Friday, May 30, 2008

Moscow Now Has More Billionaires than NYC

World Billionaires By City


Despite all the squabbling between New York and London for bragging rights, neither is actually home to the largest number of billionaires in 2008 according to Forbes. That honor belongs to Moscow (see chart above).

The Russian capital is home to 74 billionaires, with an average net worth of $5.9 billion. That's quite a jump from just five billionaire residents in 2002. Moscow knocked off perennial No. 1 city New York, who is close behind with 71 billionaires and an average net worth of $3.3 billion. It is the first time since 2001, when Forbes started closely tracking the city data, that New York hasn't been at the top.

But Mumbai, India, earns bragging rights as the city with the richest billionaires. Mumbai's 20 billionaires, including two of the world's 10 richest (brothers Mukesh and Anil Ambani), are worth an average $7.6 billion, handily besting Moscow's $5.9 billion average.

MP: In terms of total wealth of the billionaires represented in the table above, the billionaires in the emerging markets of Russia, Turkey, Hong Kong and India have a combined net worth of almost $800 billion, far greater than the $600 billion of combined wealth of the advanced economies of the U.S., U.K. and Japan billionaires.


3 Comments:

At 5/30/2008 12:59 PM, Blogger randian said...

The "advanced" economies spread the wealth around a lot more.

 
At 6/03/2008 6:35 PM, Blogger megnichols said...

I disagree with Randian. The developed economies instead have a higher standard of living. So, in a globalized world, if you live in a relatively low cost city and make a large amount of money from the global markets, you save a lot more. Hence, billionaires in India and Russia have more wealth.
Also, on the contrary to Randian's position, billionaires in India and Hong Kong have created more wealth for the public by creating jobs through their entrepreneurial endeavors, while creating their wealth.

 
At 3/15/2009 4:06 PM, Anonymous Anonymous said...

Hong Kong is an advanced economy

 

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