City with Most Billionaires

• Published by Editorial Staff
• Posted on February 25, 2013
• Leave your thoughts
• Tweet

After reading the heading most of the people would be trying to guess, which city it is? Even some of you might be saying its London, New York or Beijing. But all of these are wrong answers, it’s actually Moscow. Yes! Located in the Eastern Europe in Russia, Moscow lies on the top of the list with the city of most number of Billionaires. The total number of billionaires in the world is 1,226, out of which 425 reside in the US; Russia has 96 and China have 95 billionaires. The average age of these billionaires is 66 years.

The city of Moscow has maintained its top position for 3 times in a row, in 5 years time. The number increased by 21 billionaires in just one year. There are a number of 79 richest people of the world residing in this city, worth $375 billion cumulatively. Why Moscow has the largest number of billionaires? There are a lot of reasons related to this one question.

Moscow is the capital city of Russia, also the largest city in Europe and the 7^th largest in the world.   With the population rate of about 10,600,000, Moscow is the most populous city in Europe. The city is the central hub for Europe’s major economic activities and accounts for 22% of entire Russian GDP. The city is the home to the major industrialist of Russia, who makes up the list.

The capitalist economy of Russia is ruled by a large number of business tycoons who are dealing with the country’s natural resources. Vladimir Lisin the richest person of the country has the acquisition of steel industry, Alexei Mordashov is also an industrialist who deals in steel and Roman Abramovich has oil industry. One of the major reasons for Moscow to be on the top is that all the richest people of Russia choose to reside in Moscow, only 18 of them are living elsewhere.

Number 2 on the list of the city with most billionaires, we have New York and 3rd position is held by London. New York has 57 billionaires with a total worth of $228 billion and London has 39 billionaires with the cumulative worth of $134 billion.

Why New York and London are not on the top of the list? In the US there are a total number of 425 American billionaires, but most of them are scattered all over the country, unlike Russia. From New York to Dallas, in Michigan and Minnesota you’ll find billionaires, everywhere. Another important factor is that New York and London being the economic hub of US and UK attracts a number of billionaires from all over the world. Billionaires from Cyprus, India, Brazil, France, Switzerland, the Netherlands, Australia, Israel, Spain, Indonesia and Egypt are residing in London.

Two of the prominent international billionaires that are residing in New York are hedge fund manager Thomas Sandell worth $1.1billion from Sweeden and Alejandro Santo Domingo Davila worth $9.5 billion from Columbia. Also on the list of the city with most billionaires we have BRIC nations, known as Brazil-Russia-India-China, with rapidly growing economies. So Far these countries have produced 108 billionaires in just one year.

There are 3 Chinese cities on the list, out of which Hong Kong stands 4^th with a total of 40 billionaires, Beijing on number 7 with 19 billionaires and Shanghai is 9^th on the list with 16 billionaires.

We have Istanbul acquiring 5^th place, for 6^th position there is a tie between Mumbai and Sao Paolo with a total of 21 billionaires, but there is a notable difference between their net worth i.e. Mumbai billionaires have cumulative worth of $107 billion whereas Sao Paolo’s billionaires are worth $85 billion. The world’s most expensive home is also owned by Mumbai business tycoon Mukesh Ambani worth $1 billion.

Continuing our list we have 7^th place Los Angeles, Taipei and Beijing, we have Dallas and San Francisco on number 8, Shanghai and Seoul on 9 and 10 respectively.

• Tweet