DURBAN - The 2019 Forbes World's Billionaires List featured 2153 members and revealed that 551 of them lived in 10 of the world's 1860 cities according to Forbes Africa.
The billionaires that live in the 10 locations hold a collective wealth of $2.3 trillion, surpassing the GDP of seven nations in the world.
New York City, the home of Wall Street has the most amount of billionaires. The billionaires have a total worth of $469.7 billion which is the more than the GDP id Austria. New York City has held the top spot for the past five years.
Hong Kong, Moscow, Beijing and London complete the top five cities with billionaires list. China has the most cities in the top ten. There are 145 billionaires that live in three Chinese cities including Beijing, Shanghai and Shenzhen.
Here is the list of top five cities with the most billionaires:
1. New York: 84 billionaires
Total net worth: $469.7 billion
Richest resident: MIchael Bloomberg, $55.5 billion
2. Hong Kong: 79 billionaires
Total net worth: $355.5 billion
Richest resident: Li Ka-shing, $31.7 billion
3. Moscow: 71 billionaires
Total net worth: $336.5 billion
Richest resident: Leonid Mikhelson, $24 billion
4. Beijing: 61 billionaires
Total net worth: $193.3 billion
Richest resident: Wang Jianlin, $22.6 billion
5. London: 55 billionaires
Total net worth: $226 billion
Richest resident: Mikhail Fridman, $15 billion
New World Wealth has released their Africa Wealth Report for 2018 that features African trends in wealth, luxury, prime property and wealth management.
Total wealth refers to the private wealth that individuals in each city hold including property, cash and business equities among other things.
The three South African cities Johannesburg, Cape Town and Durban filled positions one, two and five respectively while Cairo and Lagos in third and fourth positions completed the top five.
The total wealth held in Johannesburg is $276 billion while other South African cities Cape Town and Durban held a total wealth of $155 million and $55 million.
BUSINESS REPORT ONLINE