He worked to revolutionize transportation on earth. Liz loves the process of researching information, learning new things, and putting into words what others who share her interests might like to read. Travel + Leisure. Mapped: Which Countries Have the Highest Inflation? Other industries which influence the economy of Boston include the biotech industry, tourism, finance services and several Fortune 500 companies. In fact, the average annualy income in these neighborhoods is typically over 100,000. Kolkata- GDP $150.1 Billion. Quezon City: $1.69 billion. 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. Delhi City. Show publisher information According to the Hurun Global Rich List 2022, the leading city with the most billionaires in 2022 was Beijing. Furthermore, Tokyo owns 10% and close to 16% of Japan's officespace and workers, respectively. Follow Us. Industries that have found success in the city include food processing, manufacturing, publishing, insurance and tourism. Greater Mumbai still is the most populated city in its 440 sq. 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 . 1 with $13.9 billion. Property prices, across the board in Hong Kong in late 2019, damaging the real estate industry that is the source of wealth for many of the citys richest, including Hong Kongs sole, Moscow is the only other city among the top 10, besides Shenzhen, where every single billionaire is self-made (as opposed to inheriting a fortune); many have close ties to Russian President Vladimir Putin. For example, Moscow's rich neighborhoods like Rublyovka contain private houses that can cost up to $60 to $80 million! 10. Luxury services also play a significant factor in Paris' economy, acting as a hub for famous brands like Mot, Cartier, and Louis Vuitton. From Singapore To New York City, more than 26% of the worlds 2,095 billionaires live in just 10 cities on three continents. Mapped: Europes Biggest Sources of Electricity by Country, Visualizing the Scale of Global Fossil Fuel Production, Visualizing U.S. In Hong Kong, 9,530 ultra wealthy individuals resided, followed by Tokyo with 8,345 lived. The richest cities in the world are determined by their gross domestic product, or GDP. Much like Shanghai, Beijing enjoys a reputation as one of the Asia's (and the world's) wealthiest cities. The place is mostly known for its stunning Renaissance architecture and is . Indian richest cities 2021. Cities may be defined as the cities proper, the extent of their urban area, or their metropolitan regions. Asia continues to dominate the list of the worlds least expensive cities, followed by parts of North Africa and the Middle East. Home to about 393,000 millionaires, Seoul's economy is rooted in manufacturing, financial services, and transportation. 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. 2. Beijing also has the dubious distinction of being the knock-off capital of the world. The Rhine-Ruhr metropolitan area is the economic power house of Germany. 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. However, this megacity is most famous for its thriving entertainment industry, which pumps billions of dollars into the city's (and country's) economy. Los Angeles, Chicago and Houston round out the top five. 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. If you are an admin, please authenticate by logging in again. Mumbai gained one billionaire resident since 2019, losing five billionaires but adding six newcomers. The typical American household earns $57,617 per year. Due to heavy investment into research and development, high-tech companies in Shenzen have consistent government support. It is also home to Wall Street, the financial capital of the US and the world. Register in seconds and access exclusive features. (((61/33)^(1/15))^10)*33 and (((33/21)^(1/15))^10)*21. We added hundreds of new lists - see our top 101 city lists. Major sectors there include: real estate and fund management. Moscow. Los Angeles is a city that takes great strides to encourage economic growth. Despite suffering a tough downturn due to the pandemic, Shanghai remains one of the worlds richest cities. Out of the 2,095 members of the 2020 Forbes Worlds Billionaires list, 552 live in just ten cities. 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. Another crucial element is the neighborhood of Zhongguancun. Companies that have offices in Boston include BNY Mellon, Goldman Sachs and Microsoft. Newcomers to the billionaire ranks who live in San Francisco include private equity dealmaker. 1. Makati City: $4.48 billion. The ideal entry-level account for individual users. This list is incomplete, as not all companies disclose their information to the general public. E-commerce has seen a boom in China since millions of citizens were locked down in an effort to slow the spread of the coronavirus in January, boosting the fortunes of online retail titans like Colin Huang. On a related note, there is a sizeable population of secondary homeowners in London. L.A. is also abuzz with development projects, such as refurbishing businesses like Manns Chinese Theater, as well as infrastructure projects. The cities shown in our visualization are already well-established locations for high-net-worth individuals. 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. Singapore has one of the highest densities of millionaire households in Asia, with over 5% of households having at least $1 million USD in net financial assets. The Top 25 Cities in the World in 2020. Richest Cities in the World. As a SEZ, businesses in the area receive special treatment in the form of tax benefits, which helps increase the GDP bottom line immensely. Tokyo's wealth is also tied to the Tokyo Stock Exchange (TYO), regarded as one of the largest stock exchanges in the world. Which Countries Have the Lowest Inflation? As a major commercial hub for England, a number of established companies are found in London, such as Unilever, Barclays, BP, and Shell. When Covid struck, global traveling came to a halt, and for a while Macao even slipped out of the 10 richest nations ranking. 13. The manufacturing and export hub across from Hong Kong added five members to the three-comma-club in the last year, all of them self-made. The richest person in New York City is Bloomberg LP founder and former Mayor Michael Bloomberg, who spent nearly $1 billion of his $48 billion fortune on a failed presidential campaign before dropping out in March to endorse Joe Biden. Sy Siblings Still at Top. The number of millionaires has been growing steadily over the last 10 years, and if the trends of recent years hold, San Francisco could become the number one millionaire hub by 2040. With the onset of free-market reforms in the 1990s, Beijing saw its economic development soar. London and Paris are the major and richest cities in Europe with a GDP of US$835 billion and US$822 billion respectively. Standing as Russia's capital for centuries, the country's national wealth has been building in Moscow since the 1990s after the fall of the Soviet Union. 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). 24/7 Wall Street reviewed income levels in 382 metropolitan . Furthermore, the Big Apple was also a popular destination for entrepreneurs and innovative businesses, furthering its reputation as a financially-savvy city. Beijing also has a sizeable billionaire population of 100 people, compared to any other international city. But if this inflation is compounded with a strong national currency, you may live in one of the worlds most expensive cities. Moreover, when it comes to its residents, there are about 9,210 multi-millionaires calling London home, as well as 38 billionaires. The infographic above uses data from EIU to rank the world most and least expensive cities to live in. In, Hurun Research Institute. 1.Tokyo, Japan (GDP - $1,520 billion) The richest city in the world in 2022 is Tokyo. China's capital city offers services in key sectors related to finance, information technology, scientific research, and industry. Despite being significantly smaller than Los Angeles, San Francisco houses more millionaires than its southern California counterpart. Rising development costs and foreign competition had already felled the fortunes of South Koreas pharmaceuticals sector, before coronavirus concerns hit the countrys economy in late February in total, thirteen Seoul-based billionaires dropped off the list. 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. Furthermore, 121. Richest Resident: Colin Zheng Huang, $55.3 Billion Shanghai remained at number six despite adding 18 new billionaires and Colin Zheng Huang is the richest resident of the city. Other Shanghai entrepreneurs are newcomers to the list, including Wang Jilei, who draws his wealth from express delivery firm ZTO Express, and Chen Rui, whose anime and entertainment site Bilibili saw an uptick in demand after it gave residents of locked down areas free access to premium content. Are you interested in testing our business solutions? 1. It has a diverse stable economy ranging from Gas Extraction and Manufacturing, Companies and Enterprise, and Retail Trade. Please do not hesitate to contact me. Once considered a major shipping hub to the world, that distinction has been replaced by the service industries, such as financial services. Before the Ukraine invasion, Moscow was the economic hub of Russia. The TYO encompasses over 3,700 listed companies and a market value estimated at JPY 600 trillion (or approximately $42 billion USD). Kimberly Noel Kardashian West is an American media personality, socialite, model, businesswoman, producer, and actress. Since 1949, Beijing was considered one of China's most industrial cities. 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. In total, these 30 people control. Otherwise, the city serves as a global financial centre, due to its large abundance of banks, insurance companies, and financial service centres. In detail, 144 billionaires resided in the capital of China. Mumbai gained one billionaire resident since 2019, losing five billionaires but adding six newcomers. Principal industries which were the engine behind Moscows economy are textile, metallurgy, energy, and chemical. Los Angeles is not California's only wealthy city! Macao SAR will climb from 17th in 2020 to 9th in 2021. City employment is driven by AT & T, Walgreens, Abbott Labs, the CTA, Walmart and Allstate Insurance, among others. Dubai ranks at #6 on the PlanetWare guide, ahead of Singapore, Rome, Istanbul, and Tokyo. Fortune 500 companies include Comcast, Colonial Penn, Sunoco, Aramark, CIGNA, Lincoln Financial Group, and more. Visualizing the Global Share of U.S. Stock Markets. It is through the electric car maker Tesla and in space by rocket produced by SpaceX. 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. 27. It had about 2,000 inhabitants at the time. The Top 5 Cities in Mexico. Burundi GDP Per Capita: 724 Burundi, located in Central Africa, is the number one poorest country in the world by current figures. area followed by Delhi, Kolkata, Bangalore and Chennai. Pasig City: $710 million. Besides being a major educational hub and commercial space, Tokyo's economy relies on industries related to healthcare, communications, transportation, and real estate. (March 17, 2022). I cover the world's richest people and how they made their billions. Top 100 City Lists Top 100 cities with highest median household income Top 100 cities with highest median household income Previous toplist Next toplist New! The Shenzhen Special Economic Zone was created in May of 1980 and is based on Irelands Shannon Free Zone. Even though the city was riddled with the effects of the pandemic, Job growth occurred with another 5,700 jobs added. In fact, according to this chart, you can see that manufacturing takes the lead with 16.6 percent followed by retail at 16.6 percent and real estate at 11.4 percent. The city by the bay has five fewer billionaires than a year ago in part because fortunes fell below $1 billion for former Uber CEO, . Besides thriving on industries related to finance, tourism, and media, London's wealth is also linked to the London Stock Exchange (LSE). Dallas Number of individuals with a net worth of $5 million or more: 36,515 Percentage of global population: 1.2% 9. Ever since, San Francisco has remained a strong financial stronghold for the state of California. 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. It has more sunshine than Florida, Read More The 20 Safest Places to Live in ArizonaContinue, Generally speaking, when people set out to buy a property, they are recommended to check out the property in person before making the purchase. Other companies crucial to Seouls economic health include: Kia, Daewoo and Hyundai. New York. Get full access to all features within our Business Solutions. Zurich, Switzerland - 27.34% Millionaires. 1. The Football Lovers Menu News Premier League Manchester City Manchester United Liverpool Chelsea Arsenal Leicester City Tottenham Hotspur West Ham United Everton Transfers Top 10 Quizzes The Big Smoke is no stranger to economic prosperity. Foreign corporations such as IBM, Nestle, Hewlett-Packard and more flooded Beijing, causing a rapid economic expansion. New York City (NYC), which lost the number one slot to Beijing in 2021, has added eight new billionaires with a total net worth of $640.4 Billion. The USA is the only country with a large surface area and population among the highest-ranking nations, ranking eleventh. 12. Profit from the additional features of your individual account. London: 63 Billionaires Since Last Year: +7 Total Net Worth: $316.1 Billion Richest Resident: Len Blavatnik, $32 Billion Los Angeles, USA The city of Los Angeles makes significant efforts to foster economic growth in the local community. The Top 15 Cities in Asia in 2020. With an estimated GDP of $310 billion, Mumbai ranks number one in the list of the richest cities in India. Learn more about how Statista can support your business. Boston-Cambridge-Newton, Massachusetts. 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 country's economy as a whole is one of the fastest growing in the world. 7 and Shanghai and Beijing staying flat at No. The cannabis business is rather recent, but also encourages financial growth for the city. 12. Interactive map It leverages a comprehensive data set that tracks the movements and spending habits of high-net-worth individuals in over 150 cities around the world. Singapore and New York City tied for the first rank amongst the worlds most expensive cities in 2022, pushing Israels Tel Aviv from the first place in 2021 to the third place in 2022. Kicking off the list is the charming Italian city of Florence - which is kind of surprising. 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. However, today it has moved on to other, more profitable economic interests such as finances, high tech and insurance, to name a few. At its peak, General Motors enjoyed a 50% market share in the United States. According to a study by Teleport, Osaka scores well when it comes to affordable housing, community safety, business, and healthcare. Major metropolitan areas contributing at least 2.5% of world GDP. Kuwait (-4) will be the worst loser, followed by The Bahamas (-3) and Iceland (-3). 3. American retail corporation Walmart has been the world's largest company by revenue since 2014. statistic alerts) please log in with your personal account. This is because they are supposed to get a better idea, Read More When is it OK to Buy a House Site Unseen as an Investor?Continue, You might be thinking of relocating to New Hampshire for work or other reasons. Ian Lurie on Quora calls Seattle "one of the most beautiful U.S. cities you'll find, with lots of lakes, the bay, mountains and green stuff.". Pune - Oxford Of The East. Cairo Cairo Pyramids Hotel - Cairo, Egypt (photo: Marriott) ADVERTISEMENT Located along the Nile River, Cairo is one of the. This infographic uses information from the Henley Global Citizens Report, in partnership with New World Wealth, to rank the worlds wealthiest cities. Among the top 10 richest economies, Ireland has the fastest-growing economy with 13.04%. Tripoli and Tehran, the capitals of Libya and Iran, respectively, follow next on this list, reflecting their weakened economies. Moscow is also home to a population of "nouveau riche" Muscovites and prominent neighborhoods, with properties that can cost millions of dollars. Their net worth is based on the data from 2022 available on their respective Forbes profiles. Values soared as interest rates on loans went down in a sellers market, which made it tougher to find affordable properties. 3. Photo: @Kim Kardashian West. GM was the best-performing automobile company in the 20th century but has still maintained a top position among the wealthiest car manufacturers. Penthouses in the 30 Park Place complex are currently listed for 10 times as much. These figures were taken after the market close on September 18, 2020. 11. Tokyo may not be as wealthy as New York, but this megacity remains one of the richest cities in Asia. Rounding out the top three cities is Tokyo, with $2.5 trillion in private wealth. Its known as the mecca of tech innovation, and as a result, the region has a high concentration of wealthy individuals. Devoted to encouraging economic development, Chicagos Department of Planning and Development has a number of economic development initiatives. This statistic is not included in your account. As a Premium user you get access to the detailed source references and background information about this statistic. Tokyo has 39 million residents which are 50% more than any other urban area of the world. The city with one of the most expensive real estate markets worldwide, Hong Kong ranked fourth in this list, followed by Los Angeles, which moved up from its ninth rank in 2021. Learn how your comment data is processed. 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. It is the largest urban economy on the planet. (Video) TOP 10 RICHEST CITIES In The World 2021 (Uncover) Which is the richest city in the world 2022? New York City is also considered the country's leader in finance due to its storied past. 2. Ahmedabad - Textile Hub Of India. Beijing, China: $591.374 Billion Beijing is the capital of China and has a population of over 20 million. Accessed March 04, 2023. https://www.statista.com/statistics/299494/billionaires-top-cities/, Hurun Research Institute. When is it OK to Buy a House Site Unseen as an Investor? Washington, District of Columbia: $578.985 Billion, 4. She finds almost all topics she writes about interesting, but her favorite subjects are travel and food. Cities become expensive due to a variety of factors such as high demand for housing, a concentration of high-paying businesses and industries, and a high standard of living. The wealthy city-state has 31 billionaire residents, up from 22 last year, and replaces Seoul in the top 10. He also praises the seafood, arts scene and welcoming atmosphere, though other critics call Seattle residents overly materialistic. But the Nations Valentine has so much more to offer. Other notable NYC billionaire residents include hip-hop superstar, , the widow of former Koch Industries magnate. Loudoun County is located in the Commonwealth Virginia, with a population of 375,000 people. 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. To make the list, the EIU examines 400+ prices for over 200 products and services in 172 cities, surveying a variety of businesses to track price fluctuations over the last year. 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. Kim Kardashian- $1 billion. Florence, Italy - 2.59% Millionaires. Industries that contribute to New York Citys economy are health care, tourism, real estate, tech, publishing, fashion, media and insurance, among others. If youre looking, Read More The 20 Cheapest Places to Buy Land in the U.S. 2022Continue. Not surprisingly, China is home to three of these cities, including Hong Kong (SAR). Today, with 272,400 millionaires, the city holds a more humble position. Four cities made the list for the first time: Blackhawk, California; New Albany, Ohio; Long Grove, Illinois; and Darnestown, Maryland. Cities may be defined as the cities proper, the extent of their urban area, or their metropolitan regions. Its been rapidly replaced by information tech and financial services. Though approximately 23% of Beijing's GDP is linked to its manufacturing sector, over 80% of the city's wealth is tied to the service sector. By examining a cities GDP, we can get a good idea of its industries and how they contribute to the overall economic growth. Once a leader in the manufacturing industry, that industry has been bowing to more modern industries like high tech, financial services and electronics. But what are the fastest growing cities for the rich? Hong Kong is once again the city with the second most billionaires in the world. MacKenzie Scott is an American novelist and philanthropist. With the onset of free-market reforms in the 1990s, Beijing saw its economic development soar. The company currently focuses on its four core brands: Cadillac, Chevrolet, GMC and Buick.