Apr 30, 2024
There are a record 2,781 billionaires spread across the globe in 2024, residing in locations as diverse as the Isle of Man and Manantiales, a small fishing village and resort in Uruguay. However, the majority are concentrated in a handful of elite cities.
Nearly a quarter of the world’s billionaires, collectively worth $3 trillion, live in just ten cities across six countries, according to Forbes’ 2024 World’s Billionaires list. Leading the pack is New York City, home to 110 billionaires with a combined net worth of $694 billion. The Big Apple has consistently dominated the rankings, claiming the top spot for all but one of the past 11 years (Beijing briefly claimed it in 2021). New York’s billionaires include 62 Wall Street financiers, 14 real estate magnates, and 12 leaders in fashion and retail. Notable residents include media mogul Michael Bloomberg ($106 billion) and Julia Koch ($64.3 billion), heir to Koch Industries.
Hong Kong and Moscow are tied for second place, each hosting 74 billionaires. Hong Kong added two billionaires to its ranks, while Moscow climbed from sixth place last year after gaining 12 billionaires, a rebound following earlier economic fallout from Russia’s invasion of Ukraine.
Mumbai saw one of the most significant gains, moving from seventh to fourth place by adding 13 billionaires, bringing its total to 69. The city is home to Asia’s richest person, Mukesh Ambani ($116 billion), and Shapoor Mistry ($9.9 billion), an Irish citizen with roots in Mumbai’s engineering and construction industry.
Some cities, however, experienced losses. Shenzhen dropped out of the top 10, losing 17 billionaires and falling to 12th place. Other Chinese cities, including Beijing and Shanghai, remain in the top 10 but experienced declines due to economic challenges in the country.
Meanwhile, cities like San Francisco and Los Angeles saw growth, partly due to the inclusion of surrounding areas in Forbes’ methodology. These additions brought celebrity billionaires like LeBron James ($1.2 billion) and Kim Kardashian ($1.7 billion) into Los Angeles’ ranks. San Francisco added 13 billionaires, many from its tech-driven economy, including OpenAI CEO Sam Altman ($1 billion).
Here are the top 10 cities with the most billionaires:
1. New York City
- Total billionaires: 110
- Change from last year: +9
- Total net worth: $694 billion
- Richest resident: Michael Bloomberg ($106 billion)
2. Moscow (tie)
- Total billionaires: 74
- Change from last year: +12
- Total net worth: $378 billion
- Richest resident: Vagit Alekperov ($28.6 billion)
2. Hong Kong (tie)
- Total billionaires: 74
- Change from last year: +4
- Total net worth: $326 billion
- Richest resident: Li Ka-shing ($37.3 billion)
4. Mumbai
- Total billionaires: 69
- Change from last year: +13
- Total net worth: $379 billion
- Richest resident: Mukesh Ambani ($116 billion)
5. Beijing
- Total billionaires: 63
- Change from last year: No change
- Total net worth: $211 billion
- Richest resident: Zhang Yiming ($43.4 billion)
6. London
- Total billionaires: 62
- Change from last year: -1
- Total net worth: $326 billion
- Richest resident: Len Blavatnik ($32.1 billion)
7. Shanghai
- Total billionaires: 54
- Change from last year: -11
- Total net worth: $167 billion
- Richest resident: Colin Huang ($38.9 billion)
8. Los Angeles
- Total billionaires: 53
- Change from last year: +19
- Total net worth: $222 billion
- Richest resident: John Tu ($13.6 billion)
9. Singapore
- Total billionaires: 52
- Change from last year: +6
- Total net worth: $156 billion
- Richest resident: Eduardo Saverin ($28 billion)
10. San Francisco
- Total billionaires: 50
- Change from last year: +13
- Total net worth: $185 billion
- Richest resident: Dustin Moskovitz ($18.3 billion)
These cities highlight the concentration of global wealth and power, with many serving as hubs for finance, technology, and commerce. As billionaire numbers grow, these metropolises remain the focal points of extraordinary affluence. For more global insights, visit GlobalWorldCitizen.com.