Commercial Real Estate
Top 20 Cities for Super Wealthy People
Billionaires were once a rare anomaly but the global economy has made it possible for people to amass incredible amounts of wealth and the richest people in the world now boast 11 figure net worth. Billionaires often times own exquisite real estate all over the globe, but this article focuses on the twenty cities where most of them make their primary residences.¬†
#20 Sao Paolo
Number 20 on the list is the Brazilian city of Sao Paulo, the capital of Brazil’s most populous state which bares the same name. This Atlantic coast city has metropolitan population of nearly 20 million, people with 10 individuals being billionaires. This should come as no surprise as Brazil is responsible for about a third of the world’s coffee production. Sao Paulo is also home to the lucrative Future Market and Cereal Stock Exchanges which is second only to the NYSE in market value, boasting an impressive 1.25 trillion dollars US in market capitalization. Sao Paulo is also home to Paulista Avenue, one of the most important financial districts in the world.¬†
Houston Texas actually ties with Sao Paulo with 10 billionaires making their home there but Houston gets the edge because it has just a third the population of the Brazilian Metropolis. Houston is Texas’s most populous city with just over six million people residing there, making it the 4th most populous city in the United States. The Port of Houston handles more water borne tonnage than any other port in the US but the most lucrative industry is by far the oil industry. With companies such as Conoco-Phillips and Marathon Oil making their home there, it’s easy to see why Houston is number 19 on our list.¬†
Just barely edging out Houston and Sao Paulo is the Persian Gulf city of Dubai with 11 billionaires making it their primary city of residence. The city was founded on December 2nd 1971 after being granted its independence when the UK left the Persian Gulf. The main source of this constitutional monarchy’s economy is the oil industry as it produces up to 70,000 barrels of oil a day. Dubai is a part of the United Arab Emirates and has become a hub of tourism, trade and finance. Just over 2 million people reside in this beautiful city.
Dallas, Texas is home to 11 billionaires, but it gets the nod over Dubai because it has only about 1.2 million people which is just over half as many as the Persian Gulf metropolis. The strength of Dallas’s economy is definitely the oil industry though it is well known for its agricultural businesses, producing large amounts of cotton and livestock. Dallas is the third most populous city in Texas and is home to the World headquarters of AT&T, Comerica Bank and Texas Instruments.
#16 San Francisco
San Francisco is home to 11 billionaire’s as well, but its population of just 800,000 gives it a higher per capita than Dallas and Dubai. Tourism fuels the economy of the city by the bay as it is fourth overall in Us cities visited by foreign tourists. San Francisco is also known for its lucrative Silicon Valley and is the birth place to many Internet start ups such as Twitter and Craig’s list and is home to the global head quarters of Internet juggernaut Google.
Guangzhou, China is the main hub of manufacturing of China’s pearl river delta and the home to 12 billionaire’s. Over the past 35 years, nearly a third of all foreign investment in China was in the Pearl River Delta and Guangzhou has reaped the benefits. With a Gross Domestic Product of $450 billion US, many wise businessmen have made their fortunes using labor from the Pearl River Delta. Guangzhou has a population of about 13 million and the fastest growing economy in the world.
Tokyo, Japan is also home to a dozen billionaires and has a population of about 13 million people within the metropolis so it’s really a tie between it and Guangzhou for number 14. The Japanese city is a world leader in the production of cars, electronics and IT products which is largely responsible for its GDP of $1.5 trillion US. Tokyo is home to 51 Global 500 hundred companies which is nearly twice as many as any other city.
Singapore rings in at number 13 with 13 billionaires, making the sovereign island nation of their primary place of residence. The Suez Canal is the main reason that the Port of Singapore is one of the five busiest in the world and the 2011 Index of Economic Freedom ranked Singapore’s economy as the second freest in the world behind Hong Kong. Singapore has a population of about 5.5 million and extended entrepot trade is the basis of their economy.¬†
Chicago, Illinois is the home of 15 billionaires and has a population of nearly 10 million in the metropolitan area, making it the 3rd populous city in the US. Chicago has a highly diverse economy which has been called the most balanced in the country. The windy city also has the second largest central business district behind New York.
With 19 billionaires, Shenzhen, China is number 11 on the list. The city has a population of about 10.5 million and is a located in the province of Guangdong. Like the Chinese city Guangzhou, Shenzhen is a hub of major manufacturing.¬†
#10 Los Angeles
Los Angeles rounds out the top ten with 19 billionaires. The City of Angels has a population of about 4,000,000 and their thriving tourism and entertainment industry drive their booming economy. The metro, Los Angeles area has a GMP of about $740 Billion, making it the world’s third largest center of economics.
Paris, France is number 9 on the list with 22 billionaires and an overall population of 10 Million. The city of lights is the capitol of France and boasts an impressive GDP of nearly $850 Billion US. Paris’s economy is fueled by tourism and this world city is home to 30 Global 500 companies.¬†
Shanghai is home to 23 Billionaires and its the most populous city in the most populous country. In fact, with over 23 million people calling this city home, it is the most highly populated city in the world. Trade and manufacturing bolster the Shanghai economy and the Shanghai Stock Exchange ranks third in the world in trade volume.
#7 Istanbul, Turkey is number 7 on this list with 24 Billionaires. Boasting a population of nearly 14 Million, Istanbul is the most populous city in Turkey. Istanbul has GDP of over $300 Billion, exporting goods is the backbone of Istanbul’s economy and the Bosphorus waterway sees three times the traffic as the Suez canal. Turkey exports a plethora of goods including steel olive oil and tobacco.
Mumbai, Maharashtra, India which was formerly known as Bombay is number 6 in the world for most billionaires , having 26. With 13 million residents, Mumbai is India’s most populous city and the 4th most populous in the world. 5 of the Global 500 companies are based in Mumbai,and the city has a GDP of &150 Billion US.
Beijing rounds out the top five and has 29 Billionaires living in its greater metropolitan area. This capitol city of China has over 20 Million people and is the home to 41 Global 500 companies. Beijing is highly industrialized and has a GDP of $174 Billion US.¬†
#4 Hong Kong
Hong Kong China is 4th on the list with an amazing 40 billionaires. Hong Kong is a world city with over 7,000,000 residences,and a total GNP of over $243 billion US. Hong Kong is a well known financial center with free trade and low taxation. The Hong Kong dollar is one of the top ten traded currencies on Earth and a major reason for the cities economic strength. Hong Kong is the top Chinese city on this list.¬†
London England rounds out the top 3 of this list and has an astounding 54 billionaires living there. The capitol city of England is home to about 8.5 million people within the city with 15 million total in the metropolitan area. London has the largest economy in Europe and its GDP is over $670 Billion US. London’s banking industry is the strongest in the world and the city has 480 banks in other countries. More than three quarters of fortune five hundred companies have headquarters in London making it one of the most important financial cities in the world. The World Bank and Lloyd’s of London Insurance Market also call London home.
Second on this list is Moscow Russia with 64 billionaires. Nearly 12 million people reside in the Russian capitol, making it the most populous city in Europe. Moscow has an impressive unemployment rate of under one percent and in 2009, this city actually topped the list of with an amazing 71 billionaires with an average of just under $6 Billion. Russia’s economy is fueled by a long list of industries such as textiles, helicopter production and banking but the natural gas giant Gazprom is the largest company in the country and extracts more natural gas than any other company in the world.¬†
#1 New York
The top of the list is New York City and more specifically Manhattan which shouldn’t come as a surprise to anyone. There are 70 Billionaires residing in the Big Apple,and the financial district and NYSE are largely responsible for the concentrated wealth. Nearly 8.5 million people reside in New York, making it the most populous city in the United States. Besides the thriving financial businesses, New York City has a booming tourism industry. The New York metropolitan area has a GMP of nearly 1.3 trillion and controls nearly 40% of the world’s finances.
People with extreme wealth reside in every corner of the Earth and the Global Economy had made it possible people to amass remarkable sums of money. In both hemispheres, cities with clusters of Billionaires have become more common than ever. Though these cities have built there tremendous economies through different industries, they are all vital to the world’s economy.