The Abode of the wealthy: Unveiling the Top 20 Cities with Billionaire Population
- by Dexter D.
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World's Richest Cities Unveiled: Top 20 Cities with Largest Fortunes Globalwide - Prosperity Resides Here: Identifying the Top 20 Richest Cities Globally
What defines the wealth of a city? Is it the total produce or the taxes collected? Or is it the purchasing power, which signifies the disposable income of its inhabitants? In the realm of Germany, economical institutions such as GfK collect this latter information and demonstrate where the riches reside.
Millionaires and Magnificence?
For cities in the USA, China, or even Russia, such numerical data doesn't exist. To draw conclusions regardless, inquisitive minds employ a tactic: they merely count the number of millionaires and billionaires and deduce that places with an abundance of these high-net-worth individuals will also benefit many others.
However, this supposition isn't always accurate, as seen in India: Despite the presence of 50 billionaires in Mumbai and Delhi, many of the city's residents are unlikely to reap the benefits of the rich few's wealth.
The Billionaire Boom
The British consulting firm Henley and Partners, offering a sort of citizenship assistance for the affluent, compiles a list of cities housing numerous super-rich residents. Considering billionaire density, the growth rate of wealth takes precedence over the number of (multi-)millionaires.
Here's an intriguing fact: In 2020, the sum of billionaires worldwide surged by 141, bringing the total to an astonishing 2781[1]. That averages to one new billionaire every 2.5 days! Since 2001, their number has nearly sextupled. At the very pinnacle, French entrepreneur Bernard Arnault, Amazon founder Jeff Bezos, and Tesla CEO and advisor to Donald Trump, Elon Musk, continue their race to the top[1].
A Peek into the Gallery of Wealth
- Prosperity
- USA
- China
Further Findings
The British consulting firm, Henley and Partners, doesn't provide a specific ranking of cities based on the density of billionaires. However, they disclose the number of millionaires and billionaires living in various cities. For instance, Singapore is recognized for its high concentration of millionaires, boasting a staggering four millionaires per 100 residents[2]. New York City and the Bay Area top the charts for the number of millionaires and billionaires, yet specific billionaire density figures aren't documented by Henley and Partners in the sourced information[2].
Cities of significant affluence include:- Monaco: Home to over 40% of its population as millionaires[1]. The billionaire density, however, remains unspecified[1].- New York City: Leading globally with 66 billionaires[2].- The Bay Area: With 82 billionaires, it ranks second[2].- Singapore: Resides at number three with 30 billionaires[2].
- The growth in the number of billionaires worldwide has been significant, surging by 141 in 2020, resulting in a total of 2781.
- The British consulting firm, Henley and Partners, compiles a list of cities with a high number of super-rich residents, prioritizing billionaire density over the number of millionaires.
- Two cities in the USA, New York City and the Bay Area, have a high number of millionaires and billionaires, but specific billionaire density figures aren't documented by Henley and Partners.
- Community policies and wealth management strategies could play a crucial role in ensuring that the benefits of a city's billionaire population are not confined to a select few, as seen in India. Employment policies could also be a measure to address income disparities among the city's citizenship.
