In today’s globalized economy, data suggests that many people are richer than ever. Many developing countries are turning their capitals into futuristic metropolises as there is a slight shift in the trend for developed countries where very wealthy individuals move to smaller cities in search of a change in lifestyle. and to 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 wealthy people. According to the Forbes list of the richest cities, it is evident that the most famous cities in the world have among their inhabitants the richest individuals.
New York City has lost the top spot to the city of Beijing, but it remains the richest city in the world with a cumulative net worth of over $ 560 billion which is home to 25,000 very high net worth residents.
10 richest cities in the world
According to Forbes magazine research, out of a total of 2,095 billionaires worldwide, more than 40% of billionaires live in just ten cities. Also according to this report, New York City still tops the list with the world’s largest concentration of very wealthy individuals.
Late Asian cities feature in this list because they have been the economic engine of the world. Four Chinese cities have made their debut in the list of the 10 richest cities in the world.
Now let’s get into the list of the 10 richest cities in the world with the most billionaires.
1. Beijing: 100 billionaires
Beijing, the capital of China, is home to 100 billionaires with a total net worth of $ 484.3 billion. Beijing has added 33 new billionaires from last year as the country recovers from a downturn due to the coronavirus pandemic. Beijing jumped three places from No.4 to No.1 on Forbes’ annual list.
Beijing’s richest resident is Zhang Yiming, founder of TikTok, a social media sensation who increased his net worth by more than 100% to $ 35.6 billion. Wang Ning, 34, founder of the company Pop Mart, which went public in Hong Kong in December 2020, is the richest newcomer of this year.
2. New York: 99 billionaires
New York City (NYC), which lost first place to Beijing this year, added 7 new billionaires with a total net worth of $ 560.5 billion. Media mogul turned politician Michael Bloomberg, founder of Bloomberg, is New York’s richest individual with a net worth of over $ 59 billion.
Even though New York City ranks second this year, it remains the richest city in the world with a cumulative net worth of over $ 560 billion, which is $ 80 billion more than Beijing’s billionaires.
NYC, nicknamed “The Big Apple”, is home to 25,000 very wealthy residents. Boris Jordan, founder of the 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 trading ports, ranks third in the list of richest cities in the world. Hong Kong added nine new billionaires this year.
Despite a difficult year due to a downturn in real estate and China’s interference in its local affairs which sparked large-scale protests, Hong Kong has managed to grow with a cumulative net worth of 448 , $ 4 billion.
Hong Kong, a former British colony, is now home to 80 billionaires. The richest person in town is Li Ka-Shing, a retired investment legend with a net worth of $ 33.7 billion. Li Ka-Shing added another $ 12 billion to his fortune this year, while media mogul 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 richest cities in the world, which has added nine new billionaires, making it 79 billionaires. The Russian economy has faced a severe slowdown due to the coronavirus pandemic which caused its GDP to contract in 2020.
However, it was indeed a good year for mega-billionaires in the city of Moscow due to the surge in commodities and crude oil whose cumulative net worth is now $ 420.6 billion, or $ 72 billion. more dollars than the previous year.
Alexey Mordashov, chairman of Severstal, a Russian business conglomerate with commercial interests in metals and mining, is the richest resident of the city of Moscow with a net worth of $ 29.1 billion.
5. Shenzhen: 68 billionaires
The city of Shenzhen took fifth place on this list of 68 billionaires. Shenzen added 24 new billionaires this year whose cumulative net worth is now $ 415.3 billion.
Shenzhen, known as “China’s Silicon Valley,” all has self-made billionaires except one who lives up to his name.
Ma Huateng, CEO of Tencent, which is a Chinese technology conglomerate, added a record $ 28 billion to his fortune which is now worth $ 65.8 billion. Ma Huateng is now the wealthiest resident of Shenzhen.
6. Shanghai: 64 billionaires
Shanghai was sixth on the list even though the city added 18 new billionaires, bringing its total number to 64 billionaires. The total net worth of Shanghai’s richest 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 industry.
7. London: 63 billionaires
The city of London, the capital of England and the United Kingdom, is home to 63 billionaires with a cumulative net worth of $ 316.1 billion. London added seven new billionaires this year despite difficult economic conditions due to Brexit and the Covid-19 pandemic.
There has been a 37% increase in the net worth of billionaire London residents compared to last year. Ukrainian-born oil and media mogul Leonard Blavatnik added $ 10 billion to his net worth, which now stands at $ 32 billion. José Neves, the founder of online luxury fashion retailer Farfetch, is a newcomer this year as Farfetch stock gained 500% last year.
8. Bombay: 48 billionaires
Mumbai, India’s Financial Hub, is in eighth position in the list of the richest cities in the world. The city added a record 10 billionaires to its list of now 48 billionaires. Mukesh Ambani, Chairman and CEO of Reliance industries is a resident of Mumbai.
Mukesh Ambani, Asia’s richest person, has nearly doubled his net worth to $ 84.5 billion this year, thanks to record market gains despite the economic slowdown caused by the pandemic which has caused GDP to contract. Mukesh Ambani is the 10th richest person in the world, accounting for nearly 33% of Mumbai’s total billionaire wealth, which stands at $ 265 billion. Reliance Industries raised record capital in Indian corporate history last year by diluting its stake in the telecommunications branch, Reliance Jio, to US companies like Google, Facebook, Microsoft, etc.
9. San Francisco: 48 billionaires
San Francisco has added 11 new billionaires to its ranks, bringing its total number of billionaires to 48 with a total net worth of $ 190 billion. Dustin Moskovitz, Internet entrepreneur and Facebook co-founder is Silicon Valley’s richest person with a net worth of $ 17.8 billion.
Recently, few billionaires have moved from San Francisco to different places like Miami and Austin, changing the narrative from home to tech moguls. New pioneer food delivery billionaires like Apoorva Mehta, founder of Instacart founder and Tony Xu, CEO of DoorDash, were added to the list this year. After the record success of the Airbnb ad in December 2020, its three co-founders are now ranked among the 5 richest in San Francisco.
10. Hangzhou: 47 billionaires
Hangzhou is the fourth Chinese city on this list that toppled Singapore for number 10. Hangzhou is now home to 47 billionaires. Hangzhou has added 21 billionaires since last year with a total net worth of $ 269.2 billion.
Jack Ma, co-founder of e-commerce giant Alibaba, has seen his fortune soar from $ 9 billion to $ 48 billion this year despite having struggled with Chinese regulators. Zhong Shanshan, the 13th richest person in the world with a net worth of nearly $ 69 billion, is the richest person in Hangzhou. Zhong Shanshan is the founder and chairman of Nongfu Spring bottled water company, which went public last year to raise $ 1 billion.
Well, here’s what we have in store for you on 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 so, head over to our comments section and let us know if we can improvise the article in any way. Stay tuned for more interesting topics from us!
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