There are billionaires all over the world. Though people in this wealth bracket make up only a tiny portion of the global population, their net worths allow them to have considerable influence in politics, business, and other areas of society.
As a result, many billionaires choose to live in large cities where they can focus on maintaining their wealth and using their economic sway.
But which city has the most billionaires of all? The answer to this has changed multiple times over the years, but New York City currently has the greatest amount of billionaire residents.
Table of Contents
- What qualifies a person as a billionaire?
- How many billionaires live in New York City?
- What percentage of New York’s population do billionaires represent?
- How many billionaires live in the United States?
- Does New York have the most billionaires in the United States?
- How did New York City’s billionaires make their money?
- How much are New York City’s billionaires worth?
- What are the demographics of New York’s billionaires?
- Who are the 10 wealthiest people in New York City?
- Where do billionaires live in New York City?
- When did New York become the city with the most billionaires?
- What are the 10 cities in the world with the most billionaires?
- How many billionaires are there in the world?
Because the value of different kinds of currencies varies greatly around the world (for example, one Indian rupee is worth 0.0013 United States dollars), it is important to define the term “billionaire.”
In this context, the term refers to a person who is worth at least $1 billion in US dollars or more.
This net worth comes from an assessment of the person’s total assets, including property, business value, investments, and direct income.
New York is home to a total of 107 billionaire residents as of 2022.
New York City’s billionaires make up the vast majority of the billionaires in the state, which has a total of 135 (as of 2022 data).
The city’s billionaire population makes up over 79% of the state’s billionaires.
Compared to the general population as a whole, however, billionaires are only a tiny fraction.
New York City’s billionaires make up 0.0012% of the city’s population.
As of 2022, there are 748 people who qualify as billionaires living in the United States. It’s worth noting that some own properties in other nations or territories, but their primary residences are in the U.S.
New York City may hold the most billionaires in the world, but what about when it comes to America’s 50 states?
When looking at the state level, New York only comes in second. The states with the most billionaires are as follows:
- California – 186 billionaire residents
- New York – 135 billionaire residents
- Florida – 78 billionaire residents
- Texas – 67 billionaire residents
- Other – 337 billionaire residents
Overall, America’s billionaires are spread across 42 states (despite the majority living in the first four).
According to the most recent data (2022), there are eight states that have no billionaire residents at all: Alabama, Alaska, Delaware, New Hampshire, New Mexico, North Dakota, Vermont, and West Virginia.
The majority of billionaires come from wealthy families and started out their professional lives with a sizable trust or inheritance, or they attained their wealthy status through marriage.
However, in most cases, this wealth was just the foundation for their wealth rather than an actual $1 billion or more.
According to Forbes, the majority of New York’s billionaires work in finance or reached billionaire status through property and/or stock investments.
Some of the city’s billionaires have also earned their wealth through the fashion and media industries.
A small minority also earned their status through more entrepreneurial industries, such as the candy business.
As of 2022, the billionaires who live in New York City are worth a collective amount of $640 billion (in US dollars), according to Forbes.
However, this amount is likely to rise exponentially in the coming years due to a blend of inflation, investments, and growing profits.
The vast majority of New York City’s billionaire population is white, male, and above the age of 60.
These demographics are reflective of the nation’s billionaires as a whole.
Of the top 20 billionaires in New York, only two are female, and only one is in the top 10.
The top 10 wealthiest people (all billionaires) in New York City are as follows:
1. Michael Bloomberg – $82 billion net worth
2. Julia Koch – $62.2 billion net worth
3. Stephen Schwarzman – $32.5 billion net worth
4. Gerard Wertheimer – $30.6 billion net worth
4. (Tie) Alain Wertheimer – $30.6 billion net worth
5. Jim Simons – $28.6 billion net worth
6. Leonard Lauder – $23 billion net worth
7. Rupert Murdoch – $19.3 billion net worth
8. Donald Newhouse – $12.5 billion net worth
9. Israel Englander – $11.5 billion net worth
10. Chase Coleman III – $10.3 billion net worth
Out of all five boroughs, nearly all of New York City’s billionaires live in Manhattan. While their residences are spread out around the area, a group of high-rise luxury buildings centered around 57th street has earned the moniker “Billionaire’s Row” due to the number of super-wealthy people who live there.
But “Billionaire’s Row,” an enclave around 57th Street (from Columbus Circle to Park Avenue), has become a symbol of the city’s increasingly stupendous riches.
Most billionaires own additional homes outside of the city. For example, Julia Koch (the second-wealthiest person in New York) owns a mansion on the city’s Upper East Side as well as a house in Southampton (Long Island) and a house in Palm Beach, Florida.
New York has been the city with the most billionaires in the world on and off over the past several decades.
However, it lost the title for several years in the 2010s to Beijing. In 2021, New York reclaimed the title and kept it through 2022.
This was not due to a sudden rise in billionaires in New York City, but rather a loss of billionaires in Beijing.
According to financial industry analysts, government crackdowns on certain industries in China resulted in a decline in wealth for many of Beijing’s super-rich residents.
New York may have more billionaires than any other global city, but most cities boasting a sizable billionaire population aren’t in the United States.
As per 2022 data, the following cities make up the top 10 locations in the world with the most billionaires:
1. New York City, United States – 107 billionaires
2. Beijing, China – 83 billionaires
3. Hong Kong, China – 68 billionaires
4. London, United Kingdom – 66 billionaires
5. Shanghai, China – 61 billionaires
6. Shenzhen, China – 59 billionaires
7. Moscow, Russia – 53 billionaires
8. Mumbai, India – 51 billionaires
9. San Francisco, United States – 44 billionaires
10. Seoul, South Korea – 38 billionaires
As of 2022, there are 2,668 billionaires living in the world. The vast majority of the planet’s billionaires live in Asian countries, and many nations across the world have no billionaire residents at all.
The combined net worth of the world’s billionaires is estimated to be over $8 trillion USD, up from $7 trillion in 2015 and under $1 trillion in USD.
The richest person on the planet is Elon Musk, as of 2022, with a net worth of $219 billion. He surpassed Jeff Bezos that same year, who surpassed Bill Gates in 2018.
None of them live in New York City.