Charley Gallay/Getty Images for Veuve Clicquot
Three of the world's richest cities are in the US.
- New York City, London, and Tokyo are the richest cities in the world.
- Private wealth could be a better way to measure the strength of an economy than GDP, according to a new report.
- The world's total private wealth amounts to $215 trillion.
Citizens of the world control about $215 trillion in private wealth, according to New World Wealth's latest report.
In each of the top 10 richest cities, residents have combined wealth of at least $1 trillion, and as much as $3 trillion. Total private wealth includes all assets - property, cash, equities, and business interests - minus any liabilities.
According to New World Wealth's research, total private wealth is "a far better gauge of the financial health" of an economy than GDP. Ultimately, the wealth of a public signifies its spending power.
To be sure, these cities rank highly because of two factors: a large general population and a significant amount of high-net-worth residents. Across the world, there are about 15.2 million people with net assets of $1 million or more, while the average person has net assets of $28,400.
Below, check out the top 10 richest places in the world ranked by total private wealth of all residents.