Out of 2095 billionaires of the 2021 Forbes billionaire list, more than 550 live in just 10 cities of the world, contributing significantly to the city’s net worth.
Here is the list of the 12 richest cities in the world:
|RANK||RICHEST CITY IN THE WORLD||NET WORTH (USD)|
|1||New York City, USA||$424 billion|
|2||Hong Kong, Hong Kong||$321 billion|
|3||Moscow, Russia||$301 billion|
|4||Beijing, China||$218.5 billion|
|5||London, United Kingdom||$212.7 billion|
|6||Shanghai, China||$130.7 billion|
|7||Shenzhen, China||$120.2 billion|
|8||Mumbai, India||$119.3 billion|
|9||San Francisco, USA||$90.7 billion|
|10||Singapore, Singapore||$85.3 billion|
|11||Hangzhou, China||$80.7 billion|
|12||Chicago, USA||$75.5 billion|
Let’s read about these cities a bit more and the source of their wealth –
1. New York City, USA
With 92 billionaires currently residing in NY City, it comes as no surprise that New York City tops the list of the World’s Richest Cities. The city took the top spot for the straight sixth year with a net worth of $424 billion. The number of billionaires has increased by eight since 2019.
Michael Bloomberg, who is the founder and co-owner of Bloomberg L.P and also the former mayor of the city is the richest resident with a net worth of $48 billion.
2. Hong Kong, Hong Kong
Hong Kong remains in the second spot with a net worth of $321 billion. The number of billionaires has reduced from 79 to 71 in 2021.
The country suffered a huge loss after property prices fell across the area in late 2019, damaging the real estate industry which is the major economic driving industry of Hong Kong. The richest resident, Lee Shau Kee has a net worth of $28.1 billion.
3. Moscow, Russia
The capital of the biggest country finds itself in the third position on the list of the world’s richest cities. It is the only city, besides Shenzen, where every billionaire is self-made.
The city has an estimated net worth of $301 billion. 70 of the world’s top billionaires reside here with Vladimir Potanin, former First Deputy Prime Minister of Russia, being the richest person with a net worth of $19.7 billion.
4. Beijing, China
China’s capital is placed fourth on the list with the net worth of the city being close to $218.5 billion. The number of billionaires rose by six since last year to reach a total tally of 67 billionaires.
Zhang Yiming, who is the founder and former CEO of ByteDance and also known for creating TikTok, is the richest man in the city with a net worth of $16.2 billion.
5. London, United Kingdom
The capital of the United Kingdom has a net worth of $212.7 billion and is placed fifth on the world’s richest cities list. The city’s fortune took a hit after leaving the European Union in January 2020, but the number of billionaires has increased to 56 in2021.
The city’s richest resident is Len Blavatnik, an American-British businessman, investor, and philanthropist, with a net worth of $17 billion.
6. Shanghai, China
The financial and commercial core of mainland China is the sixth richest city in the world with a net worth of $130.7 billion.
Shanghai saw a boom in the e-commerce industry after the nationwide lockdown was announced to stop the spread of the coronavirus. Colin Huang, founder and former CEO of e-commerce company Pinduoduo is the richest person in Shanghai with an estimated net worth of $16.5 billion.
7. Shenzhen, China
The Chinese city which is the hub for manufacturing and export across from Hong Kong has a net worth of $120.2 billion and is placed seventh.
The city is home to 44 billionaires of the world with the richest inhabitant being Ma Huateng, CEO of Asia’s biggest company Tencent. Even after being in a cold trade war against the US, the city’s billionaires have added $29.7 billion to their collective net worth since 2019.
8. Mumbai, India
Another Asian city in the list of the wealthiest cities in the financial capital of India. The extravagant city of Mumbai has 38 billionaires and has an estimated worth of $119.3 billion.
The richest man in the country resides in the city and has a net worth of $36.8 billion. Mumbai is the largest city in the country in terms of population with more than 12.4 million residents and generates more than 6% of the whole country’s GDP.
9. San Francisco, USA
The three principal cities of the San Francisco Bay Area represent different employment clusters and are dominated by different industries. The city has a net worth of $90.7 billion.
The city also has 30 companies out of the top 500 revenue-generating companies of the US, making it the second richest city in the US after NY City. The wealthiest resident is Dustin Moskovitz, co-founder of Facebook with a wealth of $9.3 billion.
10. Singapore, Singapore
One of the richest Asian cities is placed tenth on this list with a total net worth of $85.3 billion. The number of billionaires in the city has increased to 31 from 22 last year.
Singapore attracts a large amount of foreign investment as a result of its location, low tax rates, skilled workforce, advanced infrastructure, and zero-tolerance against corruption. Zhang Yong, China’s richest restaurateur is the richest resident of the city with a net worth of $11 billion.
11. Hangzhou, China
One more city from mainland China is Hangzhou with a net worth of $80.7 billion. The city is the home of 47 billionaires of the world making it the 11th richest city in the world. The city is also home to China’s richest man and CEO of the Alibaba group Jack Ma.
Apart from being the headquarters for the tech giant, the city has developed many new industries, including medicine, automotive components, household electrical appliances, fine chemicals, chemical fiber, and food processing, etc.
12. Chicago, USA
The third most populous city of the US is also one of the richest cities in the world. It has a net worth of more than $75.5 billion and more than 35 of the world’s billionaires reside here. Chicago hosts more than 12 companies that are included under the Fortune Global 500 list. Ken Griffin, the founder of Citadel, a hedge fund firm that manages $35 billion in assets, is the wealthiest resident here.
These are the 12 richest cities in the world. The dominance of the Asian-Pacific region could easily be seen with 23% of the world’s billionaires living here. As China and other countries continue to progress economically, more billionaires are expected to become east-based.
Let’s see a quick recap of the world’s richest cities as of 2021 –
- New York City, USA
- Hong Kong, Hong Kong
- Moscow, Russia
- Beijing, China
- London, United Kingdom
- Shanghai, China
- Shenzhen, China
- Mumbai, India
- San Francisco, USA
- Singapore, Singapore
- Hangzhou, China
- Chicago, USA