Beijing has dethroned New York as the city with the most millionaires, with 100. That’s one more billionaire than the 99 New York City residents.
The top cities with the most millionaires are displayed on today’s map, which is based on data from Forbes.
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Where In The World Do The Most Billionaires Reside?
Cities are home to the wealthiest of the wealthy, yet certain cities appear to be better suited to the billionaire lifestyle than others. The top 10 billionaire capitals, as well as the combined net worth of all ultra-wealthy residents, are listed here.
There are a few obvious billionaires in various cities. Michael Bloomberg, the richest man in New York and a former mayor, is worth $59 billion. Zhang Yiming, the founder of TikTok (among other things), is Beijing’s richest billionaire, with a net worth of $35.6 billion.
In terms of locations, London, New York, and San Francisco are the only cities in the Western hemisphere to make the cut. Despite the fact that New York was dethroned from the top spot last year, the city’s billionaires are still worth more than Beijing’s.
Hangzhou, the home of Jack Ma, was one of the new cities to make the top ten list of billionaire cities. Singapore was relegated to tenth place.
East and West collide
More than half of the top ten cities are in Asia, indicating a transfer in wealth from the west to the east. China is home to five of the six Asian cities listed.
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What Factors Have Contributed To This?
The country has experienced a surge in e-commerce, thanks in part to the pandemic. Furthermore, because of the excellent handling of COVID-19, the economy was able to go back on track considerably faster than other countries. According to the BBC, half of China’s new billionaires have made their fortunes in the tech or industrial industries.
In addition, four of the Chinese cities on the list had the fastest-growing billionaire population in 2020. Each of them added more than ten new billionaires to their ranks:
Hangzhou is ranked 21st, Shanghai is 18th, and Shenzhen is 24th.
Beijing, China: 33
San Francisco, with 11, was the only other city to gain more than ten new billionaires in 2020.
With 698 billionaires, China is closing in on the United States’ 724 billionaires. Beijing’s overtaking of New York City could signal the start of a wider trend.
Tides Of Change
The combined fortune of Asia-1,149 Pacific billionaires is $4.7 trillion, compared to $4.4 trillion for billionaires in the United States.
Overall, it appears that the wealth tides are turning as China’s economy advances and more billionaires go to the East rather than the West.
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The Top Cities For The Wealthy In 2021 Are Listed Below.
Dallas
Number of people with a net worth of at least $5 million: 36,515
The population as a percentage of the world’s total: 1.2 percent
Washington, D.C. Is The Capital Of The United States.
The number of people with a net worth of $5 million or more is 37,495 people.
1.3 percent of the world’s population.
San Francisco Is A City In California.
Number of people with a net worth of at least $5 million: 39,390
1.3 percent of the world’s population
Chicago
The number of people with a net worth of $5 million or more is 44,795 people.
1.5 percent of the world’s population
Paris
A number of people with a net worth of at least $5 million: 49,005.
1.7 percent of the world’s population.
London
Number of people with a net worth of at least $5 million: 50,305
1.7 percent of the world’s population.
Los Angeles Is A City In California.
The number of people with a net worth of $5 million or more is 71,035 people.
2.4 percent of the world’s population
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Hong Kong
There are 73,430 people having a net worth of $5 million or more.
2.5 percent of the world’s population
Tokyo
The number of people with a net worth of $5 million or more is 81,645 people.
The population as a percentage of the world’s total: 2.8 percent
New York Is A City In The United States.
120,605 persons have a net worth of $5 million or more.
The population as a percentage of the world’s total: 4.1 percent
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