In 2024, the world is home to a record-breaking number of billionaires, with a staggering total of 2,781 according to the latest Forbes Billionaires Survey. This marks a new high, with these ultra-wealthy individuals scattered across the globe—from the remote Isle of Man to the serene Manantiales, a small fishing village in Uruguay. However, despite this geographic diversity, the majority of billionaires are concentrated in a select number of cities, where they enjoy the luxuries, economic opportunities, and social circles that come with being part of the global elite.
According to the report, nearly a quarter of the world’s billionaires—holding a combined fortune of over $3 trillion—reside in just ten cosmopolitan hubs. In this article, we will explore the ten cities with the highest concentration of billionaires in 2024, and what draws the world’s wealthiest individuals to these urban powerhouses.
1. New York City – The Capital of Billionaires
- Total billionaires: 110
- Richest resident: Michael Bloomberg
For yet another year, New York City tops the list as the city with the most billionaires, cementing its status as the world’s wealth capital. The Big Apple is home to 110 billionaires, who collectively hold an astonishing $694 billion in wealth. NYC’s financial titans dominate the list, with 62 billionaires in finance and investments, while 14 made their fortune in real estate, and another 12 in fashion and retail.
Notable figures in New York’s billionaire scene include Michael Bloomberg, the media mogul and former mayor, and Julia Koch, an heiress of Koch Industries. The city’s allure lies not just in its economic opportunities but also in its vibrant cultural life, vast real estate market, and status as a global financial hub.
2. Moscow – Rising Despite Global Unrest
- Total billionaires: 74
- Richest resident: Vagit Alekperov
In 2024, Moscow reclaims a spot near the top, tied for second place with 74 billionaires, a sharp rise from last year’s ranking. Despite geopolitical tensions and ongoing conflict in Ukraine, Moscow’s super-rich added $50 billion to their collective net worth. The city has also seen 12 new billionaires join its ranks, many of whom have benefited directly or indirectly from the war.
A prime example is Vladimir Melnikov, whose fast fashion company Gloria Jeans saw a significant sales boost after foreign retailers like H&M and Zara shuttered their Moscow stores. Moscow’s billionaires thrive in a city that combines political power with immense wealth, making it a top destination for Russia’s elite.
3. Hong Kong – A Global Financial Powerhouse
- Total billionaires: 74
- Richest resident: Li Ka-shing
Also tied for second place is Hong Kong, a city synonymous with global finance and trade. The city is home to 74 billionaires, with a modest net increase over last year. Among the newcomers to Hong Kong’s billionaire club are Jean-Louis van der Velde, co-founder of crypto firms Tether and Bitfinex, and Solina Chau, an early investor in tech giants like Facebook and Zoom through her venture capital fund, Horizons Ventures.
Hong Kong’s standing as a financial hub, combined with its status as a tax haven and its strategic location in Asia, makes it a natural magnet for the world’s wealthy, despite recent political challenges and its delicate relationship with mainland China.
4. Mumbai – The Financial Heart of India
- Total billionaires: 69
- Richest resident: Mukesh Ambani
Mumbai has made a significant leap up the rankings, now standing at fourth place with 69 billionaires, a jump of 13 from the previous year. The city’s billionaires, including Asia’s richest man, Mukesh Ambani, and engineering magnate Shapoor Mistry, added a total of $100 billion to their wealth.
Mumbai’s status as India’s financial capital, home to the Bombay Stock Exchange and some of the country’s most valuable corporations, has solidified its appeal to billionaires. It’s also a cultural hub, with a vibrant arts scene and strong ties to the entertainment industry, particularly Bollywood.
5. Beijing – China’s Capital of Wealth
- Total billionaires: 63
- Richest resident: Zhang Yiming
While Beijing may have lost 32 billionaires since its 2021 peak, it remains a significant force on the global billionaire map with 63 billionaires in 2024. Although the total wealth of these billionaires declined by 14%, the city still managed to introduce two new names: Dai Wenyuan, the CEO of artificial intelligence firm 4Paradigm, and Zheng Fan, director at electric vehicle maker Li Auto.
Beijing’s billionaires are predominantly tech and manufacturing magnates, as China continues to expand its influence in these sectors. Despite economic slowdowns, the capital remains a focal point for China’s elite.
6. London – A Steady Decline but Still a Force
- Total billionaires: 62
- Richest resident: Len Blavatnik
London has seen a slight decline in its billionaire population, dropping from fourth place in 2022 to sixth in 2024, with 62 billionaires calling the city home. The passing of Mohamed Al Fayed, the iconic former owner of Harrods, marked the end of an era for London’s wealth scene.
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Still, London remains a key financial center, offering stability, luxury, and global connectivity. The city’s diverse billionaire base includes individuals in real estate, finance, and technology, with Russian-born Len Blavatnik standing as the wealthiest.
7. Shanghai – A Slump in Numbers, But Still Significant
- Total billionaires: 54
- Richest resident: Colin Huang
Shanghai experienced the most significant drop in billionaire numbers among the top ten cities this year, falling from 65 to 54. Nevertheless, Colin Huang, the founder of e-commerce giant PPD Holdings, became $8.7 billion richer in 2024, highlighting the resilience of the tech sector in the face of economic challenges.
Shanghai’s strategic position as China’s leading commercial and financial hub keeps it a key player in the global billionaire rankings, even as the overall wealth of its billionaires sees some declines.
8. Los Angeles – The City of Celebrity Billionaires
- Total billionaires: 53
- Richest resident: John Tu
Los Angeles continues to climb the ranks, boosted by a growing number of celebrity billionaires. The city, home to 53 billionaires, has seen figures like NBA star LeBron James, reality TV mogul Kim Kardashian, and singer Rihanna reach the billionaire club.
While entertainment remains a dominant industry, LA’s tech sector has also flourished, with billionaires in tech, media, and real estate shaping the city’s ultra-wealthy scene.
9. Singapore – A Rising Billionaire Haven
- Total billionaires: 52
- Richest resident: Eduardo Saverin
Singapore has continued its upward trajectory, now home to 52 billionaires, up from 46 last year. The city-state’s low taxes, political stability, and proximity to major Asian markets make it an attractive destination for the super-rich.
Facebook co-founder Eduardo Saverin is the wealthiest resident, with a net worth of $28 billion, while the Karim brothers, who run palm oil company Musim Mas, are also significant figures in Singapore’s billionaire community.
10. San Francisco – The Tech Capital
- Total billionaires: 50
- Richest resident: Dustin Moskovitz
Rounding out the top 10 is San Francisco, home to 50 billionaires, many of whom are tech entrepreneurs. Dustin Moskovitz, co-founder of Facebook and workplace software company Asana, is the city’s richest resident with a net worth of $18.3 billion.
San Francisco also saw the rise of six new billionaires in 2024, including tech leaders like Ivan Zhao, co-founder of productivity software Notion, and Sam Altman, CEO of OpenAI.
Conclusion
As the global billionaire population continues to grow, certain cities stand out as key hubs for the world’s wealthiest individuals. From the finance-driven streets of New York to the tech meccas of San Francisco and Shanghai, these cities provide the environment, opportunities, and networks that billionaires crave. While the rankings shift from year to year, the cities on this list will likely remain attractive to the ultra-wealthy for years to come.
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