include private equity dealmaker. These four cities are home to 228 billionaires. All maps, graphics, flags, photos and original descriptions 2023 worldatlas.com, The World's Most Populated Capital Cities. Among the top 10 richest economies, Ireland has the fastest-growing economy with 13.04%. Its also host to the headquarters of around 75 percent of the worlds Fortune 500 companies. NYC has held the title of the wealthiest city in the world for many decades now, housing around 59 billionaires and a whopping 345,600 millionaires! Dublin is the wealthiest city, with a per capita income of $115,094. While Shenzhens export-led manufacturers have. Beijing is the capital of China and has a population of over 20 million. Newcomers from other sectors also joined the ranks, including AI pioneer, Hong Kong remains No. 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. 6 and No. To make the list, the EIU examines 400+ prices for over 200 products and services in 172 cities, surveying a variety of businesses to track price fluctuations over the last year. Hong Kong is once again the city with the second most billionaires in the world. Reportedly, Moscovites earn a higher salary compared to national average, with many much of their income tied to renting real estate property and entrepreneurial ventures. In the U.S., a few tax-friendly states like Texas and Florida became home to American companies moving their head offices there. 10. Foreign corporations such as IBM, Nestle, Hewlett-Packard and more flooded Beijing, causing a rapid economic expansion. Register in seconds and access exclusive features. What is the Cost of Living in New Hampshire? 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. It has more sunshine than Florida, Read More The 20 Safest Places to Live in ArizonaContinue, Generally speaking, when people set out to buy a property, they are recommended to check out the property in person before making the purchase. Use Ask Statista Research Service. Unlike so many other cities bending under the weight of a post-pandemic world, Houstons economy hs gotten stronger. About 300 cities have population over 1,00,000. Kicking off the list is the charming Italian city of Florence - which is kind of surprising. The county seat of Loudoun is in Leesburg, where most administration activities take place. 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. Then you can access your favorite statistics via the star in the header. In an attempt to rank the cities of the world according to wealth, we will use the Purchasing Power Parity (PPP) as a means of comparison. Known as a center of learning due to the many high caliber universities in the city such as Osaka and Kansai universities, Osaka attracts creative and innovative industries. In order to recoup losses, in June of 2022, the city of Shanghai released a post-lockdown business recovery plan. South Koreas Wall Street is the Korea Exchange in Yeoui Island. 7 and Shanghai and Beijing staying flat at No. In total, these 30 people control. At 35 years old, Mark Zuckerberg is the youngest richest person by more than a decade. The top 10 richest cities in the Philippines. Lets take a closer look at some of the top-ranking cities making the list. Gautam Shantilal Adani. China is crucial to the worlds supply chain, and Shenzhens container port is one of the largest. . Despite its picture of wealth, only a small percentage of Seoul's population claim to be wealthy. The Shenzhen Special Economic Zone or SEZ is an important business and financial services center in China. Florence, Italy - 2.59% Millionaires. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. The current state of the Moscow economy isnt as bright as it was earlier in the year due to sanctions. 29. from people staying indoors and spending more time online. 10. Basically, the metropolitan areas of Maastricht. Fortune Global 500 companies in Tokyo include: Honda Motors, Hitachi, Sony, Mitsubishi and more. Loudoun County. Get full access to all features within our Business Solutions. City employment is driven by AT & T, Walgreens, Abbott Labs, the CTA, Walmart and Allstate Insurance, among others. London is ranked second with $2.7 billion in private wealth. One dropoff is Rajan Raheja, a member of the citys Raheja real estate clan, who was worth an estimated $2.3 billion last year. And for the sixth year in a row, more billionaires call New York City home than any other city in the world. Additionally, the citys real estate market is known for being expensive, with sky-high property values and rents. ed from the effects of the trade war with the U.S., the citys billionaires added $29.7 billion to their collective net worth since 2019. The infographic above uses data from EIU to rank the world most and least expensive cities to live in. In pre-Covid times, Chicago clocked round 55 million tourists in 2017. Industries that have found success in the city include food processing, manufacturing, publishing, insurance and tourism. Statista. Accessed March 04, 2023. https://www.statista.com/statistics/299494/billionaires-top-cities/, Hurun Research Institute. Current Health Expenditure per Capita. New York City: 107 Billionaires. In addition, Singapores political stability, low crime rate, and high standard of living have also contributed to its appeal as a place to live and work. Like the other cities mentioned in our list of the richest cities of the world, the economy of Washington, D.C. is a diverse one.