In June, Wealth X published its annual report on the global billionaire population. The report utilized RelSci, a data-driven platform that analyzed an extensive database of 11 million influential individuals and 1.8 million organizations to provide insights into where billionaires reside based on their primary business address. The report revealed that the world’s top cities were home to 29% of all billionaires in 2022. Unsurprisingly, the list was dominated by major global cities, demonstrating that high-end businesses, cultural and lifestyle opportunities continue to attract billionaires.
New York City secured the top spot on the list with 136 billionaires, down two from 2021. Despite the minor dip, it remained the global billionaire capital, home to the world’s largest stock markets, New York Stock Exchange and Nasdaq, and the biggest regional economy in the U.S.
Hong Kong held the second position with 112 billionaires, a drop of two as well. Although wealth portfolios were less exposed to fluctuating global economies, the region’s divided political developments had discouraged billionaires from moving their non-financial businesses there. Apart from this, Hong Kong is also considered one of the most expensive locations for expats globally.
San Francisco clinched the third spot with 84 billionaires, one less than in 2021. With a growth of 68% in the population of high-net-worth individuals from 2012 to 2022, San Francisco had become synonymous with Silicon Valley. The tech hub includes cities like San Mateo, Santa Clara, San Jose, Palo Alto, Cupertino, and Mountain View, and is home to prominent companies such as Apple, Facebook, Google, Twitter, and Nvidia.
Overall, the report underscores the persistent trend of billionaire enclaves in major global cities, highlighting the importance of high-end business environments and an attractive lifestyle.
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