In June, Wealth X unveiled its yearly analysis of the global billionaire population. Utilizing RelSci, a data-driven platform, the organization examined a database containing 11 million influential individuals and 1.8 million organizations to determine where billionaires reside, based on their primary business addresses. The report revealed that the top-ranked cities housed 29% of the world’s billionaires in 2022, with nearly all of them being major global cities. This demonstrates the ongoing appeal of high-end businesses, as well as cultural and lifestyle opportunities for the ultra-wealthy.
Here are the top 10 cities with the highest number of billionaires:
New York City
New York City leads the pack with 136 billionaires in 2022. Despite losing two billionaires from 2021 to 2022, the city remains the global capital for billionaires. As the report states, “New York is home to the world’s largest stock markets, New York Stock Exchange and Nasdaq, and is also considered the biggest regional economy in the U.S.”
Hong Kong follows closely behind with a total of 112 billionaires, experiencing a similar decrease of two billionaires. The Wealth X report explains that although Hong Kong’s wealth portfolios were less exposed to the fluctuating global economy, the region’s divided political developments impact its attractiveness for billionaire non-financial businesses.
San Francisco ranks third with 84 billionaires, one less than in 2021. Despite this slight decline, the city witnessed a 68% growth in its high-net-worth population between 2012 and 2022, according to a Henley & Partners report. A March study from Wealth-X and REALM reveals that “there’s one ultra-wealthy homeowner in San Francisco for every 505 residents.”
Over the past decade, San Francisco has become synonymous with Silicon Valley, which experienced significant growth in 2022. The tech hub extends from the southern part of the San Francisco Bay Area to other cities such as San Mateo, Santa Clara, San Jose, Palo Alto, Cupertino, and Mountain View. Silicon Valley hosts major companies like Apple, Facebook, Google, Twitter, Nvidia, and more.