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World cities
The wealthiest cities in the world
Publication Date: October 2016
The wealthiest cities in the world 2016
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NEW
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WEALTH
World cities
We recently examined the top cities worldwide by total wealth held. Results reflected below.
Note: “Total wealth” refers to the private wealth held by all the individuals living in each city. It includes all
their assets (property, cash, equities, business interests) less any liabilities. We exclude government funds
from our figures.
Top 15 cities (as of June 2016):
1. London: Total wealth held in the city amounts to US$2.7 trillion. London is home to 357,000
millionaires and 62 billionaires. Home to the 3rd largest stock exchange in the world. Areas around
London such as Windsor, Ascot, Virginia Water, Leatherhead, Weybridge, Henley, Marlow and Bray
also contain a large amount of wealth that is not included in this figure.
2. New York City: Total wealth held in the city amounts to US$2.6 trillion. New York is home to 336,000
millionaires and 65 billionaires. Home to the two largest stock exchanges in the world (Dow Jones
and NASDAQ). Areas around New York such as Connecticut and Long Island also contain a large
amount of wealth that is not included in this figure.
3. Tokyo: Total wealth held in the city amounts to US$2.2 trillion. Home to 272,000 millionaires and 14
billionaires. Tokyo is home to the 4th largest stock exchange in the world. Tokyo, like the rest of
Japan, has a low billionaires to millionaire ratio. i.e. it has a lot of millionaires but not too many
billionaires.
4. San Francisco Bay area: Total wealth held in the area amounts to US$1.9 trillion. Home to 174,000
millionaires and 45 billionaires. Figures include San Francisco, San Jose, Oakland, Palo Alto, Los
Altos, Redwood City, Moraga, San Mateo and Mountain View.
5. Beijing: Total wealth held in the city amounts to US$1.8 trillion. Home to 122,000 millionaires and
45 billionaires. Beijing is the official capital city of China and is home to the head offices of some of
the largest companies in the world.
6. Shanghai: Total wealth held in the city amounts to US$1.6 trillion. Home to 118,000 millionaires and
32 billionaires. Shanghai is considered to be the “Financial Capital of China” and is home to the
Shanghai stock exchange, the largest stock exchange in China and the 5th largest in the world.
7. Los Angeles: Total wealth held in the city amounts to US$1.2 trillion. Home to 168,000 millionaires
and 28 billionaires. Our figures for Los Angeles include wealth held in Malibu and Beverley Hills.
8. Hong Kong: Total wealth held in the city-state amounts to US$1.1 trillion. Home to 224,000
millionaires and 50 billionaires. Hong Kong is considered to be the gateway between Europe and
Asia and it is home to the 6th largest stock exchange in the world.
9. Singapore: Total wealth held in the city-state amounts to US$870 billion. Home to 213,000
millionaires and 23 billionaires. Singapore is known to be one of the most business friendly countries
in the world and has particularly low tax rates.
The wealthiest cities in the world 2016
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10. Chicago: Total wealth held in the city amounts to US$860 billion. Home to 135,000 millionaires and
12 billionaires. Strong in a large number of sectors. Major industries include transportation, financial
services (insurance), FMCG and manufacturing.
11. Sydney: Total wealth held in the city amounts to US$850 billion. Home to 110,000 millionaires and
14 billionaires. 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.
12. Toronto: Total wealth held in the city amounts to US$850 billion. Home to 108,000 millionaires and
12 billionaires. Toronto is home to the 9th largest stock exchange in the world. Major industries include
financial services, real estate, IT, media and telecoms.
13. Frankfurt: Total wealth held in the city amounts to US$830 billion. Home to 120,000 millionaires and
20 billionaires. Frankfurt is home to the 10th largest stock exchange in the world and is the financial
capital of mainland Europe. Major industries include financial services and professional services.
14. Mumbai: Total wealth held in the city amounts to US$820 billion. Home to 45,000 millionaires and
28 billionaires. Mumbai is the economic hub of India. It is also home to the Bombay Stock Exchange
(BSE). Major industries in the city include: financial services, real estate and media.
15. Paris: Total wealth held in the city amounts to US$800 billion. Home to 107,000 millionaires and 18
billionaires. Major industries include financial services, real estate and manufacturing (automotive,
luxury consumables).
Notable cities that just missed out on top 15 include: Osaka, Seoul, Zurich, Geneva, Munich, Mexico City,
Houston and Moscow.
World total:
Total wealth held worldwide amounts to US$185 trillion (as of June 2016). Planet Earth is home to
approximately 13,300,000 millionaires and 1,940 billionaires in total.
Performance:
Among the 15 cities listed:

Beijing, Shanghai, Mumbai and Sydney were the fastest growing in terms of wealth growth over the
past decade (2006-2016).

Going forward, Mumbai is expected to be the fastest growing city (in terms of wealth growth over the
next 10 years).
The wealthiest cities in the world 2016
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Spotlight on China
Top cities (as of June 2016):

Beijing: Total wealth held in the city amounts to US$1.8 trillion. Home to 122,000 millionaires and 45
billionaires. Beijing is the official capital city of China and is home to the head offices of some of the
largest companies in the world.

Shanghai: Total wealth held in the city amounts to US$1.6 trillion. Home to 118,000 millionaires and
32 billionaires. Shanghai is considered to be the “Financial Capital of China” and is home to the
Shanghai stock exchange, the largest stock exchange in China and the 5th largest in the world.

Shenzhen: Total wealth held in the city amounts to US$620 billion. Home to 31,000 millionaires and
18 billionaires. Located next to Hong Kong, Shenzhen is considered to be the “Hi-tech Capital of
China”. It is also home to the Shenzhen stock exchange, the 2nd largest stock market in China and
8th largest in the world. Notably, tech company Huawei is based in the city.

Hangzhou: Total wealth held in the city amounts to US$380 billion. Home to 22,000 millionaires and
15 billionaires. Many wealthy people that work in nearby Shanghai, have homes in Hangzhou.
Hangzhou’s high ranking on our list is notable as it is only the 10th largest city in China by GDP.
Notably, media and retail company Alibaba is based in the city.
China total:
Total wealth held in the country amounts to US$17.4 trillion (as of June 2016). Home to 720,000 millionaires
and 204 billionaires in total. Note: these figures exclude wealth held in Special Administrative Region’s such
as Hong Kong and Macau.
China growth prospects:
Over the next decade, China is expected to benefit from strong growth in the local hi-tech, financial services,
media, entertainment and healthcare sectors (10 year wealth growth forecast: 140%). China’s entertainment
sector has particularly strong prospects. The Mermaid, produced by Beijing based ‘China Film Group’, made
over US$550 million in 2016, destroying the previous record for a Chinese film and making it one of highest
grossing films in the world for 2016. Growing box office receipts are a good indicator of a growing middle
class, so this was a particularly good sign for China.
In the hi-tech sector, China is moving away from being a component manufacturer towards finished products
(example: Huawei). If more companies such as Huawei come along, China could soon take over from the
United States as the dominant player in the global hi-tech sector. Hi-tech sector growth is critical to any
economy as it a primary sector that generates exports and other sectors can feed off of it. i.e. a bigger hi-tech
sector leads to a bigger financial services sector and so forth. The hi-tech sector also offers good salaries
and high quality jobs, which boosts the middle class.
The wealthiest cities in the world 2016
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Spotlight on India
Top cities (as of June 2016):

Mumbai: Total wealth held in the city amounts to US$820 billion. Home to 45,000 millionaires and
28 billionaires. Mumbai is the economic hub of India. It is also home to the Bombay Stock Exchange

(BSE). Major industries in the city include: financial services, real estate and media.
Delhi: Total wealth held in the city amounts to US$450 billion. Delhi is home to 22,000 millionaires
and 18 billionaires. Delhi is the largest commercial center in Northern India. Major Industries in the

city include: construction, retail and manufacturing.
Bangalore: Total wealth held in the city amounts to US$320 billion. Home to 7,500 millionaires and
8 billionaires. Bangalore is known as the “Garden City” and the "Silicon Valley of India". Major
Industries in the city include: IT, business process outsourcing and biotechnology. Bangalore is also

home to several research and development centers for international companies.
Hyderabad: Total wealth held in the city amounts to US$310 billion. Home to 8,200 millionaires and
7 billionaires. Hyderabad has a reputation as the “Pharmaceutical Capital of India”. Major sector
include: pharmaceuticals, IT and business process outsourcing. Notably, Hyderabad contains a large

number of special economic zones, which help encourage new business formation.
Kolkata: Total wealth held in the city amounts to US$290 billion. Home to 8,600 millionaires and 10
billionaires. Kolkata is the main commercial hub of East India. Major industries in the city include:

manufacturing, basic materials, pharmaceuticals and food processing.
Pune: Total wealth held in the city amounts to US$180 billion. Home to 3,900 millionaires and 5
billionaires. Pune is located just east of Mumbai. Major Industries in the city include: IT and

manufacturing (automobiles).
Chennai: Total wealth held in the city amounts to US$150 billion. Home to 6,200 millionaires and 4
billionaires. Chennai is located in South East India on the coast. Major Industries in the city include:

healthcare, manufacturing (automobiles), financial services and tourism.
Gurgaon: Total wealth held in the city amounts to US$110 billion. Home to 3,600 millionaires and 2
billionaires. Gurgaon is located just south of Delhi. Major sectors in the city include: IT and
manufacturing.
India total:
Total wealth held in the country amounts to US$5.6 trillion (as of June 2016). Home to 264,000 millionaires
and 95 billionaires in total.
Emerging cities:

Surat is the fastest growing city in India (in terms of GDP growth). Major sectors in the city include:
diamond cutting, textiles and IT.

Ahmedabad is one of the largest cities in India, population wise. Major sectors include: basic
materials (cotton), manufacturing (textiles, automobiles), IT and healthcare (pharmaceuticals).
The wealthiest cities in the world 2016
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
Visakhapatnam is home to one of busiest ports in India. Major sectors in the city include: transport,
IT and manufacturing.

Goa (state) is a major holiday and retirement destination for Indian HNWIs. It is also home to a large
number of wealthy retirees. Notably, people born in Goa are eligible for Portuguese passports as it is
a former Portuguese colony.

Chandigarh is the main city of Punjab province in Northern India. Major sectors in the city include:
manufacturing (machinery, electricals, automotive) and basic materials.

Jaipur is known as the “Pink City of India”. It is known for its beauty and is a major tourist attraction.
Major sectors in the city include: tourism and manufacturing.

Vadodara is one of the big 3 cities in Gujarat province, along with Ahmedabad and Surat. Major
sectors in the city include: petrochemicals, engineering, chemicals, plastics, pharmaceuticals and IT.
Affluent suburbs:

Mumbai: Bandra, Juhu, Goregaon, Parel, Worli, Palm Beach Road.

Delhi: Westend Greens, Dera Mandi, Greater Kailash, Lutyens.

Kolkata: Ballygunge, Alipore.

Hyderabad: Jubilee Hills, Banjara Hills.

Bangalore: Indiranagar, Sadashivanagar.

Chennai: Boat Club Road, Poes Garden.

Pune: Boat Club Road, Kalyani Nagar, Koregaon Park.

Gurgaon: Golf Course Road.

Goa: Nerul, Siridao, Siolim Bardez, Anjuna.

Rishikesh: Invoke Riverside Residence, Homage Hillside Villas (upcoming).
Growth prospects:
Over the next decade, India is expected to benefit from strong growth in in the local financial services, IT,
real estate, healthcare and media sectors (10 year growth forecast: 150%). In particular, the local hospital
services and health insurance sectors are expected to grow strongly. Hyderabad, Pune and Bangalore are
expected to be lead the pack in terms of wealth growth.
The wealthiest cities in the world 2016
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WEALTH
Spotlight on South Africa
Top cities (as of June 2016):

Johannesburg: Total wealth held in the city amounts to US$243 billion. Home to 17,600 millionaires
and 2 billionaires. Our figures for Johannesburg include Sandton. Major sectors in the city include:
financial services (banks, accountancies, insurance), professional services (law firms), construction,
telecoms and basic materials.

Cape Town: Total wealth held in the city amounts to US$130 billion. Home to 7,400 millionaires and
2 billionaires. Major sectors in the city include: real estate, financial services (fund management),
retail and tourism.

Durban: Total wealth held in the city amounts to US$45 billion. Home to 2,700 millionaires and 1
billionaire. Our figures for Durban include Umhlanga, Ballito and La Lucia. Major sectors in the city
include: healthcare, construction, retail and transport.

Pretoria: Total wealth held in the city amounts to US$42 billion. Home to 2,600 millionaires. Major
sectors in the city include: basic materials, manufacturing and financial services.
Emerging areas/towns:

Paarl, Franschoek and Stellenbosch: Total wealth held in the area amounts to US$40 billion.
Home to 2,500 millionaires. There are a number of exclusive golf & lifestyle estates in the area.

Garden Route: Total wealth held in the area amounts to US$38 billion. Home to 2,500 millionaires.
The Garden Route stretches from Mossell Bay to Storms River on the South Coast of South Africa.
Notable towns on the route include: George, Knysna, Plettenberg Bay and Wilderness. A large
number of wealthy retirees live on the Garden Route.
South Africa total:
Total wealth held in the country amounts to US$580 billion (as of June 2016). Home to 40,400 millionaires
and 7 billionaires in total.
Growth prospects:
Over the next decade, South Africa is expected to benefit from strong growth in in the local tech and media
sectors (10 year growth forecast: 40%).
The wealthiest cities in the world 2016
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Definitions:

“Millionaires” or “HNWIs” or “high net worth individuals” refer to individuals with net assets of US$1
million or more.

“Billionaires” refer to individuals with net assets of US$1 billion or more.
Sources & Methodology:
Source used include:

Wealth data from our HNWI database.

Residential property market statistics.

Income distribution statistics.

Stock market statistics.
The wealthiest cities in the world 2016
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WEALTH
About New World Wealth
New World Wealth is a global wealth intelligence and market research company. We provide customized
services to: wealth managers, family offices, real estate professionals, migration platforms and fund
managers.
Services on offer include:

Ratings and surveys.

Wealth migration statistics.

Country and regional wealth reports.

Wealth statistics on 120 countries worldwide.

Political & economic analysis.

Management consulting.

HNWI surveys*
*We interview over 800 HNWIs every year in order to determine their preferences.
Our wealth statistics leverage off our in-house HNWI database, which comprises dossiers on over 150,000
HNWIs from around the world.
New World Wealth is based in Johannesburg, South Africa.
For more information on New World Wealth please visit www.nw-wealth.com.
The wealthiest cities in the world 2016
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Contact
Andrew Amoils
New World Wealth
[email protected]
+27 11 706 1185
www.nw-wealth.com
The wealthiest cities in the world 2016
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