Recent research into the behaviors and lifestyles of the richest people has revealed the fascinating fact that almost a third of all billionaires in the world, which amounts to 3,194 people, are based in just 16 cities.
Analysis from Wealth-X's Billionaire Census suggests that in 2022, those on the richest list, with a total net worth of $11.1 trillion, will still choose to live in the same large number of metropolitan cities as they did a few years ago.
The report, released on Wednesday (31/5), revealed that New York City remains the most desirable city for billionaires, with 136 people choosing to call it home.
Other cities that have become popular for the wealthy are located in various parts of the world, including Asia, the Americas, and the Middle East. The majority of the top cities remained consistent in their number of billionaires, with the addition or subtraction of just one or two billionaires between 2021 and 2022. However, one interesting exception is Singapore, which managed to add four of the world's richest people over the same period.
The report noted that the number of billionaires worldwide saw a 3.5% decline by 2022, influenced by factors such as renewed wars in Europe, a surge in inflation from one generation to the next, and rising tensions between the US and China as mentioned by the study authors. Individuals in the technology, retail, energy, healthcare, and transportation industries saw an average decline of more than 5% in their wealth in the year.
Nonetheless, the report emphasizes that "the billionaire class has a significant and growing influence on the global economy."
So, let's take a trip through the 16 cities that are home to most of the world's richest people.
15. Paris
In 2022, there were a total of 32 billionaires.
Changes in the number of billionaires: There was one change between 2021 and 2022 in the city of Paris, where one billionaire left the list.
15. Chicago
In 2022, Chicago had a total of 32 billionaires.
Change in the number of billionaires: There was one change between 2021 and 2022 in the city of Chicago, where one billionaire left the list.
13. Sao Paolo
In 2022, the city had a total of 33 billionaires.
Change in the number of billionaires: There was one change between 2021 and 2022 in the city of Sao Paolo, where one billionaire left the list.
13. Istanbul
In 2022, Istanbul had a total of 33 billionaires.
Change in the number of billionaires: There is no change in the number of billionaires between 2021 and 2022.
12. Hangzhou, China
In 2022, the total population was 34 billionaires.
Change in number of billionaires: There is one change between 2021 and 2022 in the city of Hangzhou, where one billionaire left the list.
11. Dubai
In 2022, there were 38 billionaires.
Change in the number of billionaires: There was no change in the number of billionaires between 2021 and 2022.
10. Mumbai
There were a total of 39 billionaires in 2022.
Change in number of billionaires: There was one change between 2021 and 2022 in the city of Mumbai, where one billionaire left the list.
9. Shenzhen
In 2022, the city had a total of 42 billionaires.
Change in the number of billionaires: There was a change between 2021 and 2022 in the city of Shenzhen, where two billionaires left the list.
8. Singapore
In 2022, Singapore had a total of 54 billionaires.
Change in the number of billionaires: There was a significant increase between 2021 and 2022 in Singapore, where four new billionaires joined the list.
7. Los Angeles
In 2022, there were a total of 58 billionaires.
Changes in the number of billionaires: There was one change between 2021 and 2022 in the city of Los Angeles, where one billionaire left the list.
6. Beijing
In 2022, the city had a total of 61 billionaires.
Change in the number of billionaires: There was a change between 2021 and 2022 in the city of Beijing, where two billionaires left the list.
5. London
In 2022, the total number of billionaires was 75.
Change in the number of billionaires: There was one change between 2021 and 2022 in the city of London, where two billionaires left the list.
4. Moscow
In 2022, the total population of the city was 76 billionaires.
Change in the number of billionaires: There was an increase of one billionaire between 2021 and 2022 in the city of Moscow, adding new wealth to the list.
3. San Francisco
In 2022, there were a total of 84 billionaires.
Change in the number of billionaires: There was one change between 2021 and 2022 in the city of San Francisco, where one billionaire left the list.
2. Hong Kong
In 2022, Hong Kong had a total of 112 billionaires.
Change in the number of billionaires: There was one change between 2021 and 2022 in the city of Hong Kong, where two billionaires left the list.
1. New York
In 2022, there were 136 billionaires.
Change in the number of billionaires: There was one change between 2021 and 2022 in the city of New York, where two billionaires left the list.
The report's findings also show that there are a number of sectors that are showing resilience in the face of economic challenges. While billionaire wealth closely tied to the technology, healthcare, and retail sectors struggled in 2022, sectors such as aerospace and defense, food and beverage, construction, and shipping saw their wealth increase.
The 2023 Billionaire Census included an analysis that included age groups and found that most of the wealth held by billionaires came from companies they founded themselves. In addition to information on the source of wealth, the age analysis also includes details on gender, related industries, asset allocation, interests and popular philanthropic activities.
Using Wealth-X's comprehensive database, this report provides insights into the world's wealthiest individuals, their characteristics and the changing dynamics of wealth creation.
Source: Business Insider | altrata.com
