With the onset of free-market reforms in the 1990s, Beijing saw its economic development soar. The United Nations uses three definitions for what constitutes a city, as not all cities may be classified using the same criteria. Air Cargo News Awards 2020. dnata wins again. U.S. Inflation: How Much Have Prices Increased? Being a prominent city in Asia, Shanghai is home to over 24 million people, there are about6,180 multi-millionaires and 42 billionaires living in Shanghai. Geneva, Switzerland - 17.92% Millionaires. Countries that want to attract wealthy individuals will have to apply tax-friendly policies along with other factors such as quality of life, safety, education, and access to amenities that ultra-wealthy residents value. From Singapore To New York City, more than 26% of the worlds 2,095 billionaires live in just 10 cities on three continents. As of March 2023, MacKenzie Scott's net worth is estimated to be $33.3billion. Pasig City: $710 million. He is popularly known for his role as Madea on House of Payne. 10. Pasay City: $350 million. Situated in the southern part of California, Los Angeles is known for its large population of celebrities, tech moguls, and the financially fortunate. In 2019, San Francisco's tourism industry resulted in 86,111 jobs. Another industry that rains gobs of revenue on the City of London is the tourism industry with over 20 million visitors per year. China retains its title as the country with the most cities in the top 10, with Shenzhen moving up one spot to No. - Mappe, Popolazione, Statistiche Demografiche dell'ISTAT", "Total Real Gross Domestic Product for Wichita, KS (MSA)", "Population estimates by selected Non-ABS Structures, 2010-2020", "China: Gungdng (Prefectures, Cities, Districts and Counties) - Population Statistics, Charts and Map", https://en.wikipedia.org/w/index.php?title=List_of_cities_by_GDP&oldid=1142520927, This page was last edited on 2 March 2023, at 21:41. Which Countries are Buying Russian Fossil Fuels? Industries critical for L.A.s economic success include entertainment, international trade, gaming, tourism, fashion and more. Despite its picture of wealth, only a small percentage of Seoul's population claim to be wealthy. Boasting a population of over 300,000 resident millionaires, Tokyo is also home to a dozen billionaires. Among the top 50 economies having the highest gdp per capita, Macao SAR . 30 in the index, a. The TYO encompasses over 3,700 listed companies and a market value estimated at JPY 600 trillion (or approximately $42 billion USD). The Southeast Asian city-state gained nine new billionaires since 2019, while the South Korean capital recorded a net loss of ten members of the three-comma-club. Monaco - 29.21% Millionaires. Its wealthiest resident, Ma Huateng, chairman and CEO of Internet media behemoth Tencent Holdings, is the second-richest person in China, after Alibaba cofounder Jack Ma. To this day, Macao is the only country on the list whose per-capita purchasing power is lower than it was before the start of the pandemicabout $125,000 in 2019, down by $40,000 today. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. Fortune 500 companies include Comcast, Colonial Penn, Sunoco, Aramark, CIGNA, Lincoln Financial Group, and more. Tokyo is the most fascinating city to live in but also the most densely packed. The company currently focuses on its four core brands: Cadillac, Chevrolet, GMC and Buick. The Fortune 500 companies hosted by Boston include: State Street, Liberty Mutual Insurance, Gillette and General Electric. While such metrics are not all encompassing, these measurements of private wealth do help put the financial health and economic activity of some of the worlds wealthiest cities in perspective. While Shenzhens export-led manufacturers have. Beijing also has the dubious distinction of being the knock-off capital of the world. New York, U.S . Being a world-class city that attracts prominent figures in the tech industry, San Francisco is one of California's most popular (and richest) cities. Los Angeles, USA The city of Los Angeles makes significant efforts to foster economic growth in the local community. 12. Each of the columns in the table is sortable by pressing on the arrows at the head of the column: Cities (metropolitan areas) by percentage of national GDP. More than 80% of Russias, call its capital home, including mining mogul. MacKenzie Scott is an American novelist and philanthropist. The Southeast Asian city-state gained nine new billionaires since 2019, while the South Korean capital recorded a net loss of ten members of the three-comma-club. He also praises the seafood, arts scene and welcoming atmosphere, though other critics call Seattle residents overly materialistic. According to the United Nations' latest report on populations in cities, by 2030, "urban areas are projected to house 60 percent of people globally and one in every three people will live in . RANKED: These Are The 50 Richest Towns To Live In The United States, 2020 Sophie Ireland C-Suite Lifestyle February 21, 2020 With an average household income of more than $525,000, Atherton, California is the richest town in the United States, that's according to a Bloomberg report. Tokyo has 39 million residents which are 50% more than any other urban area of the world. Beijing, China: $591.374 Billion Beijing is the capital of China and has a population of over 20 million. How does a city become one of the wealthiest in the world? - Full Size", "Global Wealth PPP Distribution: Who Are The Leaders Of The Global Economy? For instance, Osaka is home to major electronics corporations like Sharp and Panasonic as well as pharmaceutical companies, food, retail and trading companies. In order to recoup losses, in June of 2022, the city of Shanghai released a post-lockdown business recovery plan. 2. It is through the electric car maker Tesla and in space by rocket produced by SpaceX. The top 10 riches cities in the world behind New York City were Tokyo, San Francisco Bay Area, London, Singapore, Los Angeles and Malibu, Chicago, Houston, Beijing, and Shanghai. Though famous for prominent technology companies and hundreds of start-ups across the Silicon Valley, San Francisco's wealth is tied to industries in manufacturing and tourism. New York's richest resident, 476 Washington Avenue, former mayor Michael Bloomberg, has a net worth of $45 billion, making him one . This is due in part to the countrys strong economic growth and favorable business environment, which has attracted many wealthy individuals and families to the country. Lastly, London is home to several of the most well-known Fortune Global 500 firms, including the Lloyds Banking Group, Prudential, J. Sainsbury, BP, Tesco, and Vodafone Group, amongst others. According to Investopedia, Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a countrys borders in a specific time period. In this case, we are looking at the GDP of metropolitan statistical areas, and not countries. Loudoun County is located in the Commonwealth Virginia, with a population of 375,000 people. Leading cities with the most billionaires in 2022 [Graph]. The wealthy city-state has 31 billionaire residents, up from 22 last year, and replaces Seoul in the top 10. In the past, manufacturing was seen as a booming sector in Shanghai, but lately its slowed and is being replaced by financial services, trade, information tech, real estate and commerce, among others. Historically speaking, Osaka has always been thought of as a major economic center of Japan. Here are the 10 cities in the world with the most billionaires: New York City notched the top spot for the sixth year running, growing its count of billionaire city dwellers by eight compared to 2019. Finally, Oceania has two cities on the list, both located in Australia. Other companies crucial to Seouls economic health include: Kia, Daewoo and Hyundai. As a Premium user you get access to the detailed source references and background information about this statistic. Moreover, much of London's wealth is concentrated in neighborhoods like Westminster, Kensington, Islington, and Chelsea. Many cities in India are densely inhabited, trade between them has improved, and transportation systems have been modernized. Singapores richest resident. Profit from the additional features of your individual account. This year 92 billionaires live in the Big Apple as their primary residence 8 more than a year ago. Which Countries Have the Lowest Inflation? 4, respectively. Home to about 393,000 millionaires, Seoul's economy is rooted in manufacturing, financial services, and transportation. Chart. Major metropolitan areas contributing at least 2.5% of world GDP. Frankfurt in Germany is the second richest city after Dublin with an income of $102,941 per capita. If youre looking, Read More The 20 Cheapest Places to Buy Land in the U.S. 2022Continue. In fact, Tokyo plays host to the top money-building organizations and minds anywhere on Earth. The infographic above uses data from EIU to rank the world most and least expensive cities to live in. The top 10 richest cities in the Philippines. Beijing's richest billionaire is the founder of TikTok (among other things), Zhang Yiming with a net worth of $35.6 billion. All maps, graphics, flags, photos and original descriptions 2023 worldatlas.com, The World's Most Populated Capital Cities. Zurich, Switzerland - 27.34% Millionaires. Zhongguancun is considered the Silicon Valley of China and is deeply rooted in the electronics and high-tech industries such as Microsoft, Sony and Google. While the cost of living in some of the cities in these nations is low, it comes at the price of a weak currency, poor economy, and, in many cases, political and economic turmoil. Additionally, the citys real estate market is known for being expensive, with sky-high property values and rents. Aside from establishing the NYSE in the early 19th century (formerly known as the New York Stock and Exchange Board), the city was set in a convenient location for trading, due its proximity to the Hudson River and the Great Lakes. Values soared as interest rates on loans went down in a sellers market, which made it tougher to find affordable properties. The country is entirely landlocked and is surrounded by Rwanda, Tanzania, and the Democratic Republic of Congo. Taguig City: $480 million. There is a distinction between wealth held by identifiable individual billionaires or a "nuclear family" and the wider notion of an extended family or a historical "dynasty," where the wealth of a . Please create an employee account to be able to mark statistics as favorites. Please do not hesitate to contact me. Sy Siblings Still at Top. The PPP value of a city (or country) is commonly used by macroeconomic analysts and economists, as its a popular metric to determine a city's standard of living and economic prosperity. These industries include manufacturing, energy, information tech, finances, telecommunications, education, and telecommunications. China's capital city offers services in key sectors related to finance, information technology, scientific research, and industry. Business Solutions including all features. In fact, such diversity plays well in times of economic hardship, which includes the recent downturn caused by the pandemic. The Private Industry Council works to promote the local economy via job training programs. Our ranking shows the 50 wealthiest countries, measured by gross domestic product per capita and adjusted by the purchasing in the respective country. Billionaire refers to U.S. dollar billionaire. Other profitable sectors include information technology, medical technology, retail, financial and legal sectors. Five are new billionaires from the finance industry, including private equity wizards, . In particular, the United States claims five of the cities in the top 10, including the very top spot with New York City. In the list of Forbes' Philippines' 50 Richest 2020, the Sy siblings remain at the number one spot of Philippines' Rich List for this year with a net worth of $13.9 Billion despite losing $3.3 Billion due to the pandemic. Much like Shanghai, Beijing enjoys a reputation as one of the Asia's (and the world's) wealthiest cities. This may not be surprising, considering the U.S. is the world's largest wealth marketit holds over 29% of the world's wealth. Currently, 43 Fortune 500 companies that call New York City home include: Verizon, JP Morgan, Pfizer, Citigroup, MetLife, Goldman Sachs, Morgan Stanley, and more. Till 2030, Tokyo city will project to be the top-most populated city on earth. With about 2,320 multi-millionaires calling Paris home, the backbone of this European city relies on hospitality, commerce, transportation, and other services. New York is the wealthiest city in the worldhome to 345,600 millionaires with a total private wealth that exceeds $3 trillion. 2 on the list, but the city recorded a net loss of eight billionaire residents. For example, Moscow's rich neighborhoods like Rublyovka contain private houses that can cost up to $60 to $80 million! A little known fact is that L.A. is the manufacturing center of the country. When determining the GDP, the UN classifies 3 methods to determine it: City proper, urban area and metropolitan regions.. Our numbers for the richest cities in the world are based on the metropolitan statistical region. London is ranked second with $2.7 billion in private wealth. The top 10 richest families in 2022 by estimated wealth are: The Walton family with $224.5 billion The Mars family with $160 billion The Koch family with $128.8 billion The Al Saud family with. Though London had a net gain of one new billionaire this year, this city that appeals to the worlds elite actually has five new billionaire residents who hail from outside the United Kingdom, including Russian brothers Dmitry and Igor Bukhman, founders of online gaming firm Playrix; and Camilla de Godoy Bueno Grossi, who inherited part of the fortune of her late father, Brazilian healthcare tycoon Edson de Godoy Bueno. Most of the cities in our list have a similar history in terms of long-standing economical power (Tokyo, Paris, London), while others seem to have gained most of their wealth in the past 2 to 3 decades (San Francisco.). The cannabis business is rather recent, but also encourages financial growth for the city. Liz loves the process of researching information, learning new things, and putting into words what others who share her interests might like to read. It takes decades of consistency for these factors turn a place around in terms of success and richness; a city can not accumulate wealth overnight, and if it does, this wealth will most likely not stick around for long. As such when it comes to the richest cities in the world, New York City comes in at number 2. As soon as this statistic is updated, you will immediately be notified via e-mail. Asia is the region with the second most millionaires with six cities in the mix. Dallas Number of individuals with a net worth of $5 million or more: 36,515 Percentage of global population: 1.2% 9. 6 and No. Besides being a major educational hub and commercial space, Tokyo's economy relies on industries related to healthcare, communications, transportation, and real estate. Luxury services also play a significant factor in Paris' economy, acting as a hub for famous brands like Mot, Cartier, and Louis Vuitton. Though residents are keen on investing in the real estate market, younger generations are finding it difficult to afford a home in Seoul due to the rising cost of real estate property and rising economic insecurity. Tripoli and Tehran, the capitals of Libya and Iran, respectively, follow next on this list, reflecting their weakened economies. 1.Tokyo, Japan (GDP - $1,520 billion) The richest city in the world in 2022 is Tokyo. Known as a center of learning due to the many high caliber universities in the city such as Osaka and Kansai universities, Osaka attracts creative and innovative industries. Fortune 500 companies located in the Rhine-Ruhr metropolitan area include: ThyssenKrupp AG, RWE AG, Bayer AG, Evonik Industries, among others. London is known for its financial and business sectors, and it attracts a significant number of high-earning professionals who contribute to its reputation as a hub of wealth and luxury. The Chinese capitals tally of ten-figure-fortunes rose by six since last year to reach 67 billionaires. A massive powerhouse in Seoul is Samsung. Media mogul turned politician Michael Bloomberg, founder of Bloomberg, is the . The LSE is one of the largest stock exchanges in Europe, encompassing assets from over 2,400 companies, with many of these companies using London as their central headquarters. Singapore broke into the top 10, replacing Seoul, which was No. Fortune 500 companies include Discovery Communications, Fannie Mae, Walmart and CACI International among others. Its been rapidly replaced by information tech and financial services. A paid subscription is required for full access. Home to thousands of millionaires, wealthy Parisian neighborhoods include the 7th Arrondissement, the Boulogne-Billancourt, Saint-Cloud, and Neuilly-sur-Seine. Companies that have offices in Boston include BNY Mellon, Goldman Sachs and Microsoft. Blessed with an affordable cost of living, two stunning shorelines, vibrant cities, and swathes of glorious scenery, its understandable, Read More The 10 Best Places to Live in Mexico for AmericansContinue, If you live in Kentucky already, then youll already be well aware that when it comes to crime, the Bluegrass State is doing pretty well for itself. The ideal entry-level account for individual users. Though still bruised and battered by the effects of the pandemic, New York City is holding true to its reputation as a tough and resourceful city. London: 63 Billionaires Since Last Year: +7 Total Net Worth: $316.1 Billion Richest Resident: Len Blavatnik, $32 Billion The typical American household earns $57,617 per year. Its known as the mecca of tech innovation, and as a result, the region has a high concentration of wealthy individuals. The Periodic Table of Commodity Returns (2013-2022), Visualizing 25 Years of Lithium Production, by Country, Ranked: The Worlds Largest Copper Producers, All the Metals We Mined in 2021: Visualized, Chart: Automakers Adoption of Fuel-Saving Technologies, Explainer: What to Know About the Ohio Train Derailment, A Visual Crash Course on Geothermal Energy. Newcomers to the billionaire ranks who live in San Francisco include private equity dealmaker Orlando Bravo and cloud communications entrepreneur Vlad Shmunis. (March 17, 2022). Greater Mumbai still is the most populated city in its 440 sq. This is a list of cities in the world by gross domestic product (GDP).The United Nations uses three definitions for what constitutes a city, as not all cities may be classified using the same criteria. Additionally, approximately 18% of Japan's universities are found in Tokyo. As a SEZ, businesses in the area receive special treatment in the form of tax benefits, which helps increase the GDP bottom line immensely. Major sectors there include: real estate and fund management. Chicago, which serves as the home base for 35 Fortune 500 companies, is home to 160,100 millionaires, 340 centimillionaires and 28 . Show publisher information When is it OK to Buy a House Site Unseen as an Investor? Basically, the metropolitan areas of Maastricht. The San Francisco Bay Area boasts 276,400 millionaires. Let's consider New York City. 5. New York. South Koreas Wall Street is the Korea Exchange in Yeoui Island. New York is the wealthiest city in the worldhome to 345,600 millionaires with a total private wealth that exceeds $3 trillion. Mumbai gained one billionaire resident since 2019, losing five billionaires but adding six newcomers. However, invading a sovereign nation had its consequences, and Russias entire economy is in a state of disrepair. Being the largest city of the country, Mumbai is extensively . Number of individuals with a net worth of $5 million or more: 49,005 Percentage of global population: 1.7% Paris is the capital and most populous city of France, with an estimated population of 2,150,271 residents as of 2020, in an area of 105 square kilometers (41 square miles). There are many benefits to living in an iconic city like New York or Singapore, but the amenities and exclusivity can come at a high cost. 2022 Rankings of Highly Urbanized Cities. Newcomers from other sectors also joined the ranks, including AI pioneer, Hong Kong remains No. This is a list of cities in the world by gross domestic product (GDP). The place is mostly known for its stunning Renaissance architecture and is . Otherwise, the city serves as a global financial centre, due to its large abundance of banks, insurance companies, and financial service centres. Surprisingly, this is the Big Apples first time atop the ranking. Rankings of Cities and Municipalities are based on the sum of their scores on 4 Pillars: Economic Dynamism, Government Efficiency, Infrastructure, Resiliency, and Innovation.Provincial rankings are based on population and income weighted average of the Overall scores of cities and municipalities under a province. If you live in a city where many residents find it challenging to put a roof over their heads, food on their plates, and make ends meet, you live in an expensive city. London and Paris are the major and richest cities in Europe with a GDP of US$835 billion and US$822 billion respectively. New York is home to many Fortune 500 companies and is the financial heart of the United States, with the New York Stock Exchange and NASDAQ located in the Big Apple. Reportedly, the top 20% earners in the city have an average salary of over $280,000 USD, with the top 5% earning over $530,000 USD. Paris is also home to several Fortune Global 500 companies such as, BNP Paribas, Peugeot, CNP Assurances, SNCF, Vivendi and more. Lets take a closer look at some of the top-ranking cities making the list. Beyonc, Jay Z and Taylor Swift are just a few of the celebrities who own property in Tribeca. Tokyo may not be as wealthy as New York, but this megacity remains one of the richest cities in Asia. While Shenzhens export-led manufacturers have struggled from the effects of the trade war with the U.S., the citys billionaires added $29.7 billion to their collective net worth since 2019. The headquarters of several cities are also found in Tokyo, which include Honda, Sony, Hitachi, and Mitsubishi. Tokyo, Japan- GDP: $1,520 billion. Once a top contender in manufacturing, today manufacturing revenue covers only around 10 percent of the economy. 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