Out of the 2,095 members of the 2020 Forbes World’s Billionaires list, 552 live in just ten cities. And for the sixth year in a row, more billionaires call New York City home than any other city in the world. This year 92 billionaires live in the Big Apple — as their primary residence — 8 more than a year ago.
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. Other notable NYC billionaire residents include hip-hop superstar Jay-Z and Julia Koch, the widow of former Koch Industries magnate David Koch. The collective net worth of the city’s billionaires is $424 billion, down $45.7 billion from a year ago.
China retains its title as the country with the most cities in the top 10, with Shenzhen moving up one spot to No. 7 and Shanghai and Beijing staying flat at No. 6 and No. 4, respectively. Hong Kong is once again the city with the second most billionaires in the world. These four cities are home to 228 billionaires.
The Forbes World’s Billionaires list is a snapshot of wealth using stock prices and exchange rates from March 18, 2020. Some people become richer or poorer within days of publication. We list individuals rather than multigenerational families who share fortunes, though we include wealth belonging to a billionaire’s spouse and children if that person is the founder of the fortune. In some cases we list siblings or couples together if the ownership breakdown among them isn’t clear, but here an estimated net worth of $1 billion per person is needed to make the cut. We value a variety of assets, including private companies, real estate, art and more. We don’t pretend to know each billionaire’s private balance sheet (though some provide it). When documentation isn’t supplied or available, we discount fortunes. For daily updates of net worths, go to www.forbes.com/real-time-billionaires.
Read the full profile on Forbes: https://www.forbes.com/sites/giacomotognini/2020/04/07/worlds-richest-cities-the-top-10-cities-where-most-billionaires-call-home-2020/#7e3342873101
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