Singapore. Image Credit: Getty Images

Dubai: Cities that are home to the most number of billionaires or millionaires may not necessarily be the wealthiest places on earth.

The state of wealth in any given place can be determined by the sum of all the fortunes, including cash, property, equities and business interests, held by the people living in the area. With this in mind, New World Wealth, a global wealth intelligence and market research firm, has come up with a list of 15 richest cities in the world today.

Several populous cities in Asia, including Mumbai, Hong Kong, Singapore, Beijing and Shanghai, made it to the rankings. However, places that are not densely populated but are known to be the favourite destinations of the billionaires, such as Geneva and Zurich, did not show up on the list.

Here are the top 15 richest cities in the world in terms of all the wealth held by private citizens:

1. London 

The total amount of wealth held by residents in the city is estimated to be around $2.7 trillion. There are 357,000 millionaires and 62 billionaires living in London, which is home to the third largest stock exchange in the world.

2. New York City

Private individuals in the city, which is home to 336,000 millionaires and 65 billionaires, own about $2.6 trillion in wealth. The two largest stock exchanges in the world, Dow Jones and Nasdaq, are based in New York.

3. Tokyo

Japan’s capital is home to 272,000 millionaires and 14 billionaires. Their fortunes, plus all the other wealth held by the rest of the residents in the city, stand at approximately $2.2 trillion, making Tokyo the third richest city on earth.

4. San Francisco Bay area

The city is home to 174,000 millionaires and 45 billionaires. The total wealth held by its residents, including those living in San Jose, Oakland, Palo Alto, Los Altos, Redwood City, Moraga, San Mateo and Mountain View, amounts to $1.9 trillion.

5. Beijing

There are 122,000 millionaires and 45 billionaires in Beijing. The combined wealth of these individuals, plus the ones owned by the rest of the residents, make Beijing the fifth richest city in the world, with total wealth held privately amounting to $1.8 trillion. Several head offices of some of the world’s largest companies are headquartered in Beijing.

6. Shanghai

The city is home to 118,000 millionaires and 32 billionaires. Known as the “financial capital of China,” the city accounts for $1.2 trillion in total wealth held by private individuals. The Shanghai stock exchange is considered the largest in China and the fifth largest globally.

7. Los Angeles

Private individuals in the city, including the 168,000 millionaires and 28 billionaires, own about $1.2 trillion in fortunes. The figures include wealth held in upscale neighbourhoods of Malibu and Beverly Hills.

8. Hong Kong

The 224,000 millionaires and 50 billionaires living in the city and the rest of the private citizens hold $1.1 trillion in wealth. The sixth largest stock exchange in the world is based in the city.

9. Singapore

There are 213,000 millionaires and 23 billionaires in Singapore. These wealthy residents and the rest of the individuals living in the small state own $870 billion in private fortunes.

10. Chicago

The windy city is home to 135,000 millionaires and 12 billionaires. Total private wealth held by all individuals living there amounts to $860 billion. The city’s economy is fuelled mainly by financial services (insurance), transportation, FMCG and manufacturing industries.

11. Sydney

The 110,000 millionaires and 14 billionaires in Sydney, plus the rest of the citizens, own total wealth amounting to $850 billion. Sydney is considered as one of the top financial centres in Asia and has become one of the favourite destinations of the wealthy, thanks largely to its lifestyle, safety and climate.

12. Toronto

Home to 108,000 millionaires and 12 billionaires, Toronto accounts for $850 billion in total private wealth. The ninth largest stock exchange in the world is based in the city.

13. Frankfurt

There are 120,000 millionaires and 20 billionaires in Frankfurt. Total private fortunes in the city are estimated to be around $830 billion. The tenth largest stock exchange in the world is based in the city, which is also known as the “financial capital of mainland Europe.”

14. Mumbai

This Asian city is home to 45,000 millionaires and 28 billionaires. India’s economic hub is home to the Bombay Stock Exchange and boost of major industries, including financial services, real estate and media.

15. Paris

The French capital is home to 107,000 millionaires and 18 billionaires. These ultra-wealthy residents, plus the rest of the Parisians, reportedly hold $800 billion in private wealth.