NYC leads billionaire boom as global wealth reshapes cities
New York City has the highest number of billionaires in the world—144 in total. About 30% of the world's richest people live in just 15 cities. Economic issues in China have contributed to a decline in the number of billionaires across its three major wealth hubs.
According to the latest "Billionaire Census 2024" report by Altrata, the number of people with a fortune of at least 50 billion dollars has increased by 4% compared to last year. There are now 3,323 individuals with this level of wealth.
During this period, billionaires increased the size of their fortunes by a total of 9%. According to Business Insider, these fortunes now amount to 12.1 trillion dollars.
Among all cities, New York has recorded the largest increase in the number of billionaire residents. Currently, 144 billionaires live in the Big Apple. This is nine more than last year.
Hong Kong ranks second with 107 billionaires, although it lost five in 2023. San Francisco, with 87 billionaires, and London, with 78, each gained three new billionaires. Moscow rounds out the top five, having added only one new billionaire, bringing its total to 77.
Most of the top-ranked billionaire cities increased their super-wealthy populations, with the U.S. cities of New York and Los Angeles recording the strongest growth. The headwinds affecting the Chinese economy brought about a decline in billionaire numbers in all three of China’s largest wealth centers: Beijing, Shenzhen and Hangzhou, as well as in Hong Kong, according to "Robb Report" magazine.
The most new billionaires in India
As noted, this allowed Los Angeles to surpass Beijing, moving up to sixth place. The city in the western USA gained five new billionaires and now counts 62 among its residents. The capital of China lost two members of the elite club, dropping to seventh place, with currently 60 billionaires living there.
The largest percentage of new billionaires (15.9%) was recorded in India. There are now 304 of the world's richest people residing in India, with 40 in Mumbai (formerly known as Bombay).
