Top 10 Billionaire Cities - Beijing Beats New York on the Top
Published by Madhav Trivedi
The Chinese capital added 33 billionaires last year and now hosts 100, said the business magazine. This narrowly beats New York City, which hosts 99 and has held the top ranking for the last seven years. China's quick containment of Covid-19 and the rise of its technology firms and stock markets helped it gain the top spot.
Last time, New York held the crown as the Billionaire Capital of the world in 2009, when the U.S. had five cities in the top 10:?New York,?Chicago,?Dallas, LA (Los Angeles) and San Francisco.?This year, only two American cities make the top:?New York and?Dallas, home to 18 billionaires and tied in the last position with Paris. Even though 2012 was the year that?Facebook?launched its IPO,?San Francisco?is out of the top 10 mainly because many billionaires live near the metropolitan area. For instance, 10 are?in Palo Alto alone.
Hong Kong?retains its Title as the most popular city among billionaires in Asia, with 43 billionaires. Beijing knocked out San Francisco and is back to the top 10 most popular residences for billionaires.?
China’s capital is the home to 25 billionaires, 6 more than last year.?Mumbai and Seoul are other?Asian cities included in the top 10.
The 37 billionaires living in Istanbul, where Europe and Asia collide, are the poorest among those in the top 10 billionaire cities. The average billionaire in the only city sitting across two continents is worth $1.7 billion, two times less than the average fortune of a billionaire living in London, for instance.
France’s capital is the place with the highest average net worth among billionaires. The average billionaire living in Paris is worth $6.81 billion, an astonishing $2.2 billion more than the average billionaire in any other city in the world.
The world’s richest man, Carlos Slim and 98 other billionaires are from Latin America. However, only one city in the region makes the top 10: Sao Paulo, with 26 billionaires, seven more than last year.?Brazil’s financial center is home to more billionaires than any other city in the entire Southern Hemisphere.
Astonishingly, the average fortune of billionaires living in Sao Paulo is $4.6 billion, the world’s second-largest, only behind Paris.
Serving the last city of the top 10 Billionaires lies The Silicon Valley of Russia Zelenograd
The biggest news of the top 10 billionaire cities is not at the top but at the bottom. In the last place with 18 billionaires are tied with Dallas in Paris, which was not part of the top 10 billionaire cities last year. It has surprisingly joined the rank, despite recent international headlines proposing that rich, wealthy people were leaving?France?because of its hefty taxes on the rich. There are five more billionaires with primary residence in the city of light than last year but, in full disclosure, most of those billionaires control large private fortunes that we here to fore had not pinned down. No one has moved to Paris of late and Bernard Arnault, the world’s 10th richest with a net worth of $29 billion, requested Belgian citizenship last year but denied reports that the main reason was related to the country's tax regime.?
At the end of last year, famous French Actor Gerard Depardieu, who is not a billionaire, became a Russian citizen claiming,
I leave after paying 85 % of my revenue in 2012
One of the most emblematic cases of changes of citizenship involving billionaires is that of?Facebook?co-founder?Eduardo Saverin, who renounced his?United States?citizenship in 2011 days before Facebook’s IPO and drew accusations of tax evasion. His response:
"My decision to expatriate was based solely on my interest in working and living in?Singapore, where I have been since 2009."?Currently, there are 14 billionaires claiming their primary residence is in Singapore.
Beijing is now home to more billionaires than any other city in the world, according to the latest Forbes annual rich list.
The Chinese capital added 33 billionaires last year and now hosts 100, said the business magazine.
This narrowly beats New York City, which hosts 99 and has held the top ranking for the last seven years.
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China's quick containment of Covid-19 and the rise of its technology firms and stock markets helped it gain the top spot.
Although Beijing now has more billionaires than the Big Apple, the combined net worth of New York City's billionaires remained US$80bn (￡58bn) greater than that of their counterparts in Beijing.
Beijing's richest resident is Zhang Yiming, the founder of the video-sharing app TikTok and chief executive of its parent firm ByteDance. He saw his net worth double to $35.6bn.
In contrast, New York City's richest resident, former Mayor Michael Bloomberg, had a fortune worth $59bn.
China's e-commerce boom
China, along with the US, has seen its technology giants become even bigger during the pandemic as more people shopped online and looked for sources of entertainment.
This saw the massive creation of personal wealth for the founders and shareholders of these tech titans.
Building a better future
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Beijing is now home to more billionaires than any other city on the planet, according to the latest Forbes annual rich list.
The Chinese capital added 33 billionaires last year and now hosts 100, said the business magazine.
This narrowly beats New York City, which hosts 99 and has held the top ranking for the last seven years.
China’s quick containment of Covid-19, and the rise of its technology firms and stock markets helped it gain top spot.
Although Beijing now has more billionaires than the Big Apple, the combined net worth of New York City’s billionaires remained US$80bn (￡58bn) greater than that of their counterparts in Beijing.
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