Where are The Richest: The Cities With The Most Billionaires 2022
New York City has reclaimed its throne. The Big Apple has more three-comma club members than any other city on the planet, with 107 billionaire residents worth over $640 billion. A new infusion of wealth–along with market turmoil in Asia over the past year–aided at the end of Beijing’s brief reign, which saw it overtake New York as the top billionaire city for the first time in six years in 2021.
While New York thrived, Beijing and other Chinese cities struggled as the Chinese government cracked down on industries ranging from eCommerce to after-school tutoring. Only Shanghai rose one spot in the rankings, to No. 5, and Beijing dropped to second place, while Shenzhen dropped to sixth place.
Since last year, the Chinese cities on this year’s top ten list have lost a total of 29 billionaires and $375.6 billion in wealth. Nonetheless, China has more cities in the top ten than any other country, surpassing the United States, which is a runner-up with New York City and San Francisco.
No city saw a more significant drop than Moscow, which fell from fourth to seventh place in the list of top billionaire cities in 2021. Tough international sanctions and closed markets resulted in the removal of 34 Russians from the 2022 World’s Billionaire List, with roughly three-quarters of them residing in Moscow. The combined fortune of Russia’s billionaires is now $214.9 billion, down from $420.6 billion last year. Only a decade ago, Moscow was at the top of the list of cities with the most billionaires.
1. Elon Musk
Elon Musk, 50, is the world’s richest person for the second year in a row, with $205 billion, an increase of $8 billion from last year. Musk has been in the news a lot this year, most recently for his commitment to keeping Space X’s Starlink satellite broadband services operational in Ukraine.
Tesla, which has a market capitalization of $831 billion, is now more prominent than the combined market capitalization of the world’s next ten car manufacturers and has begun construction on its Berlin gigafactory.
2. Jeff Bezos
Jeff Bezos, 58, comes in second place with $188 billion. Amazon continued its expansion into entertainment with the $8.5 billion acquisition of James Bond producer MGM Studios in a year when Bezos stepped down as CEO and flew into space. Amazon Web Services grew to account for 15% of Amazon completed its first tourist flight into space in July and acquired a Colorado-based space robotic systems company.
3. Mukesh Ambani
Mukesh Ambani, 64, of Reliance Industries, was up $20 billion to $103 billion, retaining his title as India’s and Asia’s richest person.
4. Bertrand Puech
Bertran Puech, 86, of Hermes, remained in the top ten, with his wealth increasing by 28% to $102 billion. Hermes’ record sales growth of 42 per cent, profitability suffered as a result of higher artisans’ costs and a lack of supply to meet demand. Hermes increased the price of its products by 3.5 per cent, in line with other luxury brands, compared to the usual average of 1.5 per cent.
Sergey Brin and Larry Page of Alphabet have replaced Mark Zuckerburg and China-based bottled water tycoon Zhong Shanshan in the top ten.
China increased its lead over the United States in terms of billionaires, adding 75 to 1,133. The United States ranked second with 716 billionaires, an increase of 20. China and United States account for 55 per cent of the world’s ‘known’ billionaires.
India gained 38 points to maintain third place, while the United Kingdom surpassed Germany to take fourth place. Russia fell one spot to eighth, with 72 billionaires, a decrease of 13 due to the rouble’s depreciation and sanctions imposed following the Russia-Ukraine war. Another 20 Russian-born billionaires live worldwide, including 7 in the United Kingdom and 5 in Switzerland. They are all self-made.
Billionaires in India
According to the Hurun Global Rich List 2022, Mumbai has the most billionaires in the country, with 72 billionaires residing in the city. The 2022 Hurun Global Rich List ranked 3,381 billionaires from 2,557 companies and 69 countries.
Around 2,071 billionaires saw their fortunes grow, with 490 of them being newcomers. Meanwhile, 942 billionaires saw their wealth decline, with 129 drop-offs and 35 billionaires dying. Around 368 billionaires saw their fortunes remain stable.
India has produced a significant number of billionaires, with many of them ranking among the world’s wealthiest individuals. Indian billionaires have made significant contributions to the country’s economy, coming from a variety of industry backgrounds.
Wealth is bound to fluctuate in volatile market conditions, especially since the majority of billionaires’ fortunes are invested in publicly traded stocks. According to Forbes’ ‘The World’s Real-Time Billionaires 2022,’ the following are the top ten richest people in India in 2022.
1. Gautam Adani
Gautam Adani and his family are the second richest people in India, with a staggering net worth of $112.6 billion. Gautam Adani is the owner of Gujarat’s largest port, Mundra. Adani Group has interests in various industries, including power generation and transmission, real estate, commodities, and infrastructure.
Adani acquired a 74% stake in India’s second busiest airport, Mumbai International Airport, in September 2020. Adani also owns the Abbot Point coal mining project in Australia.
2. Mukesh Ambani
Mukesh Ambani has a net worth of $100.0 billion, ranking tenth among the world’s richest people in 2022. Reliance Industries’ founder and chairman have interests in petrochemicals, oil and gas, retail, and telecommunications.
Reliance’s 2016 launch of 4G phone services in the Indian telecom market sparked a price war, causing strong whirls and forcing several networks out of business. During the COVID-19 lockdown, Mukesh Ambani sold a third of Jio to investors like Google and Facebook, raising more than $20 billion.
3. Shiv Nadar
Shiv Nadar, the cofounder of HCL, is the third richest billionaire in India, with a fortune estimated to be $28.7 billion in 2022. HCL began manufacturing calculators and microprocessors in 1976 and is now one of the country’s largest software services providers, with a $102 billion revenue.
HCL Technologies has 169,000 employees spread across 50 countries. Shiv Nadar’s daughter took over as CEO of HCL after Shiv Nadar stepped down in 2020. Shiv Nadar is the chairman emeritus at the moment. He is a leading philanthropist in the country, having donated over $662 million to the Shiv Nadar Foundation to support educational causes.
Edited by Prakriti Arora