New York City, home to 65 billionaires and more than 380,000 millionaires, nabbed the title of the wealthiest city in the world, according to a new report published on Thursday.
Continue Reading Below
The New World Wealth report revealed that total wealth -- which accounts for the private wealth held, including, property, cash, equities and business interests held by individuals -- in New York City amounts to a staggering $3 trillion, far past Tokyo, the second wealthiest’s city, at $2.5 trillion.
Other American cities that made the list include San Francisco with $2.4 trillion, Los Angeles with $1.4 trillion, Chicago with $980 billion and Houston with $880 billion.
In fourth place was London, with wealth in the city totaling $2.4 trillion. Beijing was in fifth, with $2.1 trillion, and was immediately followed by China’s financial center Shanghai, totaling $1.9 trillion.
Additionally, the report named “cities to watch” over the next 10 years, where wealth is expected to grow exponentially. The top three include: Melbourne, Australia and New Delhi.
According to the report, wealth is a “far better measure” of the health of an economy compared to GDP, a more static measure that tends only to move slightly year-over-year.
“Wealth figures, on the other hand, do not have any of these limitations, making them a far better gauge of the financial health of an economy than GDP figures,” the report said.