Indonesia Not on the List, These Are the Cities with the Most Billionaires in the World in 2023

Forbes’ report, "The Cities With The Most Billionaires 2023," reveals that a quarter of the world's billionaires reside in 11 cosmopolitan cities globally. Forbes estimates the total wealth of these billionaires exceeds US$2.8 trillion, equivalent to Rp41,171.2 trillion (Rp14,704/US$).

However, no Indonesian city made the list.

New York City reclaimed the top spot as the city with the most billionaires in 2023, with 101 billionaires calling it home. Their combined net worth totals US$616.8 billion.

Below is the list of the 11 cities with the most billionaires worldwide in 2023, according to Forbes:

1. New York City

Number of billionaires: 101
Total net worth: US$616.8 billion
Richest resident: Michael Bloomberg (US$94.5 billion)

Despite losing six billionaires from the previous year, New York City remains the most popular city for billionaires. Nearly a quarter of the city's wealth is concentrated among powerful tycoons such as Michael Bloomberg, Julia Koch, Alex Attalah, and Devin Finzer, a co-founder of the NFT marketplace OpenSea.

2. Hong Kong

Number of billionaires: 70
Total net worth: US$286.8 billion
Richest resident: Li Ka-shing (US$38 billion)

Hong Kong climbed from third to second place this year. The return of two new tycoons, fueled by the easing of post-pandemic restrictions, includes Zhao Tongtong, founder of hotel chain operator H World Group, and Lawrence Ho, who controls Hong Kong-listed casino operator Melco Resorts.

3. Beijing

Number of billionaires: 68
Total net worth: US$247.2 billion
Richest resident: Zhang Yiming (US$45 billion)

China's capital continues to lose billionaires. Among those no longer possessing billion-dollar fortunes is Beijing resident Zhao Weiguo, implicated in alleged corruption cases. Conversely, TikTok founder Zhang Yiming saw a surge in his wealth.

4. Shanghai

Number of billionaires: 65
Total net worth: US$181.9 billion
Richest resident: Colin Zheng Huang (US$30.2 billion)

Another Chinese city on the list, Shanghai boasts billionaires such as Tang Rui, founder of self-driving startup ZongMu Technology; Chen Yin, chairman of DIY tool company Greenworks; Lyu Yixiong; and Colin Zheng Huang, CEO of Shanghai Chicmax Cosmetic.

5. London

Number of billionaires: 63
Total net worth: US$294.9 billion
Richest resident: Len Blavatnik (US$32.1 billion)

London is also home to numerous global billionaires, including Charles Dunstone, founder of telecommunications company Carphone Warehouse, and Denis Sverdlov, the Russian founder and CEO of electric vehicle startup Arrival.

6. Moscow

Number of billionaires: 61
Total net worth: US$307.1 billion
Richest resident: Vladimir Potanin (US$23.7 billion)

Despite the ongoing war in Ukraine and continued Western sanctions against many of Russia's wealthiest individuals, Moscow remains among the cities with the most billionaires globally, rising from seventh to sixth place this year.

7. Mumbai

Number of billionaires: 56
Total net worth: US$276.4 billion
Richest resident: Mukesh Ambani (US$83.4 billion)

Mumbai climbed one rank this year. Mukesh Ambani remains the richest resident, his wealth accounting for 30% of the city's total billionaire wealth.

8. Shenzhen

Number of billionaires: 54
Total net worth: US$246 billion
Richest resident: Ma Huateng (US$35.3 billion)

Falling from sixth place last year, Shenzhen experienced a net loss of five billionaires, including property tycoon Huang Shih Tsai and Ren Zhengfei, who leads telecommunications hardware company Huawei Technologies. Ma Huateng, CEO of internet giant Tencent, remains the city's richest resident.

9. Singapore

Number of billionaires: 46
Total net worth: US$133.3 billion
Richest resident: Goh Cheng Liang (US$14.3 billion)

Singapore is the only Southeast Asian city on the list, having welcomed four new billionaires. Goh Cheng Liang, owner of the world's fourth-largest paint manufacturer, tops the list of Singapore's wealthiest.

10. Delhi

Number of billionaires: 37
Total net worth: US$116.4 billion
Richest resident: Shiv Nadar (US$25.6 billion)

Delhi's richest resident is Shiv Nadar, founder of India's largest software services provider, HCL Technologies.

11. San Francisco

Number of billionaires: 37
Total net worth: US$114.2 billion
Richest resident: Brian Chesky (US$9.3 billion)

Home to Silicon Valley and a richly endowed technology landscape, San Francisco lost seven billionaires this year. Doordash founders Stanley Tang and Tony fell off the billionaire list due to a 36% drop in the food delivery app's stock over the past year. The only newcomer to the billionaire ranks is Sid Sijbrandij, founder of GitLab. Airbnb co-founder Brian Chesky remains the city's richest resident.