The top 10 cities in the world for billionaires

Billionaires are increasingly becoming concentrated in a cluster of cities, according to Forbes' annual World's Billionaires List, Business Insider writes in the article The top 10 cities in the world for billionaires, ranked. According to its findings, nearly 26% of the world's billionaire population as of 2020 is concentrated in the 10 major cities outlined below.

10. Singapore saw the biggest uptick in its billionaire population, with nine additions.

 

Country: Singapore

Population: 5.8 million

Number of billionaires: 31

Number of billionaires gained: 9

Combined net worth of all billionaires: $95.3 billion

In Singapore, limited land makes owning a house the ultimate status symbol, Business Insider's Katie Warren reported. Billionaires spend millions snapping up the island's few single-family homes in secluded, ritzy neighborhoods like Orchard Road and Holland Village.

9. San Francisco's billionaires mostly hail from the technology sector.

Country: USA

Population: 883,300

Number of billionaires: 37

Number of billionaires lost: 5

Combined net worth of all billionaires: $90.7 billion

Some San Francisco tech mogul fortunes fell below $1 billion this year, but others' fortunes continue to grow. The city's richest resident is Dustin Moskovitz, a Facebook cofounder, who has an estimated net worth of $10.4 billion.

8. Mumbai is a city of imbalance: It has many billionaires — but half of its population lives in slums.

Country: India

Population: 20 million

Number of billionaires: 38

Number of billionaires gained: 1

Combined net worth of all billionaires: $149.3 billion

Asia's wealthiest family, the Ambanis, hail from Mumbai. Mukesh Ambani has an estimated net worth of $39.7 billion.

7. Shenzhen has become a manufacturing hub in China, contributing to a rise in wealth among some of its residents.

Country: China

Population: 12.4 million

Number of billionaires: 44

Number of billionaires gained: 5

Combined net worth of all billionaires: $220.2 billion

Shenzhen is home to famed Alibaba cofounder Jack Ma.

6. Shanghai's billionaires have a combined net worth of $130.7 billion.

Country: China

Population: 27 million

Number of billionaires: 46

Number of billionaires gained: 1

Combined net worth of all billionaires: $130.7 billion

Shanghai's richest resident is Colin Huang, who has an estimated net worth of $20 billion. He is the chairman and CEO of China's largest e-commerce site, which saw an uptick in usage during the coronavirus outbreak.

5. Over the past year, London saw its billionaire population increase by one.

Country: UK

Population: 9.3 million

Number of billionaires: 56

Number of billionaires gained: 1

Combined net worth of all billionaires: $212.7 billion

Some London billionaires live on Kensington Palace Gardens, known as Billionaire's Boulevard, the most expensive street in Britain. Here, homes average about $53 million and can cost nearly $260 million, according to real estate agency Knight Frank.

4. Beijing gained six billionaires this year.

Country: China

Population: 20.4 million

Number of billionaires: 67

Number of billionaires gained: 6

Combined net worth of all billionaires: $218.2 billion

Hong Kong's billionaire newcomers operate at the nexus of technology and education — both Larry Xiangdong Chen and Liu Yachao became billionaires because of their companies that provide online education and after-school tutoring, according to Forbes.

3. Moscow's billionaires are all self-made, according to Forbes.

Country: Russia

Population: 12.5 million

Number of billionaires: 70

Number of billionaires lost: 1

Combined net worth of all billionaires: $301.7 billion

Moscow is the homebase for Russia's richest known billionaire — Vladimir Potanin, a mining mogul with an estimated $23.2 billion net worth. Many of Moscow's billionaires have close ties to Russian President Vladimir Putin, according to Forbes.

2. Hong Kong saw a decrease in billionaires and only saw one newcomer, but still remains near the top of the list.

Country: Hong Kong

Population: 7.5 million

Number of billionaires: 71

Number of billionaires lost: 8

Combined net worth of all billionaires: $321 billion

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

1. New York City is the world's only city with more than 90 billionaires. They have a combined net worth of $424 billion.

Country: USA

Population: 8.4 million

Number of billionaires: 92

Number of billionaires gained: 8

Combined net worth of all billionaires: $424 billion

New York City is home to the highest number of billionaires in the world for the sixth year in a row. Former New York City mayor and failed presidential candidate Michael Bloomberg, who has an estimated net worth of $51.2 billion, is the city's richest. Newcomers include hip-hop's first billionaire, Jay-Z.