New York City, home to 65 billionaires and over 380,000 millionaires, was the world’s wealthiest city, according to a New World Wealth report Thursday.
The city’s residents boasted a total wealth of US$3 trillion, far ahead of Tokyo’s US$2.5 trillion and the figure for San Francisco and London, which tied for third place on the list, with US$2.4 trillion each.
A city’s total wealth refers to the private wealth—including property, cash, equities, and business interests—held by all the individuals living there. The data used in the World Cities Review was as of June 2019, according to New World Wealth, a global market research group based in Johannesburg, South Africa.
Three other U.S. cities also made it to the top 20: Los Angeles (US$1.4 trillion), Chicago (US$980 billion), and Houston (US$880 billion).
China’s capital city of Beijing ranked fifth with US$2.1 trillion, immediately followed by its financial center Shanghai, with US$1.9 trillion. Hong Kong occupied the eighth place with a total wealth of US$1.2 trillion. Located next to Hong Kong, Shenzhen landed on the last spot with US$750 billion.
The report also listed eight cities to watch over the next 10 years, where wealth is expected to grow strongly. The top three were Melbourne, Australia; Delhi; and Dubai.
Australia’s Sydney and India’s Mumbai were included in this year’s top 20.