This year, some 2,781 billionaires are spread across the world, but are clustered residentially in a handful of select cities.
According to the latest Forbes World's Billionaires list, almost a quarter of these billionaires reside in just ten cities spread across six countries, with a collective net worth totaling $3 billion.
For individuals in Nigeria or those looking to relocate, these cities represent the top 10 destinations where the likelihood of meeting a billionaire is significantly increased.
However, Forbes was unable to determine the primary residences of 59 of the 2,781 billionaires listed in the 2024 ranking. Here are the ten cities with the highest number of billionaires as of March 2024.
In San Francisco, Silicon Valley's wealth creation machine has accelerated, with 13 new billionaires joining the ranks since last year, bringing the total to 50. The collective net worth of these individuals has increased to $185 billion, led by Facebook and Asana. co-founder Dustin Moskovitz, San Francisco's richest resident with a staggering fortune of $18.3 billion.
The region's fertile ground for innovation has nurtured newcomers like Ivan Zhao, CEO of Notion, and Sam Altman, head of OpenAI and technology investor, who have joined the billionaire club with $1.5 billion and $1 billion. , respectively. Stanford computer science professor David Cheriton's $12.6 billion wealth also features prominently on the list.
Singapore has further cemented its position as a magnet for the ultra-rich, with a net gain of 6 billionaires last year, bringing the total to 52. The city-state's billionaires now boast a combined net worth of 156 billion dollars, with Facebook co-founder Eduardo Saverin leading the pack with an impressive fortune of US$28 billion.
The influx of new billionaires has propelled Singapore to 8th position globally, up from 9th last year. The city's fascination with the rich is evident in the presence of two trios of brothers, who have built vast fortunes in palm oil and banking. The Karim brothers – Bachtiar, Burhan and Bahari – control Musim Mas, a major palm oil company, while the Wee brothers – Ee Cheong, Ee Chao and Ee Lim – are grandchildren of the co-founder of United Overseas Bank, who is proud to more than 500 branches.
Los Angeles has joined the elite of billionaire hubs, with a remarkable 19 new entrants last year. The city's total billionaire count now stands at 53, with a staggering combined net worth of $222 billion. John Tu, president of Kingston Technology Corporation, leads the group with a fortune of US$13.6 billion.
The city's celebrity culture has contributed significantly to this rise, with notable billionaires such as LeBron James, Kim Kardashian and Rihanna building vast fortunes through their ventures.
Shanghai, once a powerhouse for billionaire growth, has witnessed a significant decline in its billionaire population, with 11 individuals dropping off the list since last year.
The city now has 54 billionaires, with a combined net worth of $167 billion. Despite this setback, Shanghai welcomed 8 new billionaires, mainly from the technology industry, and saw its richest resident, Colin Huang, founder of PPD Holdings, increase his fortune by 8.7 billion dollars, to 38.9 billion of dollars.
London's billionaire community has stagnated, with no new entrants and the net loss of one individual, causing the city to fall to sixth place globally. The total number of billionaires in London is now 62, with a combined net worth of $326 billion.
Len Blavatnik, with a fortune of $32.1 billion, remains the city's richest resident. The departure of Mohamed Al Fayed, former owner of Harrod's, following his death in August, contributed to the stagnation of the city's billionaire population.
Beijing's billionaire community remained stable, with 63 individuals holding a combined net worth of $211 billion, a 14% decrease from last year. Despite this, two new billionaires have emerged in the city: Dai Wenyuan, founder of AI software company 4Paradigm, and Zheng Fan, independent director of Li Auto, an electric vehicle manufacturer.
Zhang Yiming, with a fortune of US$43.4 billion, remains the city's richest resident. Beijing's difficulties in regaining its former dynamism reflect China's broader economic challenges.
Mumbai's billionaire community saw a surge with 13 new entrants joining the list, bringing the total to 69. The city's combined billionaire wealth also saw a significant increase of $100 billion, reaching $379 billion.
Mukesh Ambani, with an impressive fortune of $116 billion, remains the richest person in Asia and the richest resident of Mumbai. Other notable billionaires include Shapoor Mistry, an Irish citizen with a fortune of $9.9 billion, who controls the Mumbai-based engineering and construction giant Shapoorji Pallonji Group. This growth has propelled Mumbai to fourth place globally.
Moscow's billionaire community is growing, with 12 new entrants joining the list, bringing the total to 74. The city's combined billionaire wealth has also seen a substantial increase of $50 billion, reaching $378 billion .
Vagit Alekperov, with a fortune of 28.6 billion dollars, remains the city's richest resident. Notably, some of the new billionaires profited from the ongoing war in Ukraine, including Vladimir Melnikov, whose fast-fashion retailer Gloria Jeans saw a 28% increase in sales as foreign rivals H&M and Zara closed stores.
Joining the list, bringing the total to 74. The city's combined billion-dollar wealth remains substantial, at $326 billion. Li Ka-shing, with a fortune of US$37.3 billion, remains the richest resident.
Among the new billionaires are Jean-Louis van der Velde, co-founder and CEO of crypto firms Tether and Bitfinex, and Solina Chau, whose venture capital fund Horizons Ventures has invested in technology giants such as Facebook, Spotify and Zoom.
New York City maintained its title as the billionaire capital, with 110 individuals holding a combined net worth of $694 billion. The city welcomed nine new billionaires, including Jean Madar and Assaf Rappaport, who built fortunes in fragrances and cloud security, respectively.
Michael Bloomberg and Julia Koch lead the group, with fortunes of US$106 billion and US$64.3 billion, respectively. New York City's unique combination of finance, technology and entrepreneurship has created fertile ground for wealth creation.
