Wealth – it’s a topic that’s fascinated people from all walks of life for generations.
Not everyone can enjoy a stacked bank account, high ROI stocks, and a long list of assets. But for those who do, their wealth is usually a product (to some degree) of their environment.
The process is also true in reverse – those environments that are conducive to wealth generation and retention can often see fast growth. The efforts of wealthy individuals and high-revenue businesses can quickly build up areas through reinvestment, tourism, and the attraction of competition.
Where is the richest city in the world? There are multiple candidates for that illustrious title.
How to Choose the Richest City in the World
Not only wealthy countries and businesses are interesting to study, but also studying wealthy areas can yield some interesting results. It shows how some locations tend to attract high amounts of private wealth, and how this metric could even be used to measure wealth more accurately than GDP.
Going by this metric, along with the development of industry, public utilities, and technology in the area and those close by, it is easy to make a case that some cities are far ahead of the average in terms of overall wealth.
Which is the Richest of Them All?
This sprawling metropolis on the east coast of Australia gets plenty of business such as from shipping, finance, and manufacturing. Also, despite a high cost of living, residents tend to enjoy some of the world’s highest living standards.
This island nation and sovereign city-state are one of the world’s biggest hubs. Such as for international business, technological development, and freight shipping. In fact, this combination of factors makes it one of the world’s most prosperous locations.
8. Hong Kong
This autonomous territory is the world’s seventh-largest trading entity, with one of the world’s most widely traded currencies. Hong Kong has a massive metropolitan landscape and plenty of thriving industries. Its residents even enjoy over a trillion in private wealth.
7. Los Angeles
This is a thriving cultural, financial, and commercial business hub located in southern California. Los Angeles has a population near 4 million. It has an impressive amount of economic and financial development. In addition, with a fast-growing economy, LA is an easy choice for one of the world’s richest cities. An area focused on everything from tech to freight shipping.
The most populous city in the world is an easy candidate for the top spot on the list searching for the richest city in the world. The area is popular for being a global financial hub and for having the world’s busiest container port. Its central focus in trading and shipping has helped locals acquire high amounts of private wealth.
The capital of the People’s Republic of China is the most national capital in the world. With nearly 100 universities and numerous Fortune 500 companies with headquarters in the area, Beijing enjoys strong and steady economic progress and an impressive accumulation of private wealth.
4. Silicon Valley
It’s a name constantly we associate with technological growth and serves as one of the United States’ biggest central hubs for digital innovation. Everything from venture capital to social media grows in the Santa Clara Valley, making it one of the largest and busiest areas in the state and even the entire county.
Population in Japan’s capital city is the most densely metropolitan area in the world. Each of the 23 Special Wards of Tokyo is governed by the Tokyo Metropolitan Government as its own city. With this in mind, setting records for Fortune 500 companies in a single area and serving as a melting pot of technological growth, Tokyo has well over $2 trillion in privately held wealthy.
The capital and most populous city in England and the UK just barely misses the top spot. Brimming with history, tourism, and various thriving economic components, London remains one of the world’s most prosperous cities. They peppered its magnificent landscape with various public and private industry juggernauts. Hence, all of which contribute to the city’s $2.7 trillion in private wealth.
1. New York City
With its dense population and the economic benefits of combining five thriving boroughs, the Big Apple tops the list in a move many may have expected. While some will say other cities outrank New York state’s capital depending on the metric used to calculate wealth. It is important to realize that the global city serves as an economic and industrial node that even outranks some states and countries in certain regards!
How Do Other Cities Factor In?
These are also some of the wealthiest cities in the world based on economic growth and private wealth. It is by using other factors to determine what makes the richest city in the world could make a different looking list. But any list looking at wealth in any sense of the word would likely have many of the same entries from this list.