Which cities will have the most ultra-rich among their inhabitants in 2024, explained in a graph

In recent years, the large centers of wealth are moving, not only between different countries, obeying fiscal policies, but the migration of millionaires also occurs between cities in the same country.

However, within the group of the richest in each country, there is a small group of billionaires whose assets exceed one billion dollars, which is much better defined. where are the centers of global wealth. Where do the world’s ultra-rich live in 2024?

According to the latest data from Hurun Global Rich List 2024, which could be considered the Asian equivalent of the Forbes millionaires list, the 3,279 ultra-rich people from around the world who make up that list have increased their assets by 9% in 2023, accumulating total wealth of 15 billion dollars.

The Visualcapitalist portal has used the data from that Hurun report to create this graph, which represents it in a very visual way. How the billionaires of each country are distributed and which cities have the largest population of ultra-rich among their inhabitants.

The cities with the most ultra-rich in the world

One of the best examples of the wealth difference that exists between millionaires (with an investment wealth of at least $1 million) and the ultra-rich is found in New York City. According to data from the Report of the richest cities in the world 2023 prepared by the consulting firm Henley & Partners, About 340,000 millionaires live in New Yorkas we saw in this other graph.

However, the figure drops to 119 when we talk about inhabitants with assets of more than billionaires. They are the richest among the richest. The American city takes the lead, moving up one position with respect to the previous list. London is in second position with 97 billionaires registered in its census. The English capital gains three positions compared to the previous year.

Indian cities have seen the greatest growth in local fortunes. Faithful reflection of the industrial and technological interest that the country is generating, which has received part of the technological industrial sector that has left China to avoid blockades.

Cities like Bombay rise four positions to third place, with 92 residents with more than a billion dollars. In ninth place we find New Delhi with 57 billionaires, rising six positions compared to last year.

China is the opposite side of the coin to India. China has blamed the real estate crisis and flight of industries to other countries of the environment by cutting the number of millionaires in 2023. Despite having received a serious blow in this sense, the Chinese capital Beijing remains in fourth position with 91 ultra-rich, followed by Shanghai with 87 and the capital of the southern technology industry Shenzhen with 84 thousand millionaires in their census.

Moscow maintains its position, with 59 thousand millionaires occupying eighth position; San Francisco is tenth, with 52 ultra-rich among its inhabitants. The Brazilian Sao Paulo, with 37, and Los Angeles, with 31 billionaires, close the group of cities that have remained unchanged, occupying the eighteenth and nineteenth positions respectively.

The only new addition to the list of cities with the largest population with more than one billion is Singapore. With 42 ultra millionaires, it is placed directly in fifteenth position. With 44 billionaires, Paris is the only city in the European Union which manages to sneak into the top 20 of the cities with the most ultra-rich in the world, despite the fact that France has some 2.8 million millionaires, compared to the 2.6 million millionaires in the United Kingdom.

Despite the changes in position on the list, it is worth noting that all of them have lost their ultra-rich population in the last year. All this despite the fact that the largest fortunes in the world plan to increase their assets also in 2024.

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Image | VirtualCapitalist.com