New York dominates billionaire boom as global wealth shifts
New York City boasts the highest number of billionaires globally, with 144. Approximately 30 per cent of the world's wealthiest individuals reside in just 15 cities. Economic challenges in China have led to a decline in the number of billionaires across its three major wealth hubs.
According to the latest "Billionaire Census 2024" report by Altrata, the number of individuals with a fortune of at least 50 billion pounds has increased by 4 per cent compared to last year. There are now 3,323 such individuals.
During this period, billionaires increased the size of their fortunes by a total of 9 per cent. According to Business Insider, these fortunes now amount to 11.6 trillion pounds.
Among all cities, New York has reported the largest increase in the number of billionaire residents. Currently, 144 billionaires reside in the Big Apple, nine more than last year.
Hong Kong ranks second with 107 billionaires, albeit losing five in 2023. San Francisco (87) and London (78) each gained three new billionaires. Moscow completes the top five, having added a single new billionaire, now totalling 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. 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, according to "Robb Report" magazine.
The most new billionaires in India
As noted, this allowed Los Angeles to surpass Beijing, moving up to sixth place. The city in the western USA gained five new billionaires, now totalling 62. China's capital lost two elite members and slipped to seventh place. Presently, 60 billionaires live there.
The largest percentage increase in new billionaires (15.9 per cent) was recorded in India. There are now 304 of the world's richest people residing there, with 40 in Mumbai (formerly Bombay).
