By Vikas Shukla. Originally published at ValueWalk.
The stock market rout over the last couple of months has wiped out nearly $15 trillion worth of investors’ money worldwide. Dozens of wealthy individuals have lost their billionaire status. But there are still 2,095 billionaires on the planet, according to Forbes magazine’s latest World’s Billionaires list. Forbes pointed out that 552 billionaires live in just ten cities. So, which cities are home to the most number of billionaires? Let’s check out.
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According to Forbes, Jeff Bezos remains the richest person in the world with a net worth of $113 billion. He is followed by Bill Gates with $98 billion. Both Bezos and Gates live in the Greater Seattle area, which failed to earn a place among top ten cities with the most billionaires. However, eight of the ten richest people on the planet are from the United States.
As many as three Chinese cities found a place among the top ten. Beijing and Shanghai retained their respective spots from last year while Shenzhen jumped one spot to 7th place.
These ten cities are homes to the most billionaires
10- Singapore, 31
Singapore is one of the world’s wealthiest and biggest financial centers. The total number of billionaires in the island city jumped from 22 to 31. The combined net worth of Singapore’s billionaires is $95.3 billion. Zhang Yong, chairman of Sichuan hot pot chain Haidilao, is the wealthiest individual with a net worth of $11 billion.
9- San Francisco, 37
The global technology hub is home to 37 billionaires, down from 42 last year. Their total net worth is $90.7 billion. Facebook co-founder Dustin Moskovitz is the richest individual living in San Francisco. He has a net worth of $9.3 billion. Facebook CEO Mark Zuckerberg has a much higher net worth of $57.3 billion, but he lives outside San Francisco in Palo Alto.
8- Mumbai, 38
Mumbai is the financial capital of India. The 38 billionaires in the city have a combined net worth of $149.3 billion. Reliance Industries chairman Mukesh Ambani is the richest individual in Mumbai with a net worth of $36.8 billion. The city has lost five billionaires since last year, but added six newcomers.
7- Shenzhen, 44
Shenzhen is one of China’s biggest manufacturing and export hubs. It is home to 44 billionaires, up from 39 last year. Their combined wealth is $220.2 billion. Tencent Holdings chairman and CEO Ma Huateng is the wealthiest individual in Shenzhen with a net worth of $38.1 billion. Huateng is the second-richest person in China after Alibaba’s Jack Ma.
6- Shanghai, 46
Shanghai has more billionaires than Shenzhen. But the combined net worth of billionaires in Shanghai is $130.7 billion, significantly lower than Shenzhen’s $220.2 billion. Pinduoduo chairman and CEO Colin Huang is the richest person in Shanghai with a net worth of $16.5 billion. Shanghai billionaires, especially those running online businesses, witnessed a strong growth in their fortunes as China locked down millions of its citizens to contain the COVID-19.
5- London, 56
London is a leading financial hub with 56 billionaires. Despite Brexit, the city added one new billionaire compared to last year. Len Blavatnik of Access Industries is the richest person in London with a net worth of $17 billion. Blavatnik is just one of the many international billionaires who have made London their home.
4- Beijing, 67
Beijing added six billionaires this year. The combined net worth of 67 billionaires in Beijing is $218.2 billion, according to Forbes. ByteDance founder and CEO Zhang Yiming is the wealthiest person in Beijing with a net worth of $16.2 billion. For the uninitiated, ByteDance is the owner of various popular apps including TikTok and Toutiao.
3- Moscow, 70
The Russian economy is not in the best shape. The US economic sanctions coupled with crashing oil prices and Coronavirus have hurt Russia and its billionaires. Moscow is still home to 70 billionaires, down from 71 last year. Notably, every single billionaire in Moscow is self-made. And most of them have close ties with President Vladimir Putin. The combined net worth of Moscow’s billionaires is $301.7 billion. Mining czar Vladimir Potanin is the richest person with a net worth of $19.7 billion.
2- Hong Kong, 71
Hong Kong retains its position as the city with the second most billionaires. It is home to 71 billionaires with a combined net worth of $321 billion. Hong Kong has lost eight billionaires since last year due to falling property prices. It is is a semi-autonomous, special administrative region (SAR) of China. Real estate mogul Lee Shau Kee is the richest person in Hong Kong with a net worth of $28.1 billion.
1- New York City, 92
New York City is the place 92 billionaires call their home. The Big Apple has gained eight new billionaires since last year. The combined net worth of New York’s billionaires is $424 billion. Michael Bloomberg, media titan and former Mayor, is the richest person in New York City with a net worth of $48 billion. He spent nearly a billion dollars on his failed Presidential campaign before dropping out of the race.
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