Determining the richest city in the world can be difficult. This is because many different factors can be used to determine the wealth of a city. For example, gross domestic product or GDP can be used as a measure of the wealth of a city. In its simplest terms, the GDP of a region (such as a country or city) is defined as the prices of goods and services produced within that region. To be a bit more specific, GDP is calculated using the following formula:
Personal Consumption Expenditures + Business Investment + Government Spending + (Exports – Imports)
New York City
New York is still the billionaire capital, despite a net loss of six billionaires since last year. Not only is it home to most members of the three-comma-club, but it’s also the wealthiest billionaire city – $208 billion more than runner-up Paris in terms of net worth of billionaire residents. Nearly a quarter of the city’s wealth is concentrated between its richest citizen, Michael Bloomberg (estimated net worth: $94.5 billion), and second-richest, Julia Koch ($59 billion). Notable drop-offs include Alex Atala and Devin Finzer, co-founders of NFT marketplace OpenSea.
The capital of Japan ranks among the world’s richest cities with 304,900 millionaires and 12 billionaires calling the city their home. The city has a GDP of around 1.5 trillion dollars despite it being a fairly small city in a very small country. There are a fewer billionaires as compared to millionaires in Tokyo due to even wealth distribution.
San Francisco Bay Area
The San Francisco Bay Area, also known simply as the Bay Area, includes the city of San Francisco and Silicon Valley and is home to 276,400 millionaires and 62 billionaires. Being a global center for high technology and innovation, Silicon Valley attracts tech billionaires and the number of millionaires living in the area is also increasing.
The number of London billionaires fell by three in 2022 as the city fell from its No. 4 spot in 2022. Charles Dunstone, founder of telecommunications company Carphone Warehouse, and Denis Sverdlov, Russian founder and CEO of electric vehicle startup Arrival, have seen fortunes slide. Three comma threshold. The only new billionaire in town is Alexander Gerko ($5 billion), a Russian native who founded algorithmic trading firm XTX Markets and is set to benefit from huge dividends in 2022.
After Tokyo, Singapore is the second city-state from Asia to be featured in the list of richest cities in the world 2023 and ranks at fifth. Considered as one of the top destinations for migrating millionaires, the city encompasses 249,800 millionaires and 26 billionaires. Singapore is also regarded as the world’s most business-friendly city.
Also known as the entertainment center of the world, Los Angeles is one of the largest and most populous cities in the United States. Hollywood is one of the major attractions of this city, followed by the Central Los Angeles Skyline, Griffith Observatory, City Hall, Venice Beach, Echo Park and more. Additionally, LA is also home to 192,400 millionaires and 34 billionaires.
Hong Kong making a comeback are two tycoons who have benefited from China’s reopening and a boost in travel demand: Zhao Tongtong ($1.3 billion), cofounder of hotel chain operator H World Group, and Lawrence Ho ($1.2 billion), who controls Hong Kong-listed casino operator Melco Resorts.
Beijing is the capital of China where the head offices of most major Chinese companies are located. With 131,500 millionaires and 44 billionaires, the city ranked ninth among the world’s richest countries in 2023 and only the third Asian city to do so. When it comes to the number of billionaires, only New York City and the San Francisco Bay Area top Beijing.
One of the few Chinese cities to gain ten-figure rank members this year, new Shanghai residents include Tang Rui ($1.5 billion), founder of autonomous driving startup Zongmu Technology; Chen Yin ($1.3 billion), yard chair and do-it-yourself tools company Greenworks; and Liu Yixiong ($1.1 billion), CEO of Shanghai Chicmax Cosmetic. Colin Zheng Huang, the founder of e-commerce giant PPD Holdings (formerly Pinduoduo), is now the city’s richest citizen and the third biggest gainer on the Forbes list, as PPD’s stock rose from $18.9 billion to an estimated $30.2 billion . Have a guess. doubled in the last year.
The first city from Australia to enter the list of richest cities is Sydney. There are 129,500 millionaires and 16 billionaires residing in this small but peaceful city. Sydney has an advanced market economy with strengths in finance, manufacturing and tourism and ranks among top cities in the world for economic opportunity.