Cities of Fortune: Unveiling the 20 Richest Cities Globally
Prosperity Settles Down: Top 20 Richest Cities Globally Uncovered - Prosperity Finds Its Abode: top 20 Wealthiest Cities Globally
By Niels Kruse
Some may wonder, what makes a city wealthy? GfK, a German economic institute, measures this by assessing the purchasing power of its residents. But data for cities in the USA, China, or even Russia is scant. So, where does one find the wealthy? By counting the wealthy themselves, of course! Let's dive into the world's wealthiest cities.
Millionaires and Billionaires: A tricky measure
The association between a city's wealth and its population of millionaires and billionaires is not always straightforward. Take India, for instance - despite having 50 billionaires residing in Mumbai and Delhi, many of its residents do not seem to benefit from the wealth of the few.
Enter Henley & Partners, a global citizenship service provider, who keeps track of the world's cities with the most super-rich residents. They weigh the growth rate of wealth higher than the number of millionaires, positioning the billionaire density as the key indicator of a city's prosperity.
The Race to the Top - Who's Winning?
Last year, the number of billionaires increased by an astounding 141 to reach 2,781 worldwide. That's someone becoming part of this elite group every 2.5 days! In the past two decades, their numbers have nearly sextupled. So, if you're aiming for the big leagues, the odds are arguably in your favor.
At the top, however, Bernard Arnault (France), Jeff Bezos (USA), and Elon Musk (USA) continue to dominate.
Exploring the Financial Giants - The Top Cities
While a detailed list of the 20 richest cities by billionaire count is scarce, we can certainly highlight some leading contenders:
- New York City: With 123-129 billionaires, according to Forbes or Hurun (depending on the source), the Big Apple reigns supreme.
- Hong Kong: Although no recent data is available, Hong Kong consistently ranks as a top city for billionaires.
- London: In 2024, London boasted 97 billionaires.
- Mumbai: Home to 92 billionaires in 2024.
- Beijing/Shanghai: Billionaire-rich cities due to China's economic boom.
- Los Angeles: A hub of media and entertainment.
- San Francisco: Known for its tech-savvy population.
- Chicago: Diversified economy with substantial wealth.
- Dallas: Aging powerhouse, home to 16 billionaires and growing.
- Geneva: 14 billionaires, characterized by private banking and international diplomacy.
- Munich: Strong in automotive and tech, with 11 billionaires.
- Madrid: A growing European wealth hub, with 14 billionaires.
Other cities like Moscow, Mexico City, and Singapore also house substantial numbers of billionaires. For a complete list, however, more detailed data or alternative sources are required.
In light of the increasing number of billionaires globally and the tracking of the world's cities with the most super-rich residents by Henley & Partners, it's essential for any city's employment policy and wealth-management strategy to make investments that attract and retain these affluent individuals, as funding from finance and investing by this demographic can significantly contribute to a city's community policy and overall prosperity. For instance, attracting companies related to finance, investing, and wealth-management could be key employment policies in cities aiming to boost their ranks among the wealthiest cities globally.
