FX.co ★ Where do billionaires live?
Where do billionaires live?
"The Big Apple" tops the 2022 ranking, surpassing last year’s leader Beijing. The number of billionaires living in New York has increased by 8 people over the past 12 months. Based on the latest estimates, 107 magnates whose joint net worth exceeds $640 billion now live in the largest US city. Most of them work in the financial sector. Yet, media mogul Michael Bloomberg still remains the richest New York resident, accounting for some 13% of the city’s total billionaire wealth. Mr. Bloomberg is now worth $82 billion.
Last year, China’s capital surpassed New York as the number one city where the super-rich live for the first time since 2015. However, due to the predicaments of the past 12 months amid increased government scrutiny, the wealth of Beijing's rich decreased by $174 billion. As a result, 17 people dropped out of the list of billionaires. As many as 83 magnates now live in the Chinese capital. Their collective net worth totals $310 billion. Zhang Yiming, the founding father of TikTok is Beijing’s richest resident. In just a year, he became $14.4 billion wealthier.
Hong Kong is another city with a sharp fall in billionaires. Strict Covid-19 restrictions had a profound impact on business in the city, and the list of billionaires lost 12 people. Overall, the joint net worth of Hong Kong’s 68 billionaires has dropped by $143 billion over the last 12 months. Their collective fortune is now estimated at $304.6 billion. Lee Shawki, the owner of Henderson Land Development, with a net gain of more than $32 billion is the richest resident of the city.
The number of billionaires living in London increased by 3 last year. The city is now home to 66 magnates. Their collective net worth now exceeds $324 billion, $32.5 billion of which belong to Leonard Blavatnik, the richest resident of the UK capital, financier, Access Industries chairman, film producer, and Britain's largest philanthropist.
Over the past 12 months, Shanghai has lost fewer billionaires than other Chinese cities. The list of its super-rich dropped to 61 from 64. The collective net gain of all Shanghai billionaires now totals $187 billion, down by $72 billion from the previous year. Bucking the trend, Shanghai’s richest person, Liu Yongxing, the chairman of agriculture and chemicals firm East Hope Group, more than doubled his fortune to an estimated $13.2 billion.
“China’s Silicon Valley'' lost 9 billionaire residents last year. Currently, as many as 59 super-rich live in Shenzhen. They have a joint net worth of $286 billion, which is twice as less as the previous year. Shenzhen’s richest person, internet media tycoon Ma Huateng, also took a hit. The fortune of the Tencent chairman and CEO fell by $28 billion to $37.2 billion.
Moscow lost more billionaires than any other city on the list due to the fallout of the anti-Russian sanctions. All but two Moscow billionaire residents have incurred serious losses over the past year. Thus, the city’s richest person Vladimir Lisin, the chairman of steel products manufacturer NLMK Group, shed about $8 billion of his personal wealth. Meanwhile, 26 others fell off the billionaires' list altogether. Nowadays, the joint net gains of 58 magnates living in Moscow total $215 billion. Their collective fortune tumbled by $205.7 billion from 2021.
This densely populated Indian metropolis takes eighth place in the Forbes ranking. The number of billionaires currently living in the city increased to 51 from 48 a year ago. The latest estimates show that the collective net worth of Mumbai’s super-rich now reaches $301 billion. Notably, the city’s wealthiest person alone makes up for more than 30% of this amount. Mukesh Ambani, the chairman of Reliance Industries, is now worth $90.7 billion.
San Francisco dropped to the number 9 spot on the Forbes list. In a year, the city lost 4 billionaires. Today, the joint net worth of 44 billionaires is estimated at $160.8, down by some $30 billion from the previous year. San Francisco’s richest residents are Airbnb CEO Brian Chesky and Asana CEO Dustin Moskovitz. They both have $11.5 billion in their accounts.
The South Korean capital is back on the list after a 2-year break. Last year, Seoul welcomed four billionaire newcomers. The city is now home to 38 super-rich with a collective net worth of $108.3 billion. The capital’s wealthiest residents are Kim Beom-su, the founder of Kako, South Korea’s biggest messaging app, and Jay Y. Lee, the vice-chairman of Samsung Electronics. They are worth an estimated $9 billion each.