Citizens of the planet control about $215 trillion in private wealth, according to New World Wealth’s latest report.
In each of the top 10 richest cities, residents have combined wealth of at least $1 trillion, and as high as $3 trillion. Total private wealth includes all assets — property, cash, equities, and business interests — minus any liabilities.
According to New World Wealth’s data, total private wealth is “a far better gauge of the financial health” of an economy than GDP. Ultimately, the wealth of a public signifies its spending power.
To be sure, these cities rank highly because of two factors: a large general population and a significant amount of high-net-worth residents. Across the globe, there are about 15.2 million people with net assets of $1 million or more, while the average person has net assets of $28,400.
Below, you can check out the top 10 richest places in the world ranked by total private wealth of all residents:
- 10. Singapore — $1 trillion total private wealth
- 9. Sydney — $1 trillion total private wealth
- 8. Hong Kong — $1.3 trillion total private wealth
- 7. Los Angeles — $1.4 trillion total private wealth
- 6. Shanghai — $2 trillion total private wealth
- 5. Beijing — $2.2 trillion total private wealth
- 4. Silicon Valley — $2.3 trillion total private wealth
- 3. Tokyo — $2.5 trillion total private wealth
- 2. London — $2.7 trillion total private wealth
- 1. New York City — $3 trillion total private wealth
Source: businessinsider
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