These trillion-dollar cities are the 10 richest places in the world
- 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.
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
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