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. In particular, the United States claims five of the cities in the top 10, including the very top spot with New York City. Since 1949, Beijing was considered one of China's most industrial cities. , a member of the citys Raheja real estate clan, who was worth an estimated $2.3 billion last year. Chicago, which serves as the home base for 35 Fortune 500 companies, is home to 160,100 millionaires, 340 centimillionaires and 28 . The city by the bay has five fewer billionaires than a year ago in part because fortunes fell below $1 billion for former Uber CEO Ryan Graves and Pinterest cofounder Ben Silbermann. Learn how your comment data is processed. What is the Cost of Living in New Hampshire? Though residents are keen on investing in the real estate market, younger generations are finding it difficult to afford a home in Seoul due to the rising cost of real estate property and rising economic insecurity. Boasting a financially fruitful economy, the Big Apple is known for its abundantly wealthy population, with a the collective wealth of over $3 trillion USD. Dubai in top 10. Moreover, there are over 25 FortuneGlobal 500companies headquartered in Paris (which are the top companies in the world based on their revenues) including Danone, Sanofi, Christian Dior, and Finatis. from people staying indoors and spending more time online. The Top 25 Cities in the World in 2020. Cebu City: $660 million. - Mappe, Popolazione, Statistiche Demografiche dell'ISTAT", "Total Real Gross Domestic Product for Wichita, KS (MSA)", "Population estimates by selected Non-ABS Structures, 2010-2020", "China: Gungdng (Prefectures, Cities, Districts and Counties) - Population Statistics, Charts and Map", https://en.wikipedia.org/w/index.php?title=List_of_cities_by_GDP&oldid=1142520927, This page was last edited on 2 March 2023, at 21:41. Loudoun County is the richest county in the USA, with an estimated average household income of $ 117,876. 13. While Shenzhens export-led manufacturers have struggled from the effects of the trade war with the U.S., the citys billionaires added $29.7 billion to their collective net worth since 2019. Let's consider New York City. Principal industries which were the engine behind Moscows economy are textile, metallurgy, energy, and chemical. 15 Richest Cities in India (by GDP) - WorldlistMania Global 500 | Fortune The top 10 riches cities in the world behind New York City were Tokyo, San Francisco Bay Area, London, Singapore, Los Angeles and Malibu, Chicago, Houston, Beijing, and Shanghai. New York City, USA: $1,330.000 Billion. Its been rapidly replaced by information tech and financial services. Some of them have topped the rankings for decades, while some others are less well-known. L.A. is also abuzz with development projects, such as refurbishing businesses like Manns Chinese Theater, as well as infrastructure projects. Another industry that rains gobs of revenue on the City of London is the tourism industry with over 20 million visitors per year. Paris, which has topped the ECA list in the past, dropped out of the top 30. New York, U.S . Newcomers to the billionaire ranks who live in San Francisco include private equity dealmaker. Top 10 Richest Cities in the World with Most Billionaires The place is mostly known for its stunning Renaissance architecture and is . The richest cities in the world are determined by their gross domestic product, or GDP. Ranked: The Top 10 Global Cities, by Ultra-Wealthy Population Richest Resident: Colin Zheng Huang, $55.3 Billion Shanghai remained at number six despite adding 18 new billionaires and Colin Zheng Huang is the richest resident of the city. 25 richest cities in the US: Does your metro area make the list? Moscow is the only other city among the top 10, besides Shenzhen, where every single billionaire is self-made (as opposed to inheriting a fortune); many have close ties to Russian President Vladimir Putin. The infographic above uses data from EIU to rank the world most and least expensive cities to live in. Paris is also home to several Fortune Global 500 companies such as, BNP Paribas, Peugeot, CNP Assurances, SNCF, Vivendi and more. Two of those in Beijing are new billionaires this year: Larry Xiangdong Chen of GSX Techedu and Liu Yachao of TAL Education Group, both of whom own companies that provide online education and after-school tutoring for students. The decade-long conflict in Syria weakened the Syrian pound, led to a spiraling inflation and fuel shortages, and further collapsed its economy. In the latest edition of the ranking, North America has a strong showing with seven of the wealthiest cities, by number of millionaires. Monaco - 29.21% Millionaires. 7 and Shanghai and Beijing staying flat at No. There are many benefits to living in an iconic city like New York or Singapore, but the amenities and exclusivity can come at a high cost. London: 63 Billionaires Since Last Year: +7 Total Net Worth: $316.1 Billion Richest Resident: Len Blavatnik, $32 Billion In 2019, the Northern California city attracted 26.2 million visitors who spent around $10.3 billion USD in the city. According to various estimates, the Japanese capital is home to 13.1 to 13.7 million people. The United Nations uses three definitions for what constitutes a city, as not all cities may be classified using the same criteria. Being a world-class city that attracts prominent figures in the tech industry, San Francisco is one of California's most popular (and richest) cities. In detail, 144 billionaires resided in the capital of China. Home to thousands of millionaires, wealthy Parisian neighborhoods include the 7th Arrondissement, the Boulogne-Billancourt, Saint-Cloud, and Neuilly-sur-Seine. American retail corporation Walmart has been the world's largest company by revenue since 2014. This list is incomplete, as not all companies disclose their information to the general public. After their divorce, MacKenzie received a 4% stake in Amazon, which was worth about $35 billion at the time. , who is also the richest person in the nation. The world's most expensive cities for 2022 | CNN Once a top contender in manufacturing, today manufacturing revenue covers only around 10 percent of the economy. This international city is also attractive to domestic and foreign investors alike. You need at least a Starter Account to use this feature. Chinese energy giants State Grid, China National Petroleum, and Sinopec rounded out the top five. Other industries which influence the economy of Boston include the biotech industry, tourism, finance services and several Fortune 500 companies. Its known as the mecca of tech innovation, and as a result, the region has a high concentration of wealthy individuals. ed from the effects of the trade war with the U.S., the citys billionaires added $29.7 billion to their collective net worth since 2019. For instance, billionaires like Zhang Yiming, founder of TikTok, calls the capital city home (with a net worth of about $35.6 billion USD)! Tokyo is the most fascinating city to live in but also the most densely packed. Dallas Number of individuals with a net worth of $5 million or more: 36,515 Percentage of global population: 1.2% 9. Kimberly Noel Kardashian West is an American media personality, socialite, model, businesswoman, producer, and actress. 1. List of cities by GDP - Wikipedia Top 10 Richest Cities In India - TravelTriangle.com Till 2030, Tokyo city will project to be the top-most populated city on earth. The 20 Largest Cities in the World: 2021 Edition | ArchDaily San Francisco also has the highest median household income in the country. 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 At 89 years old, Warren Buffett is the oldest richest person by 5 years. Top 10 Richest Cities in the World - Luxatic Like the other cities mentioned in our list of the richest cities of the world, the economy of Washington, D.C. is a diverse one. Los Angeles, Chicago and Houston round out the top five. 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. 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. Tripoli and Tehran, the capitals of Libya and Iran, respectively, follow next on this list, reflecting their weakened economies. Reportedly, the top 20% earners in the city have an average salary of over $280,000 USD, with the top 5% earning over $530,000 USD. Alongside its growing wealth, San Francisco is also one of the fastest growing cities in the country. These initiatives include the Small Business Improvement Fund, the Chicago Recovery Grant, Special Service Area Program, Tax Increment Financing and more. Kim Kardashian- $1 billion. 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. A good part of their revenue comes from their port, which is the largest container port in the world. Who are the Top 50 Richest Individuals in PH? See on Forbes List - BCG The Shenzhen Special Economic Zone or SEZ is an important business and financial services center in China. 10. Five of the 10 wealthiest cities in the world are in the U.S. Loudoun County is located in the Commonwealth Virginia, with a population of 375,000 people. 24/7 Wall Street reviewed income levels in 382 metropolitan . These are of very low quality and should be avoided. Today, Boston is a center of learning with many stellar educational institutions like MIT and Harvard, which contribute greatly to Bostons economy. Though San Francisco relishes in its economically wealthy reputation due to the nature of Silicon Valley and its billionaire population, Los Angeles enjoys a similar status. Not surprisingly, China is home to three of these cities, including Hong Kong (SAR). Besides thriving on industries related to finance, tourism, and media, London's wealth is also linked to the London Stock Exchange (LSE). Are you interested in testing our business solutions? London and the rest of the United Kingdom finally left the European Union on January 31st, 2020. Caloocan City: $360 million. The billionaire's rank, nationality, and source of his or her wealth is listed. Its wealthiest resident, , chairman and CEO of Internet media behemoth Tencent Holdings, is the, . Fortune 500 companies located in the Rhine-Ruhr metropolitan area include: ThyssenKrupp AG, RWE AG, Bayer AG, Evonik Industries, among others. Ian Lurie on Quora calls Seattle "one of the most beautiful U.S. cities you'll find, with lots of lakes, the bay, mountains and green stuff.". Beijing also has a sizeable billionaire population of 100 people, compared to any other international city. It is the largest urban economy on the planet. The methodology of calculating GDP may differ between the studies and are widely based . Quezon City: $1.69 billion. With about 2,320 multi-millionaires calling Paris home, the backbone of this European city relies on hospitality, commerce, transportation, and other services. 2 on the list, but the city recorded a net loss of eight billionaire residents. Being the largest city of the country, Mumbai is extensively . With the onset of free-market reforms in the 1990s, Beijing saw its economic development soar. There are 4,000 cities and towns in India. Km. 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. New York City: 107 Billionaires. . Delhi City. This includes the burgeoning FinTech, or financial technology industries. 2. Macao SAR will climb from 17th in 2020 to 9th in 2021. 5. "Leading cities with the most billionaires in 2022." To use individual functions (e.g., mark statistics as favourites, set Richest Asian Countries 2023 - worldpopulationreview.com Even though the city was riddled with the effects of the pandemic, Job growth occurred with another 5,700 jobs added. Top 50 richest actors in the world: Who is the wealthiest? London has been the worlds wealthiest city for years, but over the past decade there has been an outflow of millionaires. For the first time, revenues from Global 500 companies in Greater China (including Taiwan). [3] The methodology of calculating GDP may differ between the studies and are widely based on projections and sometimes approximate estimations, notably for cities that are not within the Organisation for Economic Co-operation and Development. Each of the columns in the table is sortable by pressing on the arrows at the head of the column: Cities (metropolitan areas) by percentage of national GDP. Top 100 cities with highest median household income - City-Data Sy Siblings Still at Top. The cities shown in our visualization are already well-established locations for high-net-worth individuals. 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. Singapore has one of the highest densities of millionaire households in Asia, with over 5% of households having at least $1 million USD in net financial assets. Some cities have some obvious billionaires that come to mind. In fact, the average annualy income in these neighborhoods is typically over 100,000. Its also host to the headquarters of around 75 percent of the worlds Fortune 500 companies. Singapore broke into the top 10, replacing Seoul, which was No. Leading cities with the most billionaires in 2022 [Graph]. 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. This is because they are supposed to get a better idea, Read More When is it OK to Buy a House Site Unseen as an Investor?Continue, You might be thinking of relocating to New Hampshire for work or other reasons. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). Other notable NYC billionaire residents include hip-hop superstar, , the widow of former Koch Industries magnate. Basically, the metropolitan areas of Maastricht. As of March 2023, MacKenzie Scott's net worth is estimated to be $33.3billion. And for the sixth year in a row, more billionaires call New York City home than any other city in the world. Fortune 500 companies include Comcast, Colonial Penn, Sunoco, Aramark, CIGNA, Lincoln Financial Group, and more. Due to heavy investment into research and development, high-tech companies in Shenzen have consistent government support. Its wealthiest resident, Ma Huateng, chairman and CEO of Internet media behemoth Tencent Holdings, is the second-richest person in China, after Alibaba cofounder Jack Ma. Looking to the future, companies and high-net-worth individuals will inevitably move where they are treated best. Adding to the diversity are biotech companies and information technologies. E-commerce has seen a boom in China since millions of citizens were locked down in an effort to slow the spread of the coronavirus in January, boosting the fortunes of online retail titans like Colin Huang. Additionally, the citys real estate market is known for being expensive, with sky-high property values and rents. Industries that have found success in the city include food processing, manufacturing, publishing, insurance and tourism. Of the top 50, the city with the biggest jump in the rankings was Austin, Texas, which moved up 18 spots from 2017 to claim No. Countries that want to attract wealthy individuals will have to apply tax-friendly policies along with other factors such as quality of life, safety, education, and access to amenities that ultra-wealthy residents value. Frankfurt in Germany is the second richest city after Dublin with an income of $102,941 per capita. Beijing also has the dubious distinction of being the knock-off capital of the world. It goes without saying that due to its history tourism is a huge draw when it comes to obtaining revenue. Mapped: The Top 10 Billionaire Cities - Visual Capitalist Everything from financial services, fashion, digital media, the food/beverage industry and tech found a home in Toronto. These four cities are home to 228 billionaires. Tokyo may not be as wealthy as New York, but this megacity remains one of the richest cities in Asia. She was the wife of Jeff Bezos, founder of Amazon. Although she spends most of her time writing, she also enjoys spending time with her husband and four children, watching films, cooking, dining out, reading, motorsports, gaming, and walking along the beach next to her house with her dog. London is ranked second with $2.7 billion in private wealth. Their net worth is based on the data from 2022 available on their respective Forbes profiles. Standing as Russia's capital for centuries, the country's national wealth has been building in Moscow since the 1990s after the fall of the Soviet Union. 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. Rankings of Cities and Municipalities are based on the sum of their scores on 4 Pillars: Economic Dynamism, Government Efficiency, Infrastructure, Resiliency, and Innovation.Provincial rankings are based on population and income weighted average of the Overall scores of cities and municipalities under a province. Billionaire refers to U.S. dollar billionaire. Here are the top 10 cities in Africa where the most rich people live Founded in 1630, Boston is one of our countries oldest cities. You can only download this statistic as a Premium user. The 10 Richest Cities in the World - WorldAtlas The PPP value of a city (or country) is commonly used by macroeconomic analysts and economists, as its a popular metric to determine a city's standard of living and economic prosperity. Top 100 City Lists Top 100 cities with highest median household income Top 100 cities with highest median household income Previous toplist Next toplist New! Top 100 Poorest Countries in the World (2023) - Information In an attempt to rank the cities of the world according to wealth, we will use the Purchasing Power Parity (PPP) as a means of comparison. Industries that contribute to New York Citys economy are health care, tourism, real estate, tech, publishing, fashion, media and insurance, among others. Despite being significantly smaller than Los Angeles, San Francisco houses more millionaires than its southern California counterpart. 1. 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 . On a related note, there is a sizeable population of secondary homeowners in London. Once a leader in the manufacturing industry, that industry has been bowing to more modern industries like high tech, financial services and electronics. 4. Dallas is known to attract innovation, and one look at some of the top companies in Dallas proves it: AT & T, Texas Instruments, Pinnacle Group, Solera and Capital Networks, among others. Besides being a major educational hub and commercial space, Tokyo's economy relies on industries related to healthcare, communications, transportation, and real estate. New York's richest person and former mayor, Michael Bloomberg, is worth $59 billion. Click on the headers to reorganize columns. 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. This included plans of action to assist with rent, taxes, business subsidies and more. 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. Boasting a population of over 300,000 resident millionaires, Tokyo is also home to a dozen billionaires. The Southeast Asian city-state gained nine new billionaires since 2019, while the South Korean capital recorded a net loss of ten members of the three-comma-club. Cairo Cairo Pyramids Hotel - Cairo, Egypt (photo: Marriott) ADVERTISEMENT Located along the Nile River, Cairo is one of the. If that is the case, knowing its cost of living is vital. The typical American household earns $57,617 per year. The Periodic Table of Commodity Returns (2013-2022), Visualizing 25 Years of Lithium Production, by Country, Ranked: The Worlds Largest Copper Producers, All the Metals We Mined in 2021: Visualized, Chart: Automakers Adoption of Fuel-Saving Technologies, Explainer: What to Know About the Ohio Train Derailment, A Visual Crash Course on Geothermal Energy.