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Billionaires are increasingly becoming concentrated in a cluster of cities, according to Wealth-X's 2019 Billionaire Census report. The report analyzed data from Wealth-X's global database of more than one million records of the world's richest people.
According to its findings, nearly 30% of the world's billionaire population as of 2018 is concentrated in the 15 cities outlined below. The report also looked at how these billionaire populations grew or shrank compared to the previous year. Both country and city dynamics influenced wealth accumulation, according to the report.
Strong tech sectors are responsible for wealth accumulation in several cities, from San Francisco to Hangzhou and Shenzhen in China. A large share of the world's billionaire population reside in eastern Asia - six Eastern Asian cities made the list. However, billionaires in many of those cities were impacted by negative stock market movements, according to the report.
Note that the number of billionaires gained or lost marks the increase or decrease in each city's billionaire population from 2017 to 2018.
15. Tokyo has the largest share of its country's billionaire population out of all the leading cities.
Country: Japan
Number of billionaires: 29
Number of billionaires gained or lost: -1
In Japan, 81% of the country's billionaires — four out of five — live in Tokyo.
14. Hangzhou was impacted by negative stock market movements.
Country: China
Number of billionaires: 31
Number of billionaires gained or lost: -1
Growth in the innovation and technology industry has increased Hangzhou's high-net-worth population by 25% in the past five years, according to Knight Frank's "Wealth Report." There are now 26 unicorns — tech companies valued at $1 billion or more — in the city.
13. Istanbul saw a decrease in billionaires because of currency depreciation against the US dollar and negative equity prices.
T9. Mumbai is a city of imbalance, with a large billionaire population while half of the city's population live in the slums.
Country: India
Number of billionaires: 38
Number of billionaires gained or lost: -1
In Mumbai, the divide between the rich and the poor is further accentuated by the the elite's tendency to show off. According to Aditya Chakrabortty of The Guardian, they've been known to throw lavish Bollywood parties for eight-year-olds.
T9. Dubai has a strong oil industry, leading to wealth accumulation.
T7. Los Angeles billionaires have benefited from strong real estate, equity, and start-up markets.
Country: USA
Number of billionaires: 39
Number of billionaires gained or lost: -2
Los Angeles billionaires grow their wealth by leading a variety of industries, from tech to entertainment, according to the Los Angeles Business Journal. Many are also entrepreneurs.
T7. Singapore saw the biggest decline in billionaires of all cities because of negative equity market performance.
Country: Singapore
Number of billionaires: 39
Number of billionaires gained or lost: -5
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.
6. Beijing also suffered from negative equity market performance, but saw a less pronounced decrease in billionaires.
Country: China
Number of billionaires: 55
Number of billionaires gained or lost: -2
Luxury real estate in Beijing offers more traditional Chinese-style homes than Western-style villas to cater to the demand of the elite, Oscar Holland reported for CNN.
5. London saw an increase in its billionaire population thanks to exchange rate developments within its financial sector.
3. San Francisco has seen an influx of billionaires across its technology sector.
Country: USA
Number of billionaires: 75
Number of billionaires gained or lost: 1
San Francisco also has more billionaires per inhabitant than any other top city. Several San Francisco tech start-ups are expected to IPO this year, which is expected to increase wealth accumulation in the city.
2. Hong Kong saw a decrease in billionaires last year after suffering a rough year for Asian equities and global trade flows.
