Right off the heel of my last post about the world’s poorest denizens, comes sobering article from PolicyMic that highlights the stark reality of global wealth inequality. It identifies the world’s most popular cities for billionaires, based on a recent report from Forbes.
Moscow remains the billionaire capital of the world, with 84 of the world’s richest people, together worth a total of over $366 billion. Of the other major cities on the list (some of which tied), five are in Asia (Istanbul, Mumbai, Seoul, Hong Kong and Beijing), two are in Europe (London and Paris), two are in the U.S. (New York City and Dallas), and one is in Latin America (Sao Paulo, Brazil).
According to the 2013 Wealth-X and UBS Billionaire Census, the first comprehensive study of the world’s billionaire population, the average billionaire holds $78 million in real estate, owns four homes (each worth nearly $20 million) and posses numerous luxury items, the most common being yachts, private jets and works of art.
Despite boasting many uber-rich residents, these cities also account for a disproportionate share of overall economic growth and rising income inequality, with many of them also hosting a large proportion of poor residents. According a report by Oxfam, 85 of the richest people in the world (most of whom live in these cities) control as much wealth as the poorest half of the world (3.5 billion people).