This city has the most number of billionaires in Asia
What's the story
The global billionaire population has seen its fastest growth since 2020, driven largely by the artificial intelligence (AI) boom. According to a report by Altrata, Hong Kong remains the Asian city with the highest number of billionaires now. However, mainland Chinese cities are rapidly catching up due to wealth accumulation from this tech revolution.
Global rankings
New York tops the list
On a global scale, Hong Kong comes second only to New York in terms of billionaire count.
The city has a total of 106 billionaires, two less than last year.
Meanwhile, New York's billionaire count has gone up by 12 to reach 164.
Beijing and Shenzhen also made it to the top 15 cities with their respective billionaire counts of 61 and 43.
Wealth concentration
AI reshaping wealth dynamics
Altrata's VP of Sales, Paul Sutton, noted that the current billionaire census shows a class being reshaped by AI at an unprecedented pace.
He added, "Wealth is concentrating faster at the very top."
This observation highlights how technological advancements like AI are not just creating new sources of wealth but also changing the dynamics of wealth distribution globally.
Rising stars
Top cities with most billionaires
San Francisco, London, Singapore, Los Angeles, and Beijing were ranked third through seventh, respectively, with the most billionaires.
Beijing had 61 billionaires while Shenzhen and Dubai shared the eighth position with 43 each.
The report noted that while the US and China still have more than one city in the top 15 list, Asian cities are becoming more prominent.