The ideal entry-level account for individual users. 2. Register in seconds and access exclusive features. Asia continues to dominate the list of the worlds least expensive cities, followed by parts of North Africa and the Middle East. 4. But what are the fastest growing cities for the rich? London is known for its financial and business sectors, and it attracts a significant number of high-earning professionals who contribute to its reputation as a hub of wealth and luxury. San Francisco has a rich economic history,,one that includes the wealth generated by the California Gold Rush. Lets take a closer look at some of the top-ranking cities making the list. A massive powerhouse in Seoul is Samsung. In 2020, New York had the largest number of ultra wealthy individuals (UHNW), reaching 11,475 people. In the list of Forbes' Philippines' 50 Richest 2020, the Sy siblings remain at the number one spot of Philippines' Rich List for this year with a net worth of $13.9 Billion despite losing $3.3 Billion due to the pandemic. According to the United Nations' latest report on populations in cities, by 2030, "urban areas are projected to house 60 percent of people globally and one in every three people will live in . The Big Apple has historically been a hub for trade and investment, due to a buzzing port and its very well connected location, with rivers and canal systems reaching out to the midwest. "The Sy siblings took the biggest hit in dollar terms but remain at No. Its no surprise to anyone that a good chunk of the Paris economy is the tourist trade. By examining a cities GDP, we can get a good idea of its industries and how they contribute to the overall economic growth. London and Paris are the major and richest cities in Europe with a GDP of US$835 billion and US$822 billion respectively. The City of Chicagos economy is home to a strong financial sector which includes the Chicago Board of Trade, NYSE Arca, Chicago Mercantile Exchange, Chicago Board Options Exchange and the Chicago Stock Exchange. This international city is also attractive to domestic and foreign investors alike. Statista. Other industries driving their economy are tech, tourism, and the service industries such as hospitality. In fact, such diversity plays well in times of economic hardship, which includes the recent downturn caused by the pandemic. However, today it has moved on to other, more profitable economic interests such as finances, high tech and insurance, to name a few. The richest cities in the world are determined by their gross domestic product, or GDP. Ranked: Americas Best Places to Work in 2023, Mapped: GDP Growth Forecasts by Country, in 2023, Charted: Teslas Unrivaled Profit Margins, Ranked: The Top Online Music Services in the U.S. by Monthly Users. Its wealthiest resident, , chairman and CEO of Internet media behemoth Tencent Holdings, is the, . Delhi City. Number of individuals with a net worth of $5 million or more: 49,005 Percentage of global population: 1.7% Paris is the capital and most populous city of France, with an estimated population of 2,150,271 residents as of 2020, in an area of 105 square kilometers (41 square miles). Trip Ideas; Pasig City: $710 million. 7 and Shanghai and Beijing staying flat at No. The list of top 50 richest football clubs in the world ranked by Forbes have been revealed. This large metropolitan area has a history of being the hub of Germanys heavy industry sector. . Houstons economy is diverse, from the worlds largest petrochemical manufacturing center to health care and medical research, real estate, finance, and information tech industries. 11. Elon Musk Elon Musk is a South African-born Canadian-American businessman, investor & the richest person in the world. Though affordability sounds good at face value, sitting at the bottom of the ranking isnt necessarily a coveted position. In addition, Singapores political stability, low crime rate, and high standard of living have also contributed to its appeal as a place to live and work. Profit from the additional features of your individual account. The wealthy city-state has 31 billionaire residents, up from 22 last year, and replaces Seoul in the top 10. Other industries which thrive here are those in high-tech, scientific R&D, professional services such as legal, insurance, finance and public administration. In fact, according to this chart, you can see that manufacturing takes the lead with 16.6 percent followed by retail at 16.6 percent and real estate at 11.4 percent. Aside from establishing the NYSE in the early 19th century (formerly known as the New York Stock and Exchange Board), the city was set in a convenient location for trading, due its proximity to the Hudson River and the Great Lakes. It leverages a comprehensive data set that tracks the movements and spending habits of high-net-worth individuals in over 150 cities around the world. Property prices fell across the board in Hong Kong in late 2019, damaging the real estate industry that is the source of wealth for many of the citys richest, including Hong Kongs sole newcomer real estate developer Lun Ruixiang. The richest person in New York City is Bloomberg LP founder and former Mayor, $1 billion of his $48 billion fortune on a failed presidential campaign before dropping out in March to endorse Joe Biden. Atherton, CA (income: $525,324/ bailout: $3.8 million) - With a median home price of. The Rhine-Ruhr metropolitan area is the economic power house of Germany. Barcelona, Spain Rome, Italy Madrid, Spain Singapore, Singapore Amsterdam, Netherlands Prague, Czech Los Angeles, USA Chicago, USA San Francisco, USA Berlin, Germany Hong Kong, China Washington, USA Beijing, China Dublin, Ireland Istanbul, Trkiye Las Vegas, USA Milan, Italy Budapest, Hungary Toronto, Canada Sydney, Australia Seoul, South Korea The top ten richest cities in the world based on private wealth include: RANKED: These Are The 50 Richest Towns To Live In The United States, 2020 Sophie Ireland C-Suite Lifestyle February 21, 2020 With an average household income of more than $525,000, Atherton, California is the richest town in the United States, that's according to a Bloomberg report. Known as a center of learning due to the many high caliber universities in the city such as Osaka and Kansai universities, Osaka attracts creative and innovative industries. Major sectors there include: real estate and fund management. When Covid struck, global traveling came to a halt, and for a while Macao even slipped out of the 10 richest nations ranking. By 900,. The collective net worth of the citys billionaires is $424 billion, down $45.7 billion from a year ago. You need at least a Starter Account to use this feature. How does a city become one of the wealthiest in the world? It is the largest urban economy on the planet. Besides thriving on industries related to finance, tourism, and media, London's wealth is also linked to the London Stock Exchange (LSE). The Football Lovers Menu News Premier League Manchester City Manchester United Liverpool Chelsea Arsenal Leicester City Tottenham Hotspur West Ham United Everton Transfers Top 10 Quizzes New York City: 107 Billionaires. Today, Boston is a center of learning with many stellar educational institutions like MIT and Harvard, which contribute greatly to Bostons economy. Japans largest city is home to the Tokyo Stock Exchange, which is one of the largest stock exchanges in Asia by market capitalization. Finally, London hosts some of the most prominent Fortune Global 500 companies such as Lloyds Banking Group, Prudential, J Sainsbury, BP, Tesco and Vodafone Group, among others. Currently, you are using a shared account. New York is home to many Fortune 500 companies and is the financial heart of the United States, with the New York Stock Exchange and NASDAQ located in the Big Apple. Fortune 500 companies located in the Rhine-Ruhr metropolitan area include: ThyssenKrupp AG, RWE AG, Bayer AG, Evonik Industries, among others. StartupTalky has compiled an exhaustive list of the top richest people in India for the year 2022. Visakhapatnam - Industrial Port Of India. The TYO encompasses over 3,700 listed companies and a market value estimated at JPY 600 trillion (or approximately $42 billion USD). Though London had a net gain of one new billionaire this year, this city that appeals to the worlds elite actually has five new billionaire residents who hail from outside the United Kingdom, including Russian brothers, , founders of online gaming firm Playrix; and, , who inherited part of the fortune of her late father, Brazilian healthcare tycoon, in an effort to slow the spread of the coronavirus in January, boosting the fortunes of online retail titans like, . The third-wealthiest country in Asia is Japan, with just over $5.3 trillion. Most affluent women worldwide 2022, by net worth, Worldwide wealth distribution by net worth of individuals 2021, Countries with the highest wealth per adult 2021. He is popularly known for his role as Madea on House of Payne. Kimberly Noel Kardashian West is an American media personality, socialite, model, businesswoman, producer, and actress. Geneva, Switzerland - 17.92% Millionaires. 1. 12. Los Angeles, USA The city of Los Angeles makes significant efforts to foster economic growth in the local community. A big economic draw for San Francisco is its close proximity to Silicon Valley. Looking to the future, companies and high-net-worth individuals will inevitably move where they are treated best. The Fortune 500 companies hosted by Boston include: State Street, Liberty Mutual Insurance, Gillette and General Electric. Which Countries are Buying Russian Fossil Fuels? The methodology of calculating GDP may differ between the studies and are widely based . India is the world's second-most populous country, with several large cities and densely inhabited areas. The city employs 36,000 people and is home to some 75, 00 people. With about 2,320 multi-millionaires calling Paris home, the backbone of this European city relies on hospitality, commerce, transportation, and other services. London and the rest of the United Kingdom finally left the European Union on January 31st, 2020. Moscow is also home to a population of "nouveau riche" Muscovites and prominent neighborhoods, with properties that can cost millions of dollars. Sweeping sunsets, desert landscape, and breathtaking canyonsthese are the things that most everyone think of when someone says Arizona. London has been the worlds wealthiest city for years, but over the past decade there has been an outflow of millionaires. Compared to many other states, Kentucky has low, Read More The 20 Safest Places to Live in KentuckyContinue, The price of land jumped dramatically from 2020 to the present. Tourism is another major contributor to the economy of Philadelphia. Newcomers to the billionaire ranks who live in San Francisco include private equity dealmaker Orlando Bravo and cloud communications entrepreneur Vlad Shmunis. U.S. Inflation: How Much Have Prices Increased? The place is mostly known for its stunning Renaissance architecture and is . Most such agglomerations are economically, socially and culturally dominated by one city at their centre. The Top 15 Cities in Asia in 2020. Loudoun County is located in the Commonwealth Virginia, with a population of 375,000 people. The four cities that made the top 50 in 2019 but did not make . Business Solutions including all features. Here are the 10 cities in the world with the most billionaires: New York City notched the top spot for the sixth year running, growing its count of billionaire city dwellers by eight compared to 2019. Other industries which influence the economy of Boston include the biotech industry, tourism, finance services and several Fortune 500 companies. Billionaire refers to U.S. dollar billionaire. Tokyo is the most fascinating city to live in but also the most densely packed. (Video) TOP 10 RICHEST CITIES In The World 2021 (Uncover) Which is the richest city in the world 2022? New York, U.S . Where are the German and Chinese Cities? It goes without saying that due to its history tourism is a huge draw when it comes to obtaining revenue. Among Singapores newcomers are gaming tycoons Forrest Li and Gang Ye, cofounders of the online gaming and e-commerce firm Sea; both industries have benefited from people staying indoors and spending more time online. 2. Moscow. $520.1. Other Shanghai entrepreneurs are newcomers to the list, including, , who draws his wealth from express delivery firm ZTO Express, and, , whose anime and entertainment site Bilibili, an uptick in demand after it gave residents of locked down areas. New Delhi- GDP $293.6 Billion. Pasay City: $350 million. If we're looking at cities in terms of total wealth, then the Big Apple leads the pack by a country mile. Boasting a population of over 300,000 resident millionaires, Tokyo is also home to a dozen billionaires. In 2022, cities with strong oil and gas industries like Riyadh, Sharjah, Dubai, Luanda, Abu Dhabi, Doha, and Lagos grew exceptionally. Home to about 393,000 millionaires, Seoul's economy is rooted in manufacturing, financial services, and transportation. Dallas Number of individuals with a net worth of $5 million or more: 36,515 Percentage of global population: 1.2% 9. Tripoli and Tehran, the capitals of Libya and Iran, respectively, follow next on this list, reflecting their weakened economies. 10. How many millionaires, centimillionaires, and billionaires live in the worlds wealthiest cities? Wealthiest cities (amount in billions . South Koreas Wall Street is the Korea Exchange in Yeoui Island. The manufacturing and export hub across from Hong Kong added five members to the three-comma-club in the last year, all of them self-made. These are of very low quality and should be avoided. Devoted to encouraging economic development, Chicagos Department of Planning and Development has a number of economic development initiatives. 6 and No. Cities become expensive due to a variety of factors such as high demand for housing, a concentration of high-paying businesses and industries, and a high standard of living. Manila: $790 million. Chinese energy giants State Grid, China National Petroleum, and Sinopec rounded out the top five. L.A. is also abuzz with development projects, such as refurbishing businesses like Manns Chinese Theater, as well as infrastructure projects. Fortune 500 companies include Discovery Communications, Fannie Mae, Walmart and CACI International among others. However, this megacity is most famous for its thriving entertainment industry, which pumps billions of dollars into the city's (and country's) economy. The Private Industry Council works to promote the local economy via job training programs. RICHEST RESIDENT: VLADIMIR POTANIN, $19.7 BILLION Getty Images Moscow is the only other city among the top 10, besides Shenzhen, where every single billionaire is self-made (as opposed to. Seven cities have population more than 3 million. Shipping isnt the only industry which brings revenue into SEZ, its also the sizable industrial parks, high-tech industries and of course, trade. "Leading cities with the most billionaires in 2022." In terms of asset management, FinTech, and ESG investment, Tokyos continued growth as the worlds most foremost economies appears secured. New York's richest person and former mayor, Michael Bloomberg, is worth $59 billion. One of the largest cities in the world with the GDP of about 1,520 billion dollars, Tokyo is the wealthiest city in the world in terms of GDP ranking. However, invading a sovereign nation had its consequences, and Russias entire economy is in a state of disrepair. For instance, the city of New York is a metropolitan area made up of 5 boroughs with each borough contributing to the cities overall GDP. Travel + Leisure. As such, you can see how anything affecting these shipping ports will have a negative impact on world wide supply chain logistics. I cover the world's richest people and how they made their billions. Furthermore, 121. This infographic uses information from the Henley Global Citizens Report, in partnership with New World Wealth, to rank the worlds wealthiest cities. It has more sunshine than Florida, Read More The 20 Safest Places to Live in ArizonaContinue, Generally speaking, when people set out to buy a property, they are recommended to check out the property in person before making the purchase. The Chinese capitals tally of ten-figure-fortunes rose by six since last year to reach 67 billionaires. The Shenzhen Special Economic Zone was created in May of 1980 and is based on Irelands Shannon Free Zone. Other notable NYC billionaire residents include hip-hop superstar Jay-Z and Julia Koch, the widow of former Koch Industries magnate David Koch. Tokyo is also a major center for banking and insurance, and is home to many multinational companies like Honda and Sony. 9 last year. She finds almost all topics she writes about interesting, but her favorite subjects are travel and food. 10. According to Investopedia, Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a countrys borders in a specific time period. In this case, we are looking at the GDP of metropolitan statistical areas, and not countries. Companies that have offices in Boston include BNY Mellon, Goldman Sachs and Microsoft. For over 50 years, Tokyo has occupied the top spot, and shows no sign of slowing down. Tokyo, Japan- GDP: $1,520 billion. In Hong Kong, 9,530 ultra wealthy individuals resided, followed by Tokyo with 8,345 lived. In detail, 144 billionaires resided in the capital of China. Click on the headers to reorganize columns. He also praises the seafood, arts scene and welcoming atmosphere, though other critics call Seattle residents overly materialistic. Other companies crucial to Seouls economic health include: Kia, Daewoo and Hyundai. The headquarters of several cities are also found in Tokyo, which include Honda, Sony, Hitachi, and Mitsubishi. But if this inflation is compounded with a strong national currency, you may live in one of the worlds most expensive cities. With the onset of free-market reforms in the 1990s, Beijing saw its economic development soar.