The number of billionaires in the world hit a record number in 2024. According to Forbes, there are 2,781 billionaires spread around the globe this year mainly residing in a fraction of cities, unlike seen before.
Every year, new billionaires are recorded and some others drop off the list, Nearly a quarter of billionaires, worth a combined $3 trillion, live in one of ten elite cities in only six countries, according to Forbes’ latest World’s Billionaires list.
As the money goes around, some individuals have also been able to increase their wealth by capitalising on persistent wars and economic downturns. The inclusion of cities and towns in the vicinity, such as Santa Monica and Glendora, has contributed to the rise in the number of billionaires in certain regions like San Francisco and Los Angeles.
According to Forbes, these are the top 10 cities in the world home to 735 billionaires in 2024:
10. San Francisco
From the Golden Gate Bridge to Golden ticket holders, San Fransisco houses it all. Up to 50 billionaires in dollars call it home and after 13 more joined last year, bringing the total net worth to $185 billion. San Francisco is a haven to the big entrepreneurial gurus in the tech industry including San Francisco’s richest resident, Facebook and Asana co-founder Dustin Moskovitz with a net worth of $18.3 billion and OpenAI chief and tech investor Sam Altman worth $1 billion per Forbes.
9. Singapore
The fast-rising city mildly populated, but ultra-wealthy city is home to 52 billionaires. Since the city-state made it on the list at No. 9 last year, it gained a net of 6 billionaires, bringing its total net worth to $156 billion, and bumping it to No. 8. Singapore is home to Eduardo Saverin, a co-founder of Facebook worth $28 billion per Forbes, and its richest resident.
8. Los Angeles
Since last year, Los Angeles has gained up to 19 billionaires bringing the total number to 53 with a combined net worth of $222 billion. The boom in celebrity billionaires is boosting LA, which jumps into the top 10 amid Forbes’ new methodology for including surrounding areas. Billionaire Angelenos include NBA great LeBron James ($1.2 billion), reality star and shapewear mogul Kim Kardashian ($1.7 billion) and singer Rihanna ($1.4 billion). Its richest resident is John Tu, the co-founder of Kingston Technology worth $13.6 billion.
7. Shanghai
Shanghai hosts a total of 54 billionaires accounting for a total net worth of $167 billion, however, it lost the most billionaires among the top ten this year dropping from 65 to 54. Over half of those in Shanghai who are still billionaires are worth less than they did in 2023. Colin Huang, with a net worth of $38.9 billion, the founder of e-commerce giant PPD Holdings, gets $8.7 billion richer, becoming the global financial hub’s richest resident worth $38.9 billion.
6. London
London dropped from No. 4 on the list in 2022 to its current position at No. 6 but still hosts 62 billionaires in the world with a combined net worth of $326 billion. In 2023, the city lost one of its most iconic residents, Mohamed Al Fayed, known for being the one-time owner of London department store Harrod’s, who passed at age 94. London’s richest resident is British-American businessman Len Blavatnik who is worth $32.1 billion.
5. Beijing
A total of 63 billionaires reside in Beijing, China’s capital city, all with a combined net worth of $211 billion. The city lost 32 billionaires after its rise to No.1 on the ranks in 2021 when 100 Forbes listers lived there. The city gained two newcomers amid China’s economic battles. Its richest resident is Zhang Yiming, Former CEO of ByteDance worth $43.4 billion.
4. Mumbai
Mumbai houses the fourth-highest billionaires in the world and the 11th richest person in the world. The city is the financial centre of 1.4 billion-populated India, accounting for a total net worth of $379 billion from the 69 billionaires who live there, the richest being Mukesh Ambani, Asia’s richest man and 11th wealthiest person on earth with a net worth of $116 billion, per Forbes.
2. Hong Kong
Tied at number two with Moscow is Hong Kong with a total of 74 billionaires calling it home in 2024, all accounting for a total net worth of $326 billion. Its richest resident is Li Ka-shing, Senior Advisor of CK Hutchison Holdings worth $37.3 billion. Among its billionaire newcomers are Jean-Louis van der Velde ($3.9 billion), cofounder and CEO of crypto businesses Tether and Bitfinex, and Solina Chau ($3.1 billion), whose venture capital fund, Horizons Ventures, was among the earliest investors in tech companies like Facebook, Spotify, and Zoom.
2. Moscow
Moscow, Russia’s capital is home to 74 billionaires with a combined total net worth of $378 billion after 12 more were added since last year. Despite its persistent war with Ukraine, the city’s richest have managed to amass over $50 billion in additional wealth, taking it from 6th on the rankings to second in a tie with Hong Kong. The city’s richest resident is Vagit Alekperov, President of the oil company Lukoil who is worth $28.6 billion.
1. New York
New York is home to the most billionaires in the world. The Big Apple remains the billionaire capital of the world– a position it has held in 9 of the last 10 years– with over 110 billionaires living in the city, with a total net worth of $694 billion. The city’s two richest residents, Michael Bloomberg, with an estimated net worth of $106 billion and Julia Koch with a net worth of $64.3 billion make up a quarter of its billionaire wealth.
