Billionaire battle: New York and San Francisco wins - May 15, 2019

Billionaire battle: New York and San Francisco wins

Two American cities win the global race of billionaires. New York has more billionaires than any other cities in the world, while San Francisco is the most dense in billionaires. The US remained strong in another metric, too, but there were some other winners in 2018.

We have written about the richest of the world several times. We have visited the subject of the countries with most billionaires and millionaires. We have also written about which country is the fastest in producing millionaires. We keep an eye on the financial tips and habits of the wealthiest just as well. Now it’s time to focus on the cities with the most billionaires.

New York leads by far

Thanks to a new report by Wealth-X, we can see exactly where the most billionaires live in the world. The intelligence company focuses on the wealthiest and they found that New York leads by far. They have 105 billionaires, 18 more than the second, Hong Kong and almost three times the number Mumbai and Dubai have.

Top 10 cities with the most billionaires

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There’s also only one single country that has three cities in the top 10: the United States. This is not that surprising since we know they have more billionaires than any other country (see: Billionaires of the world). According to data from 2018, they had 705 billionaires, which means almost 15% of them lives in the Big Apple.

Density of Billionaires

There’s an indicator which makes San Francisco even more interesting than New York. The city on the Western coast leads in density of billionaires by far among global cities. There’s one billionaire per every 11 thousand people. New York (which is second on the list) needs almost eight times that many. (Their population is 860 thousand versus 8.6 million.)

Density of billionaires

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There might be a simple explanation to this: the success of IT companies. We already know that people from the tech world are becoming richer than anyone else (see: Wealthiest people: tech is taking over). But it’s also a well-known fact that many of these internet giants are coming from the Silicon Valley, while San Francisco is one of the most important cities of that area.

The US remained strong

The Wealth-X study also followed the changes in the billionaire population and wealth. As they put it: “Nearly all of the top 15 countries by billionaire population saw a decline – except the US and three European countries: the UK, Russia, and France”.

Although the number of billionaires grew in 2018, their wealth has fallen in almost every country around the world. (Russia is the only exception on the top 15 list.) However, the paper underlined that this is normal, since 2017 was an extraordinarily good year for wealth growth, so a bit of slowing is more than understandable. Still, according to the report, “the combined net worth of US billionaires exceeds the total billionaire wealth of the next eight highest-ranked countries”.

Disclaimer: This analysis is for general information and is not a recommendation to sell or buy any instrument. Since every investment holds some risk, our main business policy is based on diversification to minimize threats and maximize profits. Innovative Securities’ Profit Max has a diversified portfolio, which contains liquid instruments. This way, our clients can maintain liquidity, while achieving their personal investment goals on the long term.