These are the wealthiest cities in the world

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.

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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.

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