The facts show that numerous people strike the economy as affluent in today’s worldwide market. Many developing countries convert their cities into future-oriented urban areas, but the tendency for established countries is somewhat changing, where high net worth people go to smaller towns seeking lifestyle change and near to the natural environment.
However, as the adage goes, “Habit is the sixth meaning that dominates the other 5,” which seems accurate among the affluent. The most recognized cities in the world have the richest persons amongst their population, as stated in the Forbes list of the richest cities.
In this article, we will be looking at what is the richest city in the world. We will also provide a peculiar list of the richest city in the world. But before diving into our list, we will see how to determine the richest city in the world.
How To Determine The Richest City In The World?
It might be difficult to establish the richest city in the world. Because a city’s prosperity may be determined by many different causes. As a measure of a city’s wealth, for example, gross national product or GDP is available. The GDP of territory (e.g. nation or city) is defined as the prices of the products and services produced in that area in its simplest sense.
GDP is computed using the following formula to be a bit more specific:
Personnel expenses + business investment + government expenditure + government expenses (Exports – Imports)
The total wealth of its people is another way that the richest cities in the world may be measured. The whole wealth of residents in cities throughout the world has been estimated by a New World Wealth research. According to New World Wealth, while private wealth remains disputed, it is a stronger indication of economic-financial health than GDP.
List Of The Richest City In The World
Now let us dive into the list of the richest city in the world:
1. Beijing: The Richest City In The World With 67 Billionaires
Beijing, China’s capital, has a total net of $484.3 billion in 100 billionaires. In comparison with the previous year, Beijing acquired 33 new billionaires as the country recovered from a downturn in the pandemic of coronavirus. In the Forbes annual ranking, Beijing moved three spots from No. 4 to No. 1.
Zhang Yiming, the inventor of TikTok, was a phenomenon in the social media that boosted its net value by 100 percent to $35.6 billion, is the richest inhabitant of Beijing. The wealthiest newcomer this year is Wang Ning, a 34-year-old founder of the Hong Kong-based Pop Mart firm in December 2020.
China’s expansive metropolis, Beijing, acquired 33 new millionaires as the country rebounded back and overtook the list following the epidemic.
2. New York: Richest City In The US With 92 Billionaires
New York City (NYC), which last year lost Beijing’s number-one spot, welcomed 7 new billionaires with $560.5 billion in total net worth. Bloomberg’s founding Michael Bloomberg is the wealthiest person in New York with a net value of over 59 billion dollars. Media magnates turned politicians.
Although NYC has finished second this year, it remains the richest city in the world with a combined net value of over 560 billion dollars, more than 80 billion dollars. NYC, known as The Big Apple, has 25,000 inhabitants with ultra-high net worth. This year, along with 6 other billionaires, is Boris Jordan, founder of Curaleaf, a cannabis distributor.
For the sixth year in a straight, New York City scored the number of millionaires, urban residents, by eight compared to 2019. Five new financial industry millionaires, including Tony Tamer and Steven Klinsky, are among the private equity gurus. Newcomers from other industries, such as AI pioneer Daniel Dines and Brooklyn-born Jay-Z, also joined forces.
3. Hong Kong: The Most Richest City In The World With 71 Billionaires
Hong Kong ranks third on the list of the wealthiest cities in this globe and is one of the world’s largest financial hubs and ports. Nine new billionaires have been added to Hong Kong this year. Despite a year of challenges, Hong Kong succeeded in growing whose total net worth was $448.4 billion because of a slowdown in real estate and China’s meddling with their local affairs.
Hong Kong is currently home to 80 Billionaires, a former British colony. Li Ka-Shing, a retired investment legend with a net income of $33.7 billion, was the city’s richest person. Li Ka-fortune Shing’s this year has been increased by $12 billion while media-tycoon Jimmy Lai’s contentious national security legislation jailed last year.
Five members, all of them self-made, joined the three-comma club last year by the production and export hub across from Hong Kong. The richest inhabitant of the country is the chairperson, chairperson, and chief executive officer of Internet media powerhouse Tencent Holdings. While export exporters from Shenzhen have battled with the US from the impacts of the trade war, the town’s billionaires have raised $29.7 billion since 2019.
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4. Moscow: One Of The Most Richest Cities In The World
Moscow is the fourth largest city in the world, with a further nine billionaires adding to 79 billionaires. Moscow is the capital of Russia. In Russia, the coronavirus epidemic led its GDP to shrink in 2020 caused a severe deterioration. However, Moscow’s mega-millionaires did have a nice year, given the sharp growth in commodity and crude oil, which now has an accumulated net value of $420.6 billion, which is $72 billion more than last year.
The richest inhabitant of Moscow City with a net worth of $29.1 trillion is Alexey Mordashov, Chairman of Severstal, a Russian conglomerate with commercial interests in metal and mining. Moscow, outside Shenzhen, is the only other town in the top ten where every single billionaire is created up of itself.
More than 80% of Russian multimillionaires call their capital home, including Mogul mining company Vladimir Potanin, which is also the nation’s richest.
5. Shenzhen: Been The Richest City In The World 2016
The city of Shenzhen grabbed fifth position in the 68 billionaires list. Shenzen’s net cumulative value this year is $415.3 billion, with 24 new billionaires added. The popular Shenzhen “Silicon Valley of China” includes all self-made millionaires save one that is a will to its name.
The Chinese multinational technology business Tencent CEO Ma Huateng has added $28 billion to his $65.8 billion worth of assets. Ma Huateng is the richest inhabitant of Shenzhen currently. In last year, five individuals were added to the three-comma club in the production and export hub across from Hong Kong, all self-made.
Ma Huateng, the wealthiest inhabitant, is the second-richest individual in China, behind Jack Ma, the co-founder of Alibaba, and the Chairman and CEO of Internet media juggernaut Tencent Holder. Although the export manufacturing companies of Shenzhen have been struggling with the U.S. from the impacts of the trade war, $29.7 billion have been put in the city by the billionaires since 2019.
6. Shanghai: The Richest City In The World With 46 Billionaires
Shanghai took sixth place on the list while 18 new billionaires had been added in the city and 64 billionaires had been added. Shanghai’s richest billionaires have a combined net worth of $259.6 billion. Coli Huang, the creator of the electronic commerce company Pinduoduo, is a millionaire who, as an outstanding surge in e-commerce, quadrupled his fortune to $55.3 billion.
E-commerce in China has witnessed the rise, with millions of people being locked up to slow down the spread of coronavirus in January, increasing the fortunes of retailers such as Colin Huang.
The other Shanghai entrepreneurs include Wang Jilei, who derives its riches from ZTO Express express suppliers, and Chen Rui, whose entertainment and animation website Bilibili has seen the demand renewal rise after granting free access to premium content to residents in the locked-in regions.
7. London: The Most Emerging Richest City In The World
The city of London, the capital of England and the UK, houses a net worth of $316.1 trillion of sixty-three billionaires. Despite the difficult economic conditions caused by Brexit and the Covid-19 epidemic, Londres has recruited seven new millionaires this year. The net value of London’s wealthy citizens increased by 37 percent compared to the previous year.
A net worth of $10 billion has been added to Leonard Blavatnik, a Ukrainian-born oil and media mogul, now $32 billion. This year’s newbie José Neves, the creator of the luxurious online fashion shop Farfetch, has earned 500 percent of Farfetch’s share during the last year.
Although London has a net gain of a new billionaire this year, it has five new billionaires living outside the UK, including the Russian brothers Dmitry and Igor Bukhman, founders of online gaming company Playrix and Camilla de Godoy Bueno Grossi, who inherited some of its late father’s wealth, the Brazilian Healthcare tycoon. The Brazilian
8. Mumbai: The Most Richest City In The World With 38 Billionaires
Mumbai, the Indian Financial Hub, is the seventh-largest city in the world. In its list of 48 billionaires, the city has added 10 billionaires to its record. Mukesh Ambani is a Mumbai resident, President, and Chief Executive Officer of Reliance Industries (R&D). This year, Mukesh Ambani, Asia’s wealthiest person, nearly quadrupled his net value to $84.5 billion due to record market gains despite the economic slump that led to a GDP crisis.
The 10th richest individual in the world is Mukesh Ambani, representing over 33% of Mumbai’s total wealth of 265 trillion dollars. In the course of a dilution of its interest in telecommunications, Reliance Jio to US businesses like Google, Facebook, Microsoft, etc, the reliance industries increased their capital record over the history of India last year.
Since 2019, Mumbai has therefore won one billionaire, losing 5 billionaires, while gaining up to six newcomers. These include Abhay Vakil, the manager of India’s largest painter, Asian Paints, and the Parekh brothers, manufacturer of Pidilite Industries adhesives and sealants. One dropoff is Rajan Raheja, who was an estimated USD 2.3 billion last year from the city’s Raheja real estate dynasty.
9. San Franciso: Second Richest City In The US With 37 Billionaires
This is because the fortune of Ryan Graves, former CEO of Uber, and Ben Pinterest co-founder Ben Silbermann went below $1 billion a year ago. Private equity manufacturer Orlando Bravo and cloud communication entrepreneur Vlad Shmunis are newcomers to the billionaire ranks living in San Francisco.
San Francisco welcomed 11 new billionaires, bringing its total net worth of 48 billionaires to $190 trillion. Facebook co-Founder and Internet contractor Dustin Moskovitz are one of the richest people in Silicon Valley with a net value of $17.8 trillion. Recently, few billiards have changed the story of home to technology moguls to other cities such as Miami and Austin.
This year, new pioneers in food delivery, Millionaires such as DoorDash’s founder, Apoorva Mehta, and DoorDash’s CEO, Tony Xu, were on the list. After the unprecedented performance of the Airbnb listing of its co-founders in December 2020, they are now among the richest five in San Francisco.
10. Hangzhou: Last One In Our List Of Richest Place On Earth
Hangzhou is the fourth Chinese city to have Singapore in 10th place on this list. 47 billionaires presently live in Hangzhou. From the previous year, Hangzhou has increased its net value by $269.2 trillion to 21 trillion people. Co-founding Alibaba, an electronic commerce behemoth that had a problem with China’s regulators, saw Jack Ma rose his fortune by 9 billion to 48 billion dollars this year.
The wealthiest individual in the world is Zhong Shanshan, the 13th wealthiest man with a net value of about 69 billion dollars. Zhong Shanshan is the founder and chairman of Nongfu Spring, the bottled water firm which raised $1 billion last year.
Live With Luxury In The Most Richest City In The World
People with a wealth of 10 digits may live almost wherever they choose. Many enjoy the same places, as it turns out. New York has been the largest city in the U.S. and home to the two largest bursaries in the world for five years. The series began in 2015 when Moscow, ranked 3rd since 2016, was beaten out. In 2014, the Russian capital had 85 billionaires, 14 more than now.
Due to its prestige, you must be asking is Dubai the richest city in the world. But unfortunately, neither Dubai is the richest city in the world nor you can find Abu Dhabi richest city on the world list. We hope this article on the richest in the world helped you in knowing the richest place on Earth, and the wealthiest cities in America.