A prominent business magazine, Forbes, has unveiled its 2024 list spotlighting the cities with the highest concentration of billionaires worldwide.
Despite the global count of 2,781 billionaires in 2024, only a select few reside in top-tier and prestigious urban centers.
As per a Forbes report dated April 26, 2024, approximately a quarter of the world’s billionaires, collectively valued at $3 trillion, reside in just ten cities across six countries, according to the latest iteration of the World’s Billionaires list.
Leading the list is New York City, boasting the highest number of billionaires globally, with a collective net worth of $694 billion. Among these, 62 are associated with Wall Street and other financial and investment firms, while 14 are involved in real estate, and many others are active in the fashion and retail sectors.
Tied for second place are Hong Kong and Moscow, each hosting 74 billionaires. Additionally, Mumbai has surged from seventh to fourth place, with an increase of 13 billionaires since 2023, as reported by Forbes.
See the full list below compiled by Forbes:
1. New York City Total billionaires: 110 Since last year: +9 Total net worth: $694 billion Richest resident: Michael Bloomberg ($106 billion)
2. (tie) Moscow Total billionaires: 74 Since last year: +12 Total net worth: $378 billion Richest resident: Vagit Alekperov ($28.6 billion)
2. (tie) Hong Kong Total billionaires: 74 Since last year: +4 Total net worth: $326 billion Richest resident: Li Ka-shing ($37.3 billion)
4. Mumbai Total billionaires: 69 Since last year: +13 Total net worth: $379 billion Richest resident: Mukesh Ambani ($116 billion)
5. Beijing Total billionaires: 63 Since last year: flat Total net worth: $211 billion Richest resident: Zhang Yiming ($43.4 billion)
6. London Total billionaires: 62 Since last year: -1 Total net worth: $326 billion Richest resident: Len Blavatnik ($32.1 billion)
7. Shanghai Total billionaires: 54 Since last year: -11 Total net worth: $167 billion Richest resident: Colin Huang ($38.9 billion)
8. Los Angeles Total billionaires: 53 Since last year: +19 Total net worth: $222 billion Richest resident: John Tu ($13.6 billion)
9. Singapore Total billionaires: 52 Since last year: +6 Total net worth: $156 billion Richest resident: Eduardo Saverin ($28 billion)
10. San Francisco Total billionaires: 50 Since last year: +13 Total net worth: $185 billion Richest resident: Dustin Moskovitz ($18.3 billion)
The year 2023 witnessed a notable surge in the wealth of the mega-rich, as their net worth experienced a substantial increase during this period.
According to a renowned global business magazine, nearly half of the world’s billionaires saw a significant rise in their wealth, primarily attributed to the booming stock markets.
The esteemed publication reported that while most billionaires experienced varying degrees of wealth accumulation, a majority of them concluded the year wealthier than they were at the beginning of January 2022.
Forbes estimates indicate that the top 10 gainers collectively added an impressive $490 billion to their wealth by December 15, 2023.
Among the notable gainers, seven individuals on the Forbes list were technology billionaires who achieved substantial growth in 2023, outpacing the market despite the challenges faced in 2022.
Topping the list of the 10 individuals is Elon Musk, the Co-Founder of Tesla, who commenced 2023 as the second-richest person globally with an estimated net worth of around $146.5 billion. Remarkably, Musk added more than $108 billion to his net worth, staging a remarkable recovery in Tesla stock.
Following closely is Mark Zuckerberg, the Founder of Meta, who augmented his net worth by $74.8 billion, reaching a total of $118.6 billion according to Forbes estimates.
For a comprehensive overview, here is the full list compiled by Forbes:
Elon Musk
Source of wealth: Tesla, SpaceX
Net worth: $254.9 billion (+$108.4 billion in 2023)
Mark Zuckerberg
Source of wealth: Facebook
Net worth: $118.6 billion (+$74.8 billion in 2023)
Jeff Bezos
Source of wealth: Amazon
Net worth: $172.3 billion (+$65 billion in 2023)
Prajogo Pangestu
Source of wealth: Diversified
Net worth: $52.8 billion (+$47.9 billion in 2023)
Larry Page
Source of wealth: Google
Net worth: $111.7 billion (+$34.4 billion in 2023)
Amancio Ortega
Source of wealth: Zara
Net worth: $97.4 billion (+$33.2 billion in 2023)
Sergey Brin
Source of wealth: Google
Net worth: $107.3 billion (+$33 billion in 2023)
Steve Ballmer
Source of wealth: Microsoft
Net worth: $110.9 billion (+$32.4 billion in 2023)
Larry Ellison
Source of wealth: Oracle
Net worth: $133.2 billion (+$30.8 billion in 2023)
Jensen Huang
Source of wealth: Nvidia
Net worth: $43.6 billion (+$29.8 billion in 2023)
These figures provide a snapshot of the financial success achieved by some of the world’s wealthiest individuals in 2023, as reported by Forbes magazine.
For decades, the world’s wealthiest individuals opted to secure their assets in various overseas havens, ranging from the Cayman Islands and Switzerland to the British Virgin Islands.
However, there is a notable shift in this trend as a new wealth hub gains immense popularity among billionaires—the towering skyline of Abu Dhabi.
Prominent figures like cryptocurrency’s wealthiest man, Zhao Changpeng, India’s Adani family, hedge fund billionaire Ray Dalio, and Russian steel magnate Vladimir Lisin are among the numerous high-net-worth individuals establishing special purpose vehicles (SPVs) in Abu Dhabi’s international financial center this year, as reported by Bloomberg News after reviewing hundreds of corporate filings in the United Arab Emirates.
The number of SPVs in Abu Dhabi Global Market (ADGM) has surged to over 5,000 from just 46 in 2016, as per data compiled by M/HQ, a leading wealth advisory firm specializing in their establishment.
While the specific details of where billionaires relocated their assets, the reasons behind the move, or the contents of each SPV remain undisclosed, the substantial increase in wealth flowing into Abu Dhabi reflects a broader global shift in how the world’s affluent individuals safeguard their fortunes.
“ADGM is a great place to set up SPVs and it’s increasing sharply,” said Mr Bhaskar Dasgupta, a corporate adviser who previously worked for the Abu Dhabi free zone. “We’re seeing more high-net-worth individuals moving from the BVI (British Virgin Islands), Caymans, Mauritius and Singapore to here.” Billionaire arrivals
SPVs, popularized by junk-bond king Michael Milken in the late 1980s, serve as separate legal entities and have become the preferred structures for high-net-worth individuals aiming to compartmentalize their financial risk.
Abu Dhabi positions its SPVs as holding companies managing wealth, with the flexibility to encompass diverse assets such as property and equity.
This influx of financial activity to the UAE signifies a new role for its US$509 billion (S$684 billion) economy as the ruling Al Nahyan family endeavors to diversify away from oil dependence.
Abu Dhabi’s prosperity in this regard coincides with increased scrutiny faced by low-tax jurisdictions like the British Virgin Islands and the Cayman Islands from officials worldwide, leading to a decline in new corporate registrations.
Bhaskar Dasgupta, a corporate adviser with previous experience in the Abu Dhabi free zone, attests to ADGM’s appeal, stating, “ADGM is a great place to set up SPVs, and it’s increasing sharply. We’re seeing more high-net-worth individuals moving from the BVI (British Virgin Islands), Caymans, Mauritius, and Singapore to here.”
The emirate’s attractiveness extends beyond its financial benefits, encompassing factors such as geopolitical stability, residency incentives, and the presence of sovereign wealth funds and influential private investment firms. Abu Dhabi’s strategic positioning and comprehensive regulatory framework contribute to its success in luring more SPVs.
The allure of the Middle Eastern business hub lies in its ability to safeguard assets from foreign jurisdictions and leverage the UAE’s double tax treaty network, as disclosed by individuals familiar with the matter.
The UAE’s double tax treaty facilitates tax minimization for affluent individuals with companies housed within the SPV, contingent on agreements between the Gulf state and the additional countries where they conduct business.
Wealth advisers and international investors, who spoke anonymously, highlight several advantages offered by the emirate. Abu Dhabi and nearby Dubai have evolved into thriving global cities, offering long-term residency and, in some instances, UAE passports to those making substantial investments.
Additionally, Abu Dhabi boasts sovereign wealth funds overseeing assets exceeding US$1 trillion and influential private investment firms. The UAE, in recent years, has served as a haven for those navigating regulatory challenges overseas.
Prominent figures like Zhao, the former CEO of Binance, found Dubai appealing, citing its pro-crypto policies. Despite legal issues leading to guilty pleas for anti-money laundering and US sanctions violations in November, Zhao established multiple SPVs in Abu Dhabi in 2021, holding both UAE and Canadian citizenship.
The international financial free zone, inaugurated in 2015, has gained attractiveness due to the UAE refraining from sanctioning countries like Russia while Western nations increased restrictions.
Simultaneously, countries like Switzerland, Britain, and certain Caribbean nations have tightened scrutiny on individuals linked to countries facing sanctions.
Abu Dhabi’s structures are gaining favor, even among the royals. Subsidiaries of Royal Group, controlled by National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan, the UAE President’s brother and a prominent dealmaker, have established several ADGM SPVs in the latter half of this year, according to filings and insiders.
The success of Abu Dhabi in attracting more SPVs is attributed, in part, to the strategic utilization of its golden visa and passport programs over the past few years, fostering a trend of billionaires making the Gulf state their more permanent abode.
Armand Arton, founder of citizenship firm Arton Capital, notes this trend, emphasizing that as billionaires feel welcomed and secure, they increasingly consider relocating both their businesses and assets, with ADGM emerging as a preferred destination.
Awele Elumelu, a highly accomplished healthcare executive and the wife of prominent businessman Tony Elumelu, has experienced a significant decrease in the market value of her shares in Transnational Corporation of Nigeria (Transcorp) over the past six days. Her stake in the company has fallen below the $10-million threshold.
Data from Billionaires.Africa reveals that the market value of Awele Elumelu’s shares in Transcorp has dropped by over $2.6 million in the past six days. This decline comes as shares in the leading conglomerate experienced a notable pullback after reaching their all-time high of N4.7 ($0.00605) per share.
With the recent acquisition of an additional 7.3 million shares in Transcorp in June, Awele Elumelu now holds an impressive total of 2,070,794,804 shares in the company. This solidifies her position as a significant player in the Nigerian equity market and reinforces her family’s position within the conglomerate and the broader Nigerian business landscape.
However, despite initially seeing gains from her stake, the situation has taken a sharp turn as Transcorp shares experienced a substantial decline on the Nigerian Exchange. Cautious investors decided to take profits after the company’s shares surged to an all-time high of N4.7 ($0.00605) per share at the end of the trading session on Tuesday, July 11.
Since then, the company’s shares have fallen by more than 21%, dropping from N4.7 ($0.00605) per share on July 11 to their current price of N3.71 ($0.0048) at the close of trading on the Nigerian Exchange on Monday, July 17.
As a result of this recent pullback, the market value of Awele Elumelu’s stake in Transcorp has declined by N2.05 billion ($2.64 million). It has decreased from N9.73 billion ($12.54 million) exactly six days ago, on July 11, to N7.68 billion ($9.89 million) at the time of writing.
Despite the significant $2.64-million decrease in the market value of her stake in Transcorp, Awele Elumelu remains one of the top investors on the Nigerian Exchange. Her influence extends beyond her investments in Transcorp, as she has made noteworthy contributions to the healthcare sector.
As the chairperson of Avon Healthcare Limited and the CEO of Avon Medical Services Limited, Awele Elumelu showcases exemplary leadership and expertise in various medical fields, including medicine, surgery, pediatrics, obstetrics and gynecology, and emergency medicine.
Her career highlights include valuable contributions to the prestigious Lagos University Teaching Hospital, as well as international experience gained at Grantham and District Hospital in the United Kingdom.
Despite exhibiting a strong recovery from the COVID-19 pandemic and exceptional wealth growth that caused their total net worth to exceed $84.9 billion at the end of 2021.
When compared to their collective net worth of $73.8 billion in 2020, the amount implies a rise of 15%, or $4.7 billion. Many of Africa’s greatest billionaires will likely struggle to make the Forbes 400 list in 2022.
With 14 of Africa’s 18 billionaires missing from this exclusive list, it’s critical to understand who these people are and what industry they work in, as well as their potential to join the list in the not-too-distant future.
Despite the fact that it now takes $6 billion to make the Forbes 400 richest list, up from $6.4 billion at the start of the year, African billionaires such as Nigerian telecom mogul Mike Adenuga, Algerian billionaire Issad Rebrab, and Egyptian businessman Naguib Sawiris rank among the 14 billionaires who are still far short of the $6-billion mark.
According to data tracked by Billionaires.Africa, these 14 billionaires are presently ranked in this order.
#1 Mike Adenuga
Net worth: $5.7 billion
Nationality: Nigerian
Mike Adenuga, the founder of Nigerian telecom company Globacom Limited and the majority owner of Nigeria’s pioneer petroleum marketer, Conoil Plc, is now the third-richest man in Nigeria, the seventh richest on the African continent, and the 426th richest person in the world.
His net worth has dropped by $1 billion since the beginning of the year, from $6.7 billion in January to $5.7 billion at the time of writing this report, due to a decline in the value of his stake in Globacom Limited, Nigeria’s third-largest telecom service provider.
#2 Issad Rebrab
Net worth: $5.1 billion
Nationality: Algerian
Issad Rebrab, the founder and CEO of Cevital and Algeria’s richest man, ranks 483rd in the world. The Algerian billionaire’s net worth has increased from $4.2 billion in 2020 to $5.1 billion at the time of writing this report, representing a net worth gain of $900 million.
His $5.1-billion fortune stems from the valuation of Cevital, his well-diversified manufacturing conglomerate, which has increased significantly due to increased capacity and robust earnings growth.
#3 Naguib Sawiris
Net worth: $3.4 billion
Nationality: Egyptian
According to Forbes, Naguib Sawiris, the elder brother of Egypt’s richest man Nassef Sawiris, is the second-wealthiest man in Egypt and the 815th richest man in the world, with a fortune of $3.4 billion.
The billionaire amassed his fortune after selling Orascom Telecom to Russian telecom firm VimpelCom (now Veon) in a multibillion-dollar transaction in 2011. He is presently a shareholder in Orascom TMT Investments and Ora Developers, a real estate developer.
#4 Patrice Motsepe
Net worth: $2.7 billion
Nationality: South African
With a net worth of $2.7 billion, Motsepe is the richest Black South African and the world’s 1,067th richest man. The majority of his wealth is derived in gross terms from his 40-percent stake in African Rainbow Minerals (ARM), a South African diversified mining and minerals company.
His net worth has dropped by $200 million as a result of the recent decline in the market value of his stake in ARM, a company he founded in 1997, from $2.9 billion to $2.7 billion at the time of writing this report.
#5 Mohammed Mansour
Net worth: $2.5 billion
Nationality: Egyptian
Mohamed Mansour, an Egyptian billionaire businessman and the world’s 1,151st richest man, is the chairman of Mansour Group, a family conglomerate worth more than $6 billion, according to Forbes.
Mansour derives the majority of his $2.5-billion net worth from the company, alongside his brothers Yasseen and Youssef Sawiris, who are also billionaires.
The Egyptian billionaire played a crucial role in the group’s growth, primarily through GM dealerships in Egypt, which he established in 1975.
Mansour Group has since grown into one of the biggest GM distributors worldwide.
#6 Koos Bekker
Net worth: $2.1 billion
Nationality: South African
Koos Bekker is a South African billionaire businessman and the chairman of Naspers, a leading South African multinational media group.
He was instrumental in the establishment and growth of Prosus, a Naspers subsidiary established as the company’s global Internet assets division under Bekker’s leadership.
The majority of the South African billionaire’s wealth is derived from his holdings of Naspers and Prosus. Since the start of the year, his net worth has decreased from $2.7 billion to $2.1 billion.
#7 Mohamed Al Fayed
Net worth: $1.8 billion
Nationality: Egyptian
Mohamed Fayed, an Egyptian businessman and retail mogul whose primary residence and business interests have been in the United Kingdom since the late 1960s is the world’s 1,504th richest man, according to Forbes, with a net worth of $1.8 billion.
Fayed amassed a fortune in retail after selling his stakes in the London department store Harrod’s to Qatar in a deal valued at $2.4 billion in 2010. Following the sale of Fulham Football Club in 2013, he received a whopping $300 million from U.S. auto parts billionaire Shahid Khan.
#8 Aziz Akhannouch
Real-time net worth: $1.8 billion
Nationality: Moroccan
Aziz Akhannouch is a Moroccan businessman and the country’s Prime Minister since September 2021. His fortune is derived from the Akwa Group, a Moroccan conglomerate with oil and gas investments.
The company also has interests in telecommunications, tourism, hotels, and real estate. The Afriquia brand is used by its service stations.
Akhannouch has a net worth of $1.8 billion, making him one of Africa’s wealthiest men and the world’s 1,586th richest man, according to Forbes.
#9 Mohammed Dewji
Net worth: $1.5 billion
Nationality: Tanzanian
Mohammed Dewji is a Tanzanian billionaire businessman and former politician. He is the owner and CEO of MeTL Group, a Tanzanian conglomerate founded in the 1970s by his father.
MeTL Group has active operations in East, Southern, and Central Africa in textile manufacturing, flour milling, beverages, and edible oils.
Dewji has an estimated net worth of $1.5 billion as of press time, making him the world’s 1,784th richest person and the African continent’s youngest billionaire.
#10 Youssef Mansour
Net worth: $1.5 billion
Nationality: Egyptian
Like his younger brothers, Mohamed and Yasseen Mansour, Youssef Mansour, a director in the family-led Mansour Group, is worth more than $1 billion.
With a net worth of $1.5 billion, the Egyptian billionaire businessman who co-owns Mansour Group with his brothers ranks 1,854th in the world.
He is in charge of the consumer goods division, which includes the Metro supermarket chain and the exclusive distribution rights for L’Oreal in Egypt.
#11 Michiel Le Roux
Net worth: $1.4 billion
Nationality: South African
Michiel Le Roux is a South African billionaire businessman and the founder of Capitec Bank, one of Africa’s largest retail banks.
According to Forbes, the billionaire is worth $1.4 billion, making him the world’s 1,941st richest man.
His net worth has dropped by $300 million since the beginning of the year, from $1.7 billion on Jan. to $1.4 billion at the time of writing.
#12 Strive Masiyiwa
Net worth: $1.2 billion
Nationality: Zimbabwean
Zimbabwe’s richest man Strive Masiyiwa presently ranks as the world’s 2,132nd richest man, with a net worth of $1.2 billion.
Econet Wireless Zimbabwe, which he founded in 1998, has grown to become the country’s largest mobile phone company.
He owns slightly more than half of Econet Wireless Zimbabwe, which is part of his larger Econet Group. The company has stakes in mobile phone networks in Burundi and Lesotho, as well as investments in African fintech and power distribution firms.
#13 Yasseen Mansour
Net worth: $1.1 billion
Nationality: Egyptian
Yasseen Mansour, Egypt’s sixth-richest man and the 2,294th wealthiest man in the world, owns a stake in the family-owned conglomerate Mansour Group.
Aside from his business interests in Mansour Group, Mansour is the chairman of Palm Hills Development, a leading Egyptian real estate group.
#14 Othman Benjelloun
Net worth: $1.1 billion
Nationality: Moroccan
According to Forbes, Othman Benjelloun, who is worth $1.1 billion at the time of writing this report, is the world’s 2,363rd richest man and one of Africa’s richest billionaires.
The Moroccan billionaire is best known for co-founding BMCE Bank of Africa, where he currently serves as chairman and CEO.
Based solely on market capitalization, Benjelloun’s stake in the bank was worth $4 billion in 2021.
After purchasing the Mali-based Bank of Africa, his banking firm BMCE Bank now has a presence in at least 12 African countries.
