In a world where wealth knows no bounds, some cities stand out as the ultimate playgrounds for the ultra-rich. For the purpose of this article, we’re calling them billionaire hotspots. With a record-breaking 2,781 billionaires gracing the global stage, peering into their chosen abodes is fascinating. Let’s take a whirlwind tour of the top ten cities that house a staggering quarter of the world’s billionaires, flaunting their opulence from New York to Mumbai.

Top Ten Cities that are Billionaire Hotspots
1. New York City

Total billionaires: 110 | Since last year: +9 | Total net worth: $694 billion | Richest resident: Michael Bloomberg ($106 billion)

Ah, the iconic skyline of New York City, where dreams are as tall as skyscrapers and fortunes are made on Wall Street. With a jaw-dropping 110 billionaires calling the Big Apple home, it’s no wonder it reigns supreme as the billionaire capital of the world with an impressive 110 billionaires—nine more than the previous year. Astonishingly, the city’s two wealthiest residents alone account for a quarter of its billionaire wealth: media mogul and former mayor Michael Bloomberg ($106 billion) and Julia Koch, heir to Koch Industries, ($64.3 billion). Additionally, the Big Apple welcomed eight new members to its billionaire club, including Jean Madar, co-founder of French fragrance company Interparfums ($1.1 billion), and Assaf Rappaport, co-founder of Israeli cloud security startup Wiz ($1 billion)

Billionaire hotspots
Michael Bloomberg
2. (tie) Moscow

Total billionaires: 74 | Since last year: +12 | Total net worth: $378 billion | Richest resident: Vagit Alekperov ($28.6 billion)

Amid geopolitical tensions, Moscow emerges as a surprising contender, tying Hong Kong for the second spot on our list as one of the world’s billionaire hotspots. Despite the turmoil, Moscow’s elite have seen their fortunes swell by a cool $50 billion, with 74 billionaires proudly calling it home. This propelled the capital from 6th to tie 2nd on the billionaire hotspot list. Additionally, 12 newcomers joined the billionaire ranks, some benefiting from the war, like Vladimir Melnikov, whose fashion empire Gloria Jeans soared with a 28% sales increase to $875 million, partly due to closures of foreign competitors’ stores.

2. (tie) Hong Kong

Total billionaires: 74 | Since last year: +4 | Total net worth: $326 billion | Richest resident: Li Ka-shing ($37.3 billion)

Nestled amidst the bustling streets of Hong Kong, 74 billionaires share a slice of paradise in this vibrant metropolis. From tech innovators to savvy investors, Hong Kong’s allure lies in its unique blend of Eastern traditions and Western influence. Hong Kong retained its second-place status this year, now tied with Moscow. Among its new billionaire residents are notable figures such as Jean-Louis van der Velde ($3.9 billion), serving as co-founder and CEO of crypto powerhouses Tether and Bitfinex. Additionally, Solina Chau joins the ranks with a net worth of $3.1 billion, renowned for her role as co-founder of venture capital fund Horizons Ventures, which was an early investor in tech giants like Facebook, Spotify, and Zoom.

Billionaire hotspots
Solina Chau
4. Mumbai

Total billionaires: 69 | Since last year: +13 | Total net worth: $379 billion | Richest resident: Mukesh Ambani ($116 billion)

Climbing three spots to claim the No. 4 position is Mumbai, one of the world’s top billionaire hotspots and the beating heart of India’s economic powerhouse. With 69 billionaires, Mumbai boasts an impressive lineup of tycoons and titans, including the illustrious Mukesh Ambani (Asia’s richest person). Mumbai’s wealthiest individuals amassed a staggering $100 billion and welcomed 11 new billionaires.

5. Beijing

Total billionaires: 63 | Since last year: flat | Total net worth: $211 billion | Richest resident: Zhang Yiming ($43.4 billion)

While Beijing may have slipped from its brief stint at the top, it remains a force to be reckoned with in wealth. Despite economic headwinds, 63 billionaires call this dynamic city home, from tech innovators to finance gurus. Beijing saw the emergence of two new faces this year: Dai Wenyuan, founder and CEO of AI software company 4Paradigm,($1.6 billion), and Zheng Fan, an independent director at Li Auto, an electric vehicle manufacturer headquartered in Beijing, ($1.5 billion).

Billionaire hotspots
6. London

Total billionaires: 62 | Since last year: -1 | Total net worth: $326 billion | Richest resident: Len Blavatnik ($32.1 billion)

London, with its storied history and cosmopolitan flair, continues to enchant billionaires from around the globe. While it may have slipped a notch in the rankings, with 62 billionaires gracing its streets, London remains a bastion of wealth and influence. 

7. Shanghai

Total billionaires: 54 | Since last year: -11 | Total net worth: $167 billion | Richest resident: Colin Huang ($38.9 billion)

Shanghai experienced a decline in its billionaire count this year, falling from 65 to 54. However, the city welcomed eight newcomers to the prestigious ten-figure club, many of whom amassed their wealth in the tech sector. Despite the overall decrease, Shanghai’s wealthiest resident, Colin Huang, founder of e-commerce giant PPD Holdings, saw a substantial increase in wealth, gaining $8.7 billion to reach a total net worth of $38.9 billion.

8. Los Angeles

Total billionaires: 53 | Since last year: +19 | Total net worth: $222 billion | Richest resident: John Tu ($13.6 billion)

A newcomer to the top ten, Los Angeles shines bright with its constellation of celebrity billionaires. From sports icons to entertainment moguls, LA’s allure lies in its blend of glitz and glamour. With 53 billionaires basking in the California sun, Los Angeles proves that fame and fortune go hand in hand in the City of Angels. Among the billionaire elite of LA are NBA legend LeBron James, ($1.2 billion), reality TV personality and shapewear magnate Kim Kardashian ($1.7 billion), and renowned singer and businesswoman Rihanna, ($1.4 billion).

Billionaire hotspots
Kim Kardashian
9. Singapore

Total billionaires: 52 | Since last year: +6 | Total net worth: $156 billion | Richest resident: Eduardo Saverin ($28 billion)

Singapore’s ascent as one of the worl’s billionaire hotspots continues unabated, with 52 billionaires adding to its allure. From tech innovators to business magnates, Singapore’s billionaires epitomise the city-state’s reputation as a hub of innovation and prosperity, with names like Eduardo Saverin (co-founder of Facebook) leading the charge.

10. San Francisco

Total billionaires: 50 | Since last year: +13 | Total net worth: $185 billion | Richest resident: Dustin Moskovitz ($18.3 billion)

Rounding out our list is San Francisco, where tech titans reign supreme in the land of innovation. Silicon Valley’s fertile ground has given rise to numerous billionaires, including San Francisco’s wealthiest inhabitant, Dustin Moskovitz, co-founder of Facebook and Asana. Joining him are Stanford computer science professor David Cheriton, ($12.6 billion), and six newcomers, such as Ivan Zhao, co-founder and CEO of productivity software Notion, ($1.5 billion), and tech investor Sam Altman, chief of OpenAI, with $1 billion to his name.

Report: FORBES

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