There are a record 2,781 billionaires spread around the globe this year, in places as far flung as the Isle of Man and Manantiales, a small fishing village and resort in Uruguay. Yet they mainly reside in just a handful of elite cities.
In fact, nearly a quarter of billionaires, worth a combined $3 trillion, live in one of ten cities in only six countries, according to Forbes’ latest World’s Billionaires list. New York City once again is home to the most billionaires in the world: It’s the primary residence of an estimated 110 billionaires who are worth a collective $694 billion. The Big Apple has long dominated the ranks, coming in at No. 1 for all but one of the past 11 years. (Beijing briefly took the top spot in 2021.) Billionaire New Yorkers include some 62 Wall Streeters and other finance and investment tycoons, 14 real estate moguls and a dozen fashion and retail magnates.
Hong Kong and Moscow tie for second place, with 74 billionaires each. That’s a net gain of two for Hong Kong, which is an autonomous territory of China, and an impressive net jump of 12 for Moscow, which climbs from No. 6 last year to No. 2, as Russian wealth rebounds after the fallout from the country’s invasion of Ukraine in early 2022 pushed scores of Muscovites from the billionaires list.
Mumbai also made a big jump, from seventh to fourth after adding 13 more billionaires since last year.
1. New York City
Total billionaires: 110 | Since last year: +9 | Total net worth: $694 billion | Richest resident: Michael Bloomberg ($106 billion)
With 110 billionaires—9 more than last year—New York City retains its status as the billionaire capital. The city’s two richest residents make up a quarter of its billionaire wealth: media magnate and former mayor Michael Bloomberg (estimated net worth: $106 billion) and Koch Industries heir Julia Koch ($64.3 billion). New York is also the home of eight new billionaires, including Jean Madar ($1.1 billion), cofounder of French fragrance company Interparfums, and Assaf Rappaport ($1 billion), cofounder of Israeli cloud security startup Wiz.
2. (tie) Moscow
Total billionaires: 74 | Since last year: +12 | Total net worth: $378 billion | Richest resident: Vagit Alekperov ($28.6 billion)
While Russia’s war in Ukraine is waging on, the ultra-wealthy in Moscow just got a combined $50 billion richer, catapulting the country’s capital from No. 6 to a tie for No. 2 on the list. The city also gained 12 newcomers who cracked ten digits this year, some of whom after profiting (either directly or indirectly) from the ongoing war. This includes Vladimir Melnikov ($1.7 billion), whose fast-fashion retailer Gloria Jeans saw sales go up 28% to $875 million in the past two years, thanks partly to foreign rivals H&M and Zara shuttering nearly 650 stores combined.
2. (tie) Hong Kong
Total billionaires: 74 | Since last year: +4 | Total net worth: $326 billion | Richest resident: Li Ka-shing ($37.3 billion)
Hong Kong came in second again this year, this time tying with Moscow, after a modest net increase to 74 billionaires. Among its billionaire residents are eight newcomers, including Jean-Louis van der Velde ($3.9 billion), cofounder and CEO of crypto businesses Tether and Bitfinex, and Solina Chau ($3.1 billion), whose venture capital fund, Horizons Ventures, was among the earliest investors in tech companies like Facebook, Spotify, Zoom.
4. Mumbai
Total billionaires: 69 | Since last year: +13 | Total net worth: $379 billion | Richest resident: Mukesh Ambani ($116 billion)
Surging three spots to No. 4, Mumbai’s richest citizens not only gained a combined $100 billion, they also welcomed 11 freshly minted billionaires to their ranks. The city is home to Asia’s richest person, Mukesh Ambani ($116 billion), as well as Shapoor Mistry ($9.9 billion), an Irish citizen who controls the Mumbai-based engineering and construction giant Shapoorji Pallonji Group.
5. Beijing
Total billionaires: 63 | Since last year: flat | Total net worth: $211 billion | Richest resident: Zhang Yiming ($43.4 billion)
China’s capital lost 32 billionaires since its brief stint at the top of the list in 2021, when 100 Forbes listers called the city home. Its 63 residents count is flat versus last year, though their combined net worth dropped by 14% amid China’s economic struggles. Despite all this, two newcomers emerged in Beijing this year: Dai Wenyuan ($1.6 billion), founder and CEO of AI software company 4Paradigm, and Zheng Fan ($1.5 billion), independent director at Li Auto, an electric vehicle manufacturer headquartered in Beijing.
