NYC tops global billionaire list, China wealth hubs decline
New York City has the highest number of billionaires in the world—144. About 30 percent of the richest people on Earth live in just 15 cities. Economic issues in China have contributed to a decline in the number of billionaires across all three of its major wealth hubs.
8:37 AM EST, November 24, 2024
According to the latest "Billionaire Census 2024" report by Altrata, the number of people with a fortune of at least $50 billion has increased by 4 percent compared to last year. There are now 3,323 such individuals.
During this period, billionaires increased the size of their fortunes by a total of 9 percent. According to Business Insider, these fortunes now total $12.1 trillion.
Among all cities, New York 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 (87) and London (78) each gained three new billionaires. Moscow rounds out the top five, having added only one new billionaire and now totaling 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 U.S. gained five new billionaires and now has 62. The capital of China lost two members of the elite club and fell to seventh place, with 60 billionaires currently residing there.
The largest percentage increase of new billionaires (15.9 percent) was recorded in India. There are now 304 of the world's richest people residing there, with 40 in Mumbai (formerly Bombay).
