Business Insider Edition

The top 10 cities around the world with the most ultra-wealthy people, ranked

Hillary Hoffower , Business Insider US
 Oct 12, 2019, 10:13 AM
Paris, France, has the second biggest ultra-wealthy population in Europe.
Edward Berthelot/Getty Images
  • Ten cities account for 18.9% of the world's ultra-wealthy population, according to Wealth-X's 2019 World Ultra Wealth Report.
  • The report defines the world's ultra-wealthy population as those with $30 million (R452 million) or more in net worth.
  • The US has six cities on the list.
  • For more stories, go to Business Insider SA.

Where are the world's richest people living?

You can find 18.9% of the global ultra-wealthy population across 10 cities, according to Wealth-X's 2019 World Ultra Wealth Report. The report analyzed data from Wealth-X's global database of more than one million records of the world's richest people.

It defines the world's ultra-wealthy population as those with $30 million (R452 million) or more in net worth.

The number of ultra-wealthy among the top ultra-high-net-worth cities dropped by nearly 90 individuals thanks to a steep decline in Hong Kong - but the remaining nine cities averaged a 2.6% growth rate.

Six of the top cities on the list are in the US, two are in Europe, and two are in Asia.

Here are the cities worldwide which have the biggest ultra-wealthy populations, ranked in ascending order. Note that Hong Kong was included on both Wealth-X's top cities and top countries lists, as it's a semi-autonomous, special administrative region of China.

10. Dallas, Texas, is the sixth wealthiest US city.

Number of ultra-high-net-worth individuals: 2,705 (up 2.9%)

According to U.S. News & World Report, Texas' billionaire population is third only to superrich hubs New York and California, reported Marissa Perino for Business Insider. Dallas is home to several known billionaires, including Gerald Ford, Jerry Jones, and Andrew Beal.

9. Wealth in Washington, DC, has reached new heights.

Number of ultra-high-net-worth individuals: 2,785 (up 1.8%)

In recent years, wealth in Washington, DC, has spawned a "new class of superrich," reported Robert Frank for The New York Times.

"The combination of the richest White House in history and a boom in government-related businesses and technology companies is transforming Washington's affluence into opulence," he wrote.

8. San Francisco, California, could be home to thousands of new millionaires by the end of 2019.

Number of ultra-high-net-worth individuals: 2,925 (up 3.7%)

A number of tech start-ups hoping to go public by the end of the year could create an influx of newly-minted millionaires in the Bay Area, reported Nellie Bowles for The New York Times.

San Francisco is one of the wealthiest and most expensive cities in America - so much so that residents think it takes an average of $4 million (R60 million) to be wealthy, Suzanne Woolley of Bloomberg reported, citing Charles Schwab's 2019 Modern Wealth Survey.

7. Chicago, Illinois, saw a nearly 3% increase in its ultra-wealthy population.

Number of ultra-high-net-worth individuals: 3,350 (up 2.9%)

Chicago is home to some of the US's wealthiest suburbs, including the wealthiest suburb in the Midwest, according to Crain's Chicago Business.

Chicago is also home to a big wealth divide - the top 1% of residents earn an annual salary exceeding $600,000 (R9 million), while 21% of residents in the metro area live below the poverty line, according to the same Crain's Chicago Busines report.

6. Paris, France, has fortunes rooted in food, fashion, and luxury good industries.

Number of ultra-high-net-worth individuals: 3,955 (up 0.1%)

Many of France's billionaires, like LVMH founder and CEO Bernard Arnault, are wealthy from success in the global luxury and fashion business, Hugh Carnegy reported for Financial Times.

5. London, England, is the leading ultra-wealthy city in Europe.

Number of ultra-high-net-worth individuals: 4,035 (up 5.4%)

London witnessed the biggest growth in its ultra-wealthy population out of all the cities thanks to "dollar-denominated wealth gains" in the city's internationalised financial sector, according to Wealth-X.

4. Los Angeles, California, has the second-most number of ultra-wealthy people in the US.

Number of ultra-high-net-worth individuals: 5,295 (up 0.9%)

Los Angeles' growth of ultra-wealthy people was one of the third weakest on this list. Most of the rich live in LA's ritzy beach communities of Malibu and Santa Monica, reported Business Insider's Tanza Loudenback.

3. Tokyo, Japan, is home to 40% of the country's wealthy class.

Number of ultra-high-net-worth individuals: 7,090 (up 4.5%)

Tokyo serves as Japan's main hub for the telecommunications, electronics, and publishing industries, according to Wealth-X.

2. Hong Kong fell from its No. 1 ranking in 2017 thanks to a downward trend in Asian equity markets and a softening Chinese economy.

Number of ultra-high-net-worth individuals: 8,950 (down 10.6%)

Hong Kong's billionaires live in mansions in secluded neighbourhoods like The Peak, bet big money on horse races, and dine at some of the city's 82 Michelin-starred restaurants, Katie Warren previously reported.

1. New York City, New York, accounts for 11% of the US's ultra-rich cohort.

Number of ultra-high-net-worth individuals: 8,980 (up 1.3%)

As a global financial center and the US' largest regional economy, New York City attracts those "seeking a blend of high-end finance, vibrant culture, luxury commerce, and prime real estate," Wealth-X stated.

The metro area consists of more billionaires than any other country, except for China and Germany.

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