- New York City, London, and Tokyo are the richest cities in the world.
- Private wealth could be a better way to measure the strength of an economy than GDP, according to a new report.
- The world's total private wealth amounts to $215 trillion.
Citizens of the world control about $215 trillion in private wealth, according to New World Wealth's latest report.
In each of the top 10 richest cities, residents have combined wealth of at least $1 trillion, and as much as $3 trillion. Total private wealth includes all assets — property, cash, equities, and business interests — minus any liabilities.
According to New World Wealth's research, total private wealth is "a far better gauge of the financial health" of an economy than GDP. Ultimately, the wealth of a public signifies its spending power.
To be sure, these cities rank highly because of two factors: a large general population and a significant amount of high-net-worth residents
. Across the world, there are about 15.2 million people with net assets of $1 million or more, while the average person has net assets of $28,400.
Below, check out the top 10 richest places in the world ranked by total private wealth of all residents.
9 (TIE). Singapore — $1 trillion total private wealth
9 (TIE). Sydney — $1 trillion total private wealth
8. Hong Kong — $1.3 trillion total private wealth
7. Los Angeles — $1.4 trillion total private wealth
6. Shanghai — $2 trillion total private wealth
5. Beijing — $2.2 trillion total private wealth
4. Silicon Valley — $2.3 trillion total private wealth
3. Tokyo — $2.5 trillion total private wealth
2. London — $2.7 trillion total private wealth
1. New York City — $3 trillion total private wealth
Three of the world's richest cities are in the US.
SEE ALSO: 10 luxury hotels around the world where the ultra rich love to stay
DON'T MISS: Tour the mysterious members-only island where America's millionaires pay $250,000 just to participate