While some cities are getting poorer, some are actually getting richer every day. In this post we’ll tell you the top 15 wealthiest cities worldwide.
Houston, Geneva, Osaka, Seoul, Shenzhen, Melbourne, Zurich and Dallas were among wealthiest cities in the previous year, but they missed out in the latest list of the Global Wealth Migration review by the New World Wealth, a Johannesburg-based global market research group.
According to New World Wealth (NWWealth), by “Total wealth” it means the private wealth held by all the individuals living in each city, including their assets (property, cash, equities, business interests) less any liabilities.
Government figures is excluded from the figures
Wealthiest cities in the world 2018
- New York City
- San Francisco Bay area
- Los Angeles
- Hong Kong
1) New York City:
New York houses the two largest stock exchanges-Dow Jones and NASDAQ- in the world and has a total wealth of US$3.0 trillion. Areas around New York such as Connecticut and Long Island are known to contain a large amount of wealth that is not included in the NWWealth report
Some Londoners say taxes are high in the city of London, but it’s still the second wealthiest cities in the World, holding US$2.7 trillion in wealth.
London is also the home to the 6th largest stock exchange in the world. Small towns around London such as Windsor, Ascot, Virginia Water, Leatherhead, Weybridge, Henley, Marlow and Bray also contain a large amount of wealth, may be London is emitting some wealth to them, who knows? But the wealth of those small towns have not been included in the report.
The third wealthiest cities worldwide is Tokyo, which hosues the 3rd largest stock exchange. The city is holding US$2.5 trillion.
4) San Francisco Bay area:
We’re not surprised that this city made the list considering some of the top notch firms it houses. San Francisco Bat area has a total wealth of US$ 2.3 trillion. This figure include San Francisco, Silicon Valley, San Jose, Oakland, Palo Alto, Los Altos, Redwood City, Moraga, San Mateo and Mountain View.
The official capital city of China, Beijing, is the fifth wealthiest cities in the world, total wealth held in the city amounts to US$2.2 trillion. The city houses the head offices of most of China’s largest companies.
This city is considered the financial capital city of China, total wealth held in Shanghai amounts to US$2.0 trillion. It houses the 4th largest stock exchange.
7) Los Angeles:
No. 7 on th list is Los Angeles, holding total wealth held of US$1.4 trillion. This figure include wealth held in Los Angeles, Malibu and Beverley Hills.
8) Hong Kong:
Hong Kong is regarded as the gateway between Europe and Asia holding total wealth of US$1.3 trillion. In stock exchange, it houses the 7th largest in the World.
Sydney is the 9th wealthiest city in the World with its total amounts of US$1.0 trillion. “Sydney is one of the top financial centers in Asia and has become one of the most sought after destinations for the world’s super-rich due to its lifestyle, safety and climate. Major industries include financial services, real estate, IT, tourism, retail and media,” NWWealth says.
Apart from being one of the safest countries 2018 to live in, Singapore is also one of the business-minded countries in the world, so we’re not baffled it made the list of the top 15 wealthiest cities in the World, holding US$1.0 trillion of wealth.
Back to the United States, total wealth held in the city of Chicago amounts to US$988 billion. Its industrial strengths include transportation, financial services (insurance), FMCG and manufacturing.
“Mumbai is expected to be the fastest growing city (in terms of wealth growth over the next 10 years)”
The city of Mumbai held US$950 billion of wealth. It is known as the economic hub of India, and houses the Bombay Stock Exchange (BSE), the 12th largest stock exchange in the world. The Industrial advantage of Mumbai include: financial services, real estate and media.
Welcome to Canada, one of the most immigrant friendly countries in the World. And we’re in the city of Toronto Total wealth held in the city amounts to US$ 944 billion. Toronto is home to the 9th largest stock exchange in the world. Major industries include financial services, real estate, IT, media and telecoms.
Let’s head straight to Europe. Do you know that total wealth held in the city of Frankfurt amounts to US$912 billion. Frankfurt is home to the 11th largest stock exchange in the world and is the financial capital of mainland Europe. Major industries include financial services and professional services.
The last on the list NWWealth list is Paris. When I was in secondary school my geography teacher was always saying “See Paris and die” simply to describe how beautiful the city of Paris is.
The city of Paris isn’t only known for beauty but also has a total wealth amounting to US$ 860 billion. Major industries include financial services, real estate and manufacturing (automotive, luxury consumables).