Top 25 cities for billionaries
New data by WealthInsight shows secondary Chinese cities are rivals to Middle East in financial attr
New figures released by the data provider and wealth sector analyst WealthInsight demonstrate the global spread of the world's wealthiest individuals. A list of the top 25 cities with the largest population of billionaires features seven in mainland China, six in the US, four European cities and three in the Middle East. WealthInsight's list is compiled from its exhaustive database of the world's high-net-worth individuals [HNWIs].
At 18th place, Dubai features as the highest-ranked Middle Eastern city. Riyadh and Jeddah in Saudi Arabia also made the list, ahead of Hangzhou in China -- a city ranked by WealthInsight as having the best opportunities for the wealth sector in the country with the world's second-largest economy. Karishma Gupta, an Analyst with WealthInsight, said:
We are likely to see much change to this list in the year ahead as the Saudi Arabian duo are contested by China's Hangzhou and other second-tier Chinese cities such as Jinjiang in Fujian pronvince, which lurks in the shadows in 26th place.
However, the city with the highest population density of HNWIs in the world is expected to overtake Dubai in the near future. On the 19th city in the list, Gupta said: "Singapore will be Dubai's biggest contender in the year ahead as the pair compete to attract billionaires to the financial centres."
Only one South American city, Sao Paulo in Brazil, featured in the rankings; none from Africa. According to another WealthInsight Analyst, Andrew Amoils:
Much of Africa has been experiencing an often over-looked boom over the past few years, but we don't forsee that any cities from the region will make the top 25 list in the near-term. That said, Cairo, Johannesburg, Lagos and Accra all have bourgeoning Ultra-HNWI populations and show great potential. It's only a matter of time until we see an African city on the list.
Ultra-HNWIs are defined as those with more than US$30 million in assets (personal residence exempted).
Top 25 cities by number of billionaires
1. New York
4. Hong Kong
7. San Francisco
13. Los Angeles
15. Dallas - Fort Worth
21. Sao Paulo
[Source: WealthInsight's HNWI Database]
WealthInsight also recently provided data showing that the wealth of high-net-worth individuals in Hong Kong is equal to that of Australia's -- at US$845 billion -- despite the former having almost 100,000 fewer HNWIs. After Singapore, Hong Kong has the second highest population density of HNWIs in the world: approximately 1 in 40 people have a net worth greater than US$1 million, whereas in Australia the ratio is closer to 1 in 80.
WealthInsight provides tailored research to global clients and maintains a HNWI Database including all of the world's 1,340 billionaires, whose combined wealth comes to US$4.37 trillion.