“The Cities with the Most Billionaires” is an interesting topic that shows how much wealth is concentrated in certain cities worldwide. Some of the world’s most famous entrepreneurs, business leaders, and innovators live in these cities. As a result, they have made fortunes that are hard to imagine. From the city of New York to Hong Kong, these cities provide a glimpse into the lives of the ultra-wealthy and economic powerhouses that drive global trade. In this piece, we look at the top cities with the most billionaires and determine what made them successful.
The following are the top 10 cities with the most billionaires as of 2023, according to Forbes:
1. New York City, United States
- Total billionaires: 101 billionaires
- Total net worth: $616.8 billion
- Richest resident: Michael Bloomberg ($94.5 billion)
New York is home to more billionaires than any other city. The city has been known for a long time as a centre for finance, science, and the media. This is shown by the fact that it has a lot of billionaires. Some of the biggest banks worldwide, like Goldman Sachs and JPMorgan Chase, are based in the city. In addition, many billionaires work in the banking and investment business in New York City.
Even though New York has lost six billionaires since last year, it is still the centre of billionaires. Not only does it have the most people in the “three-comma club,” but it is also the city with the most billionaires overall. It has over $208 billion more billionaires than Paris’s next-richest city.
Michael Bloomberg, who started Bloomberg LP and was the mayor of New York City, owns almost a quarter of the city’s wealth. Bloomberg is worth $94.5 billion. Julia Koch is worth $59 billion and is one of the richest people worldwide. She is the second-richest person in the world.
2. Hong Kong, Hong Kong SAR
- Total billionaires: 70 billionaires
- Total net worth: $286.8 billion
- Richest resident: Li Ka-Shing ($38 billion)
Hong Kong is a thriving financial hub and one of the busiest ports worldwide. As a result, the nation has become an attractive location for entrepreneurs and investors.
Hong Kong is one of the world’s wealthiest cities, with 70 billionaires. Most of Hong Kong’s billionaires are derived from the real estate and finance industries.
Li Ka-Shing (net worth: $38 billion), a proprietor of CK Hutchison Holdings and CK Asset Holdings, is the wealthiest resident of Hong Kong.
Cofounders of hotel chain operators (H World Group) Zhao Tongtong ($1.3 billion USD) and Lawrence Ho ($1.2 billion USD), who controls Hong Kong-listed casino operator Melco Resorts, are mounting a comeback.
3. Beijing, China
- Total billionaires: 68 billionaires
- Total net worth: $247.2 billion
- Richest resident: Zhang Yiming ($45 billion)
China’s capital has lost billionaires faster than any other city, falling from the top position in 2021 to second position in 2022 and now arriving in third place. Nevertheless, the city is home to 54 Fortune Global 500 companies, the most globally, and over 100 of China’s largest corporations. In addition, Beijing has a thriving startup culture, with numerous new businesses emerging each year.
Zhang Yiming, proprietor of ByteDance, the company that owns TikTok, remains the city’s wealthiest resident (net worth: $45 billion).
Beijing resident Zhao Weiguo is among the individuals who no longer possess a billion-dollar fortune. A Chinese regulator has accused the former chairman of the government-backed semiconductor conglomerate Tsinghua Unigroup of corruption. Zhao reportedly “disappeared” from public view last year but was left without holdings in Tsinghua Unigroup’s enterprises due to a bankruptcy restructuring. Zhao was unavailable for comment.
4. Shanghai, China
- Total billionaires: 65 billionaires
- Total net worth: $181.9 billion
- Richest resident: Colin Huang ($30.2 billion)
Shanghai is one of China’s most important business hubs. It has 65 billionaires and has grown a lot in recent years. Most of Shanghai’s billionaires made their money in manufacturing and real estate businesses.
Colin Huang, who started the e-commerce company Pinduoduo, which is now China’s biggest agriculture platform and has a net worth of $30.2 billion, is the richest person who lives in Shanghai.
Tang Rui ($1.5 billion), the founder of autonomous driving startup ZongMu Technology, moved to Shanghai this year. Chen Yin, chair of the yard and do-it-yourself tools company Greenworks ($1.3 billion), and Lyu Yixiong, CEO of Shanghai Chicmax Cosmetics ($1.1 billion), are also new residents in the ten-figure club.
5. London, United Kingdom
- Total billionaires: 63 billionaires
- Total net worth: $294.9 billion
- Richest resident: Len Blavatnik ($32.1 billion)
London City is home to some of the world’s most wealthy business leaders and entrepreneurs. Most of London’s 63 billionaires work in the finance and investment industry.
Len Blavatnik ($32,1 billion) is the wealthiest resident of London. He owns Access Industries, a New York-based company that controls 21% of LyondellBasell, the world’s largest producer of polypropylene.
The number of billionaires in London fell by three in 2022 when the city fell from fourth to fifth place. Charles Dunstone, the founder of the telecommunications company Carphone Warehouse & Denis Sverdlov, the Russian founder and chief executive officer of the electric vehicle startup Arrival, both saw their fortunes fall below the three-comma mark. Alexander Gerko ($5 billion), a native Russian who founded algorithmic trading firm XTX Markets and received significant dividends in 2022, is the only new billionaire in the city.
6. Moscow, Russia
- Total billionaires: 61 billionaires
- Total net worth: $307.1 billion
- Richest resident: Vladimir Potanin ($23.7 billion)
Moscow has become an important economic and commercial hub in Eastern Europe—most of Moscow’s 61 billionaires invested in the energy and oil and gas industries.
Moscow is now the sixth wealthiest city in the world, and its residents are the third richest. A total of $307 billion, up $92 billion from last year, is held by the country’s 61 billionaires.
Vladimir Potanin, president and chairman of the board of directors of Interros Company and owner of $23.7 billion, is the wealthiest inhabitant of Moscow.
Nearly two-thirds of the city’s residents saw their prosperity increase, while only two saw it decrease. Fifteen returning billionaires have made St. Petersburg their home, including Roman Trotsenko ($3.2 billion USD), owner of Aeon Corporation, which operates more than twenty airports in Russia; pipe magnates Anatoly Sedykh ($1.8 billion USD) and Dmitry Pumpyansky ($1.7 billion USD); and Sergei Katsiev ($1.6 billion USD), owner of Russia’s largest tobacco retailer.
7. Mumbai, India
- Total billionaires: 56 billionaires
- Total net worth: $276.4 billion
- Richest resident: Mukesh Ambani ($83.4 billion)
Mumbai is the financial capital of India. The city has become one of India’s most important places for science and business. Many of India’s biggest companies, like Reliance Industries and Tata Group, are based in the city. The most expensive private home worldwide is also in the city.
Mumbai has gained five new billionaires and moved up one spot to be the seventh city with the most billionaires. There are 56 billionaires in Mumbai, and many make their money in the real estate business. Mukesh Ambani, whose fortune is $83.4 billion, is still the city’s richest person. His fortune makes up 30% of the city’s wealth.
Atul Ruia, a mall magnate worth $1.2 billion, and Abhay Soi, head of Max Healthcare Institute, India’s second-largest listed hospital by revenue and worth $1.2 billion, are two of the six new additions to Mumbai’s list.
8. Shenzhen, China
- Total billionaires: 54 billionaires
- Total net worth: $246 billion
- Richest resident: Ma Huateng ($35.3 billion)
Shenzhen has seen accelerated economic expansion over the past several decades. Shenzhen is renowned for its technology industry, with Huawei and Tencent headquarters there. Additionally, the city is home to numerous firms and entrepreneurs, making it a hub of innovation and creativity.
Fifty-four millionaires who got their start in the tech and real estate industries call the city home now. However, with a whopping $35.3 billion, Ma Huateng, CEO of internet giant Tencent, remains the city’s wealthiest resident.
Shenzhen dropped from sixth to seventh place due to a net loss of five billionaires, the largest of which was property tycoon Huang Shih Tsai ($840 million) and the largest of which was Ren Zhengfei, who heads telecommunications gear major Huawei Technologies ($851 million).
9. Singapore, Singapore
- Total billionaires: 46 billionaires
- Total net worth: $133.3 billion
- Richest resident: Goh Cheng Liang ($14.3 billion)
Singapore is now in ninth place after adding four new billionaires and two billionaires who moved back to their hometowns.
Goh Cheng Liang, the owner of the world’s fourth-largest paint company, is the wealthiest person in Singapore, with an estimated total assets value of $14.3 billion USD.
Razer’s owner, Min-Liang Tan ($1.1 bn), is back on the list after a brief absence. Loo Choon Yong, who owns over a hundred health clinics in Singapore, and Michael Kum, whose hospitality business spans nine hotels in Europe and Asia, are both first-timers with enterprises valued at $1 billion.
10. Delhi, India
- Total billionaires: 37 billionaires
- Total net worth: $116.4 billion
- Richest resident: Shiv Nadar ($25.6 billion)
Delhi & San Francisco are tied for the 10th city with the most billionaires, each with 37. Shiv Nadar ($25.6 billion USD), cofounder of one of India’s biggest software service providers, HCL Technologies, is the city’s wealthiest resident.
Two entrants to the top ten are from Delhi: Manohar Lal Agarwal ($1 billion), owner of Delhi-based Haldiram Snacks, and Saroj Rani Gupta ($1.2 billion), cofounder of APL Apollo tubes with her late husband in 1986. In addition, Ashok Kajaria, whose company is the largest ceramic tile manufacturer in India and is worth $1 billion, has relocated back to Delhi.
10. San Francisco, United States
- Total billionaires: 37 billionaires
- Total net worth: $114.2 billion
- Richest resident: Brian Chesky ($9.3 billion)
San Francisco is home to Silicon Valley and the tech industry’s ultra-wealthy. The city has become a centre for technology businesses and venture capital firms. The city is renowned for its tech industry, with Apple, Google, and Facebook all having headquarters nearby.
The wealthiest resident is still Brian Chesky, the creator of Airbnb. This year, San Francisco lost a total of seven billionaires.
The cofounders of Doordash, Stanley Tang and Tony Xu ($843 million and $940 million each), fell off the list as the food-delivery app’s stock declined by 36% over the past year. Todd McKinnon ($641 million), CEO and originator of cloud security company Okta, is also leaving. Sid Sijbrandij, the proprietor of GitLab, is the only new addition to San Francisco’s list, joining with a $1.2 billion fortune.
Lastly, The presence of billionaires in a city is frequently interpreted as a sign of economic development and prosperity. Typically, the locations with the highest concentration of billionaires are hubs of innovation, entrepreneurship, and wealth creation. These cities continue to attract wealthy individuals and corporations worldwide, propelling their continued growth and significance on the international stage.