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The Richest Cities in the World: Exploring the Lap of Luxury

The war in Ukraine may not be over, and Western sanctions against many of Russia's wealthiest citizens remain in place, but Moscow has risen from seventh to sixth in terms of total net worth, and its citizens are the third richest in the world.

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The Richest Cities in the World: This year, New York City is the most popular city for ultra-wealthy individuals, with 101 billionaires calling it home. China continues to have the most cities in the top 10, with Beijing falling from No. 2 to No. 3 this year, Shanghai advancing to No. 4 (up from No. 5 last year, surpassing London), and Shenzhen falling from No. 6 to No. 8 this year. Moscow has rebounded, with 61 billionaire residents, up from 53 last year, and India has added a city to its top ten list.

The Richest Cities in the World

1. New York:

Net worth: $616.8 billion

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Despite a net loss of six billionaires since the previous year, New York remains the capital of billionaires. Not only is it home to the most members of the three-comma club, but it is also the wealthiest city in terms of the total fortune of its billionaire residents, exceeding Paris by more than $208 billion. Nearly a quarter of the city’s wealth is held by its two wealthiest residents: Michael Bloomberg (estimated net worth: $94.5 billion) and Julia Koch (estimated net worth: $59 billion). Alex Attalah and Devin Finzer, co-founders of the NFT marketplace OpenSea, are notable departures.

2. Hong Kong

Net worth: $286.8 billion

This year, Hong Kong moved to the No. 2 position after gaining two billionaires. Two tycoons who have profited from China’s reopening and an increase in travel demand are making a comeback: Zhao Tongtong ($1.3 billion), the cofounder of hotel chain operator H World Group, and Lawrence Ho ($1.2 billion), who controls Hong Kong-listed casino operator Melco Resorts.

3. Beijing

Net worth: $247,2 billion

China’s capital has lost billionaires at a faster rate than any other city, falling from first place in 2021 to second place in 2022 and now arriving in third place. Zhao Weiguo, a resident of Beijing, is among those who no longer possess a billion-dollar fortune. The former chair of the government-backed semiconductor conglomerate Tsinghua Unigroup has been accused of corruption by a Chinese regulator. Zhao, who reportedly “disappeared” from public view last year, was left without holdings in Tsinghua Unigroup’s enterprises due to a bankruptcy restructuring. Zhao was unavailable for comment. Zhang Yiming, the proprietor of ByteDance, the company that owns TikTok, has a net worth of $45 billion. This is $5 billion less than last year, but he is still the city’s richest resident.

4. Shanghai

Net worth: $181.9 billion

Tang Rui ($1.5 billion), founder of autonomous driving startup ZongMu Technology; Chen Yin ($1.3 billion), chair of the garden and do-it-yourself tools company Greenworks; and Lyu Yixiong ($1.1 billion), CEO of Shanghai Chicmax Cosmetic, are among the few Chinese cities to gain members of the ten-figure ranks this year. The founder of e-commerce colossus PPD Holdings (formerly Pinduoduo), Colin Zheng Huang, is now the city’s wealthiest resident and the third largest gainer on Forbes’ list, having increased his fortune by $18.9 billion to an estimated $30.2 billion over the past year as PPD’s stock more than doubled.

5. London

Net worth: $294,9 billion

The number of billionaires in London decreased by three as the city declined from fourth to fifth place in 2022. The fortunes of Charles Dunstone, the inventor of the telecommunications company Carphone Warehouse, and Denis Sverdlov, the Russian founder and CEO of the electric vehicle startup Arrival, fell below the three-comma mark. Alexander Gerko ($5 billion), a Russian native who founded the algorithmic trading company XTX Markets and received substantial dividends in 2022, is the only new billionaire in the city.

6. Moscow

Net worth: $307.1 billion

The war in Ukraine may not be over, and Western sanctions against many of Russia’s wealthiest citizens remain in place, but Moscow has risen from seventh to sixth in terms of total net worth, and its citizens are the third richest in the world. Its 61 billionaires are collectively worth $307 billion, up $92 billion from last year. Nearly two-thirds of the city’s residents saw an increase in their wealth, while only two saw their fortunes decline. The city is home to 15 returning billionaires, including Roman Trotsenko ($3.2 billion), owner of Aeon Corporation, which operates more than 20 airports in Russia; pipe magnates Anatoly Sedykh ($1.8 billion) and Dmitry Pumpyansky ($1.7 billion); and Sergei Katsiev ($1.6 billion), owner of Russia’s largest tobacco retailer. Vladimir Potanin ($23,7 billion) surpassed Vladimir Lisin ($22,1 billion) as the city’s wealthiest individual.

7. Mumbai

Net worth: $276,4 billion

With a net gain of five new members of the three-comma society, Mumbai has risen one spot to become the seventh most billionaire-heavy city. Mukesh Ambani ($83,4 billion) remains the city’s wealthiest inhabitant, accounting for 30% of the city’s total billionaire wealth. Atul Ruia ($1.2 billion) and Abhay Soi ($1.2 billion), chairman of Max Healthcare Institute, India’s second-largest listed hospital by revenue, are two of the six new additions to Mumbai’s list.

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8. Shenzhen

Net worth: $246 billion

Shenzhen had a net loss of five billionaires, including property tycoon Huang Shih Tsai ($840 million) and Ren Zhengfei, who oversees telecoms hardware firm Huawei Technologies ($851 million), causing it to fall from sixth to seventh place. The richest person in the city is still Ma Huateng, CEO of internet behemoth Tencent, who is worth $35,3 billion.

9. Singapore

Net worth: $133,3 billion

This year, Singapore climbed to the top of the list after four new billionaires and two returnees were added to the city-state’s tally. With an estimated net worth of $14.3 billion. Goh Cheng Liang, the proprietor of the fourth-largest paint manufacturer in the world, is the wealthiest person in Singapore. Min-Liang Tan ($1.1 billion), the proprietor of the electronics company Razer, has rejoined the list. First-timers include Michael Kum ($1 billion), whose hospitality enterprise comprises nine hotels in Europe and Asia. Loo Choon Yong ($1 billion), owns more than one hundred health clinics in Singapore.

10. Delhi

Net worth: $116,4 billion

Delhi and San Francisco are tied for the tenth city with the most billionaires, as each has 37 billionaires. Manohar Lal Agarwal ($1 billion), who owns Delhi-based Haldiram Snacks, and Saroj Rani Gupta ($1.2 billion). Who cofounded APL Apollo tubes with her late husband in 1986. The two newcomers to the top ten are from Delhi. Ashok Kajaria ($1 billion), whose company is India’s largest ceramic tile manufacturer, has returned to Delhi. Shiv Nadar ($25.6 billion), co-founder of one of India’s largest software service providers, HCL Technologies, is the city’s wealthiest resident.

Eric Joseph Gomes
Eric Joseph Gomes
Seasoned professional blog writer with a passion for delivering high-quality content that informs, educates, and engages readers.

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