5 days Ago By Abigailtmontanez
We know where all the millionaires are moving to , but what about the billionaires ? About 30 percent of the world’s ultra-high-net-worth individuals have settled down in just 15 cities, with New York City once again topping the list with the most billionaire residents, according to new data from Altrata’s 2024 Billionaire Census. Compared to last year, the number of people with fortunes of at least $50 billion or more grew by 4 percent, reaching a new high of 3,323. At the same time, their collective wealth rose 9 percent to a cumulative $12.
1 trillion, Business Insider reported . Of all the hubs ranked, the Big Apple recorded the largest growth in billionaire residents, retaining its status as the world’s ultra-high-net-worth capital. There are currently 144 billionaires who call the concrete jungle home, adding nine more since last year.
Hong Kong landed in second place with 107, although it suffered a net loss of five billionaires in 2023. Elsewhere, both San Francisco (87) and London (78) gained three newcomers. The top five is rounded out by Moscow which welcomed only one billionaire (77).
“Most of the top-ranked billionaire cities increased their super-wealthy populations, with the U.S. cities of New York and Los Angeles recording the strongest growth,” noted the report.
“The headwinds affecting the Chinese economy brought about a decline in billionaire numbers in all three of China ’s largest wealth centers: Beijing, Shenzhen and Hangzhou, as well as in Hong Kong. This led to Los Angeles edging above Beijing (to sixth position) in the list.” The so-called City of Angels gained a net of five billionaires (62) while Beijing, which landed in the seventh spot, lost two members of the ten-figure-club bringing its total down to 60 as a result of political crackdowns.
India , in contrast to China, has seen its billionaire population grow by a whopping 15.9 percent. It clocked the strongest expansion in billionaire numbers among all the leading countries and is now home to 304 ultra-high-net-worth individuals, 40 of which are located in Mumbai.
Within the past year, the home prices in major Indian cities have shot up, along with the number of luxury car sales , reflecting the country’s recent surge in wealth..
