Moscow Now Has More Billionaires than NYC
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.