This year, about 2,781 billionaires are scattered across the globe, yet they are residentially clustered within a handful of select cities.
According to Forbes’ latest World’s Billionaires list, nearly a quarter of these billionaires reside in just ten cities spread across six countries with a collective net worth totaling $3 trillion.
For individuals in Nigeria or those contemplating relocation, these cities represent the top 10 destinations where the likelihood of encountering a billionaire is significantly heightened.
However, Forbes could not determine the primary residences of 59 out of the 2,781 billionaires listed in the 2024 ranking. Here are the ten cities boasting the highest number of billionaires as of March 2024.
San Francisco
In San Francisco, Silicon Valley’s wealth creation machine has shifted into high gear, with 13 new billionaires joining the ranks since last year, bringing the total to 50. The collective net worth of these individuals has surged to $185 billion, led by Facebook and Asana co-founder Dustin Moskovitz, San Francisco’s richest resident, with a staggering $18.3 billion fortune.
The region’s fertile ground for innovation has nurtured newcomers like Ivan Zhao, Notion’s CEO, and Sam Altman, OpenAI chief and tech investor, who have joined the billionaire club with $1.5 billion and $1 billion respectively. Stanford computer science professor David Cheriton’s $12.6 billion wealth also features prominently in the list.
Singapore
Singapore has further cemented its position as a magnet for the ultra-wealthy, with a net gain of 6 billionaires in the past year, bringing the total to 52. The city-state’s billionaires now boast a combined net worth of $156 billion, with Facebook co-founder Eduardo Saverin leading the pack with a staggering $28 billion fortune.
The influx of new billionaires has propelled Singapore to 8th position globally, up from 9th last year. The city’s allure for the wealthy is evident in the presence of two trios of brothers, who have built vast fortunes in palm oil and banking. The Karim brothers – Bachtiar, Burhan, and Bahari – control Musim Mas, a leading palm oil firm, while the Wee brothers – Ee Cheong, Ee Chao, and Ee Lim – are grandsons of the co-founder of United Overseas Bank, which boasts over 500 branches.
Los Angeles
Los Angeles has joined the elite ranks of billionaire hubs, with a remarkable 19 new entrants in the past year. The city’s total billionaire count now stands at 53, with a staggering combined net worth of $222 billion. John Tu, president of Kingston Technology Corporation, leads the pack with a $13.6 billion fortune.
The city’s celebrity culture has contributed significantly to this surge, with notable billionaires like LeBron James, Kim Kardashian, and Rihanna building vast fortunes through their ventures.
Shanghai
Shanghai, once a powerhouse for billionaire growth, has witnessed a significant decline in its billionaire population, with 11 individuals falling off the list since last year.
The city now boasts 54 billionaires, with a combined net worth of $167 billion. Despite this setback, Shanghai welcomed 8 new billionaires, mostly from the tech industry, and saw its richest resident, Colin Huang, founder of PPD Holdings, increase his fortune by $8.7 billion to $38.9 billion.
London
London’s billionaire community has stagnated, with no new entrants and a net loss of one individual, causing the city to slip to sixth position globally. The total number of billionaires in London now stands at 62, with a combined net worth of $326 billion.
Len Blavatnik, with a fortune of $32.1 billion, remains the city’s richest resident. The departure of Mohamed Al Fayed, the former owner of Harrod’s, due to his passing in August, has contributed to the city’s stagnant billionaire population.
Beijing
Beijing’s billionaire community has remained flat, with 63 individuals holding a combined net worth of $211 billion, a 14% decrease from last year. Despite this, two new billionaires emerged in the city: Dai Wenyuan, founder of AI software company 4Paradigm, and Zheng Fan, independent director at Li Auto, an electric vehicle manufacturer.
Zhang Yiming, with a fortune of $43.4 billion, remains the city’s richest resident. Beijing’s struggles to regain its former momentum reflect China’s broader economic challenges.
Mumbai
Mumbai’s billionaire community has experienced an increase with 13 new entrants joining the list, bringing the total to 69. The city’s combined billionaire wealth has also seen a significant increase of $100 billion, reaching $379 billion.
Mukesh Ambani, with a staggering $116 billion fortune, remains Asia’s richest person and Mumbai’s wealthiest resident. Other notable billionaires include Shapoor Mistry, an Irish citizen with a $9.9 billion fortune, who controls the Mumbai-based engineering and construction giant Shapoorji Pallonji Group. This growth has propelled Mumbai to the fourth spot globally.
3. Moscow (tie)
Moscow’s billionaire community is growing, with 12 new entrants joining the list, bringing the total to 74. The city’s combined billionaire wealth has also seen a substantial increase of $50 billion, reaching $378 billion.
Vagit Alekperov, with a $28.6 billion fortune, remains the city’s richest resident. Notably, some of the new billionaires have profited from the ongoing war in Ukraine, including Vladimir Melnikov, whose fast-fashion retailer Gloria Jeans saw a 28% increase in sales as foreign rivals H&M and Zara shuttered stores.
Hong Kong (tie)
Joining the list, bringing the total to 74. The city’s combined billionaire wealth remains substantial, at $326 billion. Li Ka-shing, with a $37.3 billion fortune, remains the richest resident.
Among the new billionaires are Jean-Louis van der Velde, cofounder and CEO of crypto businesses Tether and Bitfinex, and Solina Chau, whose venture capital fund, Horizons Ventures, has invested in tech giants like Facebook, Spotify, and Zoom.
New York City
New York City has retained its title as the billionaire capital, with 110 individuals holding a combined net worth of $694 billion. The city has welcomed 9 new billionaires, including Jean Madar and Assaf Rappaport, who have built fortunes in fragrance and cloud security respectively.
Michael Bloomberg and Julia Koch lead the pack, with fortunes of $106 billion and $64.3 billion respectively. New York City’s unique blend of finance, technology, and entrepreneurship has created a fertile ground for wealth creation.
