The world’s wealthiest individuals have a common preference when it comes to choosing where to call home. Despite some changes in the rankings, the most popular locations remain unchanged from last year. Here we’ll look at the top 10 cities with the most billionaires.
In 10th place, we have Seoul, South Korea’s capital, which is back on the list for the first time since 2019. Three of Seoul’s four billionaire newcomers are self-made entrepreneurs.
San Francisco, on the other hand, has dropped from the 8th place. The city has lost four billionaires compared to last year and although it welcomed some new ultra-rich entrepreneurs, the declining fortunes of others resulted in a net loss.
Mumbai, India’s bustling metropolis, has held on to the 8th place with a net gain of three billionaires compared to last year. Faguni Nayar, the founder of beauty and fashion retailer Nika, became India’s richest self-made woman with an estimated net worth of 4.5 billion dollars after taking her company public. Mukesh Ambani, the chairman of Reliance Industries and Mumbai’s richest resident, accounts for more than half of the city’s billionaires.
Moscow, on the other hand, lost more billionaires than any other city on the list due to the fallout from Russia’s invasion of Ukraine. Only two of the city’s billionaires came away better off than they were a year prior. Vladimir Leezen, the chairman of NLMK Group and Moscow’s richest person, lost about 8 billion dollars of his personal wealth.
In 2021, the world witnessed the rise and fall of billionaire cities. China’s silicon valley, Shenzhen, saw a decline in its billionaire population, falling from number 5 to number 6. The city lost nine billionaire residents over the past year, three of which were investors in the vaping company S’more International. This decline was due to the Chinese government’s threat to crack down on electronic cigarettes, causing the company’s shares to plummet by 64%.
Shanghai also saw a decline in its billionaire population but to a lesser extent than other Chinese cities. The city’s richest person, Liu Yangjing, doubled his fortune to an estimated 13.2 billion dollars despite the decline.
London, on the other hand, rose to number four as it relaxed its pandemic restrictions. The city welcomed six new three comma club members, including the first Bulgarian and Estonian citizens ever named billionaires by Forbes. All of these new members had their primary residences in London, resulting in a net gain of three new billionaires for the city.
Hong Kong suffered a dramatic drop in its billionaire population, losing a dozen due to a year of market turmoil and strict COVID-19 protocols. The stalling tourism industry also knocked out hotel and casino billionaires from the city’s list of super-rich residents.
China’s capital city, Beijing, has seen a dramatic shift in its billionaire residents. Increased government scrutiny has caused a significant drop in collective net worth among the city’s super-rich, with 17 billionaires falling below the three comma threshold. However, amidst this turmoil, one person has managed to defy the odds. Zhang Yaming, the founder of Tik Tok owner Bike Dance, has become 14.4 billion dollars richer than he was last year, making him the richest resident of Beijing.
Meanwhile, in New York City, the reign of Beijing as the top billionaire city was short-lived, with New York reclaiming the title for the first time in six years. The city saw an influx of billionaire residents over the past year, with most being in the finance industry, including Thrive Capital founder Josh Kushner. Other newcomers to NYC include the first NFT billionaires identified by Forbes, Devin Fisner and Alex Attala, co-founders of the buzzy blockchain startup Open C. Despite this increased competition, media magnate Michael Bloomberg remains the richest resident of the city, accounting for a significant portion of the city’s total billionaire wealth.
The world’s billionaire cities have seen both rises and falls in their populations over the past year. It will be interesting to see how these rankings continue to evolve in the coming years.
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