Ranking the Wealthiest Cities Around the World in 2023

Introduction:

11 cosmopolitan cities serve as residences for a significant proportion of the world's billionaires, constituting almost a quarter of their total population. Their combined wealth exceeds $2.8 trillion.

New York is once again the most popular city for the ultra wealthy. This year, out of 2,640 billionaires on Forbes’ World’s Billionaires list, 101 have made New York City their primary residence more than anywhere else in the world.

Asia, America, and the Middle East are home to additional popular destinations for individuals with substantial wealth. The majority of these top cities have maintained a consistent number of billionaires, with minor fluctuations of one or two individuals between 2022 and 2023. However, Singapore stands out as a notable exception, as it witnessed an increase of four of the world's wealthiest individuals during the same timeframe.

After a sharp drop in the number of billionaire residents last year, Moscow has bounced back. The Russian capital is now home to 61 billionaire residents, up from 53 last year as Russian wealth has largely rebounded from a low in 2022 thanks to rising commodity prices outpacing the impact of sanctions from the invasion of Ukraine.

Let's Take A Look At The Cities With The Most Billionaires in 2023!

11. San Francisco:

San Francisco is home to 37 billionaires, tying with Delhi. It has experienced a decrease of 7 billionaires since last year. San Francisco has a combined net worth of $114.2 billion, and its richest resident being Brian Chesky, who holds a fortune of $9.3 billion.

The tech world is reeling and the cracks in its hub are beginning to show. Home to Silicon Valley and the ultra-rich of the tech landscape, San Francisco lost a net of seven billionaires this year. Doordash cofounders Stanley Tang and Tony Xu ($843 million and $940 million, respectively) fell out of the ranks as the food-delivery app’s stock fell by 36% over the past year. Also out is Todd McKinnon ($641 million), CEO and cofounder of the cloud security company Okta. The only new addition to San Francisco’s tally is Sid Sijbrandij, founder of GitLab, who joins the group with a $1.2 billion fortune. The richest resident is still Airbnb cofounder Brian Chesky ($9.3 billion).

10. Delhi:

Delhi, along with San Francisco , boasts 37 billionaires, holding a tied position, but has seen an increase of 2 billionaires since last year. The total net worth of these individuals amounts to $116.4 billion, with Shiv Nadar being the wealthiest resident, amassing a fortune of $25.6 billion.

It’s a tie for the tenth city with the most billionaires, as Delhi and San Francisco go head to head with 37 billionaires each. Delhi is new to the top ten ranks, with a net gain of two, including Manohar Lal Agarwal ($1 billion), who runs Delhi-based Haldiram Snacks, as well as Saroj Rani Gupta ($1.2 billion), who cofounded APL Apollo tubes in 1986 with her late husband. Returning to Delhi’s ranks is Ashok Kajaria ($1 billion), whose company is India’s largest ceramic tiles manufacturer. The city’s richest citizen is Shiv Nadar ($25.6 billion), cofounder of one of India’s largest software service providers, HCL Technologies.

9. Singapore:

Singapore is home to 46 billionaires, marking a notable increase of 10 billionaires since last year. These affluent individuals collectively possess a total net worth of $133.3 billion. The richest resident of Singapore is Goh Cheng Liang, with a substantial fortune amounting to $14.3 billion.

Singapore joined the top of the ranks this year after welcoming four new billionaires and two returnees to the city-state’s count. Goh Cheng Liang, the owner of the fourth-largest paint manufacturer in the world, tops Singapore’s richest with an estimated net worth of $14.3 billion. Rejoining the list is Min-Liang Tan ($1.1 billion), founder of electronics company Razer. First-timers include Michael Kum ($1 billion), whose hospitality empire includes nine hotels across Europe and Asia, and Loo Choon Yong ($1 billion), who has more than 100 health clinics across Singapore.

8. Shenzhen:

Shenzhen accommodates 54 billionaires, although it experienced a decrease of 5 billionaires compared to the previous year. These individuals collectively possess a total net worth of $246 billion. The richest resident of Shenzhen is Ma Huateng, whose fortune stands at an impressive $35.3 billion.

Dropping from the No. 6 spot last year, Shenzhen had a net loss of five billionaires, including property tycoon Huang Shih Tsai ($840 million) and Ren Zhengfei, who leads telecoms hardware firm Huawei Technologies ($851 million). The city’s wealthiest individual is still Ma Huateng ($35.3 billion), CEO of internet giant Tencent.

7. Mumbai:

Mumbai is home to 56 billionaires, witnessing an increase of 5 billionaires since the previous year. These individuals collectively hold a total net worth of $276.4 billion. The richest resident of Mumbai is Mukesh Ambani, whose wealth amounts to a staggering $83.4 billion.

Mumbai has moved up one spot to become the No.7 most billionaire-heavy city, with a net gain of five new members of the three-comma club. Mukesh Ambani ($83.4 billion) continues to be its richest resident, with his fortune accounting for 30% of the city’s total billionaire wealth. Two of the six new additions to Mumbai’s tally are mall magnate Atul Ruia ($1.2 billion) and Abhay Soi ($1.2 billion), chairman of Max Healthcare Institute, India’s second-largest listed hospital by revenue.

6. Moscow:

Moscow accommodates 61 billionaires, experiencing a notable increase of 8 billionaires since the previous year. The collective net worth of these individuals reaches an impressive $307.1 billion. The wealthiest resident of Moscow is Vladimir Potanin, with a substantial fortune of $23.7 billion.

The war in Ukraine may be far from over and Western sanctions against many of Russia’s richest people remain in effect, but Moscow has risen from No. 7 to No. 6 and has the third richest citizens overall, in terms of total net worth. Its 61 billionaires are worth a combined $307 billion, $92 billion more than last year. Nearly two-thirds of the city’s citizens saw their wealth increase, two broke even, and only two saw their fortunes decrease. The city has 15 returning billionaires, including Roman Trotsenko ($3.2 billion), owner of Aeon Corporation, which operates more than 20 airports in Russia; pipe tycoons Anatoly Sedykh ($1.8 billion) and Dmitry Pumpyansky ($1.7 billion); and Sergei Katsiev ($1.6 billion), owner of Russia’s largest seller of tobacco products. Vladimir Potanin ($23.7 billion) took the place of Vladimir Lisin ($22.1 billion) as the city’s richest.

5. London:

London is home to 63 billionaires, although it has seen a decrease of 3 billionaires since the previous year. These individuals collectively possess a total net worth of $294.9 billion. The richest resident of London is Len Blavatnik, whose wealth amounts to a significant $32.1 billion.

London’s billionaire tally dropped by three as the city fell from its No. 4 spot in 2022. Charles Dunstone, founder of telecommunications company Carphone Warehouse, and Denis Sverdlov, the Russian founder and CEO of electric vehicle startup Arrival, saw their fortunes fall below the three-comma threshold. The city’s sole new billionaire is Alexander Gerko ($5 billion), a Russian native who founded the algorithmic trading company XTX Markets and benefited from hefty dividends in 2022.

4. Shanghai:

Shanghai holds 65 billionaires, experiencing an increase of 4 billionaires since the previous year. The combined net worth of these individuals amounts to $181.9 billion. The richest resident of Shanghai is Colin Zheng Huang, whose wealth reaches an impressive $30.2 billion.

One of the few Chinese cities to gain members of the ten-figure ranks this year, new Shanghai residents include Tang Rui ($1.5 billion), founder of autonomous driving startup ZongMu Technology; Chen Yin ($1.3 billion), chair of yard and do-it-yourself tools company Greenworks; and Lyu Yixiong ($1.1 billion), CEO of Shanghai Chicmax Cosmetic. Colin Zheng Huang, the founder of e-commerce giant PPD Holdings (formerly Pinduoduo), is now the city’s richest citizen and the third biggest gainer on Forbes’ list after upping his fortune by $18.9 billion to an estimated $30.2 billion as PPD’s stock more than doubled in the past year.

3. Beijing:

Beijing is home to 68 billionaires, although it has seen a decrease of 15 billionaires since the previous year. These individuals collectively possess a total net worth of $247.2 billion. The richest resident of Beijing is Zhang Yiming, whose wealth amounts to a substantial $45 billion.

China’s capital has continued to shed billionaires at a higher rate than any other city, with the city tumbling from its No. 1 spot in 2021 to No.2 in 2022 and now landing in third place. Among those who no longer have billion-dollar fortunes: Beijing resident Zhao Weiguo. A Chinese regulator has charged Zhao, the former chair of the government-backed semiconductor conglomerate Tsinghua Unigroup, with corruption. A bankruptcy restructuring left Zhao, who was reported to have “disappeared” from public view last year, without any holdings in Tsinghua Unigroup’s companies. Zhao could not be reached for comment. The founder of TikTok-owner ByteDance, Zhang Yiming ($45 billion), though $5 billion poorer than last year, remains the city’s wealthiest citizen.

2. Hong Kong:

Hong Kong is the residence of 70 billionaires, experiencing a modest increase of 2 billionaires since the previous year. These individuals collectively hold a total net worth of $286.8 billion. The richest resident of Hong Kong is Li Ka-shing, whose wealth amounts to an impressive $38 billion.

Hong Kong moved to the No. 2 spot this year with a net gain of two billionaires. Making a comeback are two tycoons who have benefited from China’s reopening and a boost in travel demand: Zhao Tongtong ($1.3 billion), cofounder of hotel chain operator H World Group, and Lawrence Ho ($1.2 billion), who controls Hong Kong-listed casino operator Melco Resorts.

1.New York City:

New York City is the home of 101 billionaires, witnessing a decrease of 6 billionaires compared to the previous year. These affluent individuals collectively possess a total net worth of $616.8 billion. The richest resident of New York City is Michael Bloomberg, whose fortune amounts to an astounding $94.5 billion.

Despite a net loss of six billionaires since last year, New York is still the billionaire's capital. Not only is it home to the most members of the three-comma-club, it is also the wealthiest billionaire city–more than $208 billion richer than runner-up Paris in terms of total wealth of billionaire residents. Almost a quarter of the city's wealth is concentrated among its reigning richest citizen, Michael Bloomberg (estimated net worth: $94.5 billion), and second-richest, Julia Koch ($59 billion). Notable drop-offs include Alex Attalah and Devin Finzer, cofounders of NFT marketplace OpenSea.

Conclusion/Note:

Based on the reports and Forbes data from April 2023, the cities mentioned represent the locations with the highest concentration of billionaires. However, it's important to note that rankings and information regarding the billionaire population may change over time. The dynamic nature of wealth distribution emphasizes the evolving landscape of global billionaires.