Billionaires represent a global elite whose economic, political, and social influence is often disproportionate to their numbers. These individuals, whose fortunes exceed a billion dollars, often reside in certain major cities around the world that serve as financial centers and business hubs. These cities attract entrepreneurs, investors, and business tycoons due to investment opportunities, favorable taxation, and developed infrastructure.
In this article, we will explore the Top 10 cities in the world with the most billionaires in 2024, according to the latest data, and analyze the reasons why they have become preferred destinations for the world's wealthiest individuals.
Top 10 cities in the world with the most billionaires in 2024
10. San Francisco (United States)
Number of billionaires: 52
San Francisco and its surrounding area, Silicon Valley, are epicenters of technology and innovation. Major giants are based here, attracting numerous entrepreneurs and investors. Apple, founded by Steve Jobs, Steve Wozniak, and Ronald Wayne, is one of the most valuable tech companies in the world, with flagship products like the iPhone. Google, founded by Larry Page and Sergey Brin, dominates the online search, advertising, and technology services sector with products like YouTube and Android. Tesla, led by Elon Musk, is a global leader in the electric vehicle industry.
9. New Delhi (India)
Number of billionaires: 57
India's capital, with its rapid growth in sectors such as technology, real estate, and commerce, has become a major destination for the ultra-rich. Notable companies include Reliance Industries, led by Mukesh Ambani, a diversified conglomerate active in oil, telecommunications, and retail, and Adani Group, founded by Gautam Adani, which is involved in energy, infrastructure, and natural resources.
8. Moscow (Russia)
Number of billionaires: 59
Although the geopolitical situation in Russia has impacted the wealth of billionaires, Moscow remains an important financial center, particularly in the energy and natural resources sectors. Notable companies include Lukoil, an oil company led by Vagit Alekperov, one of Russia's richest men, and Severstal, led by Alexey Mordashov, a major steel producer in Russia.
7. Hong Kong (China)
Number of billionaires: 65
Despite recent political challenges, Hong Kong remains an international financial hub with favorable taxation and exceptional connectivity, attracting a clientele of billionaires. Notable figures include the Li Ka Shing Foundation, one of the wealthiest and most influential figures in Hong Kong, with investments in telecommunications and real estate through CK Hutchison. Hysan Development, led by Lee Shau Kee, another Hong Kong billionaire, is the major shareholder of this large real estate company.
6. Shenzhen (China)
Number of billionaires: 84
Shenzhen, a major tech hub, is often compared to China's Silicon Valley. Companies based here contribute to the creation of vast fortunes, such as Tencent, founded by Pony Ma, a tech giant known for its apps like WeChat, and BYD, founded by Wang Chuanfu, a company specializing in electric vehicles and batteries.
5. Shanghai (China)
Number of billionaires: 87
Shanghai is a global financial center and a growth engine for Chinese companies, attracting a significant portion of the country's wealth through its financial and tech industries. Notable companies include Alibaba, founded by Jack Ma, a major conglomerate in e-commerce and technology, and Shanghai Fosun Pharmaceutical, led by Guo Guangchang, a key player in the pharmaceutical and investment sectors.
4. Beijing (China)
Number of billionaires: 91
The Chinese capital continues to dominate with giants like Baidu, founded by Robin Li, the leading search engine in China and a major player in artificial intelligence, and JD .com founded by Richard Liu, a major e-commerce player in China, competing with Alibaba.
3. Mumbai (India)
Number of billionaires: 92
Mumbai is India's economic and financial hub, with a high concentration of billionaires from sectors such as real estate, finance, and consumer goods. Notable companies include Tata Group, led by the Tata family, a conglomerate with major businesses in automotive (Tata Motors), steel (Tata Steel), and other sectors, and Bharti Enterprises, founded by Sunil Mittal, best known for Airtel, a telecommunications leader in India.
2. London (United Kingdom)
Number of billionaires: 97
London remains a top destination for billionaires, largely due to its status as a global financial center. The city is a crossroads for real estate, finance, and fashion. Notable companies include ArcelorMittal, led by Lakshmi Mittal, the world's largest steel producer, and Tesco, led by John Allan, the largest supermarket chain in the United Kingdom.
1. New York (United States)
Number of billionaires: 119
New York is the undisputed leader with the highest number of billionaires. The city is home to tycoons in finance, technology, and real estate, thanks in part to Wall Street and its role as a global economic center. Notable companies include Amazon, founded by Jeff Bezos, a global leader in e-commerce and cloud services, and Berkshire Hathaway, led by Warren Buffett, an investment firm that holds a wide range of businesses, from insurance to consumer goods.
Out of Ranking: Paris (France)
Number of billionaires: 43
Paris remains a major hub for billionaires, particularly in the luxury and fashion sectors, although it is not yet in the top 10 of the wealthiest cities in the world. Notable companies include LVMH (Moët Hennessy Louis Vuitton), led by Bernard Arnault, the global leader in luxury with iconic brands like Louis Vuitton, Christian Dior, and Moët & Chandon. Chanel, owned by the Wertheimer family, manages this prestigious fashion and perfume brand, with fortunes rooted in haute couture.
These cities continue to attract considerable fortunes due to their developed infrastructures, dynamic economic sectors, and global influence. The number of billionaires in these metropolitan areas reflects their economic significance and key role in global finance and innovation.
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