In each of the top 10 richest places in the world, residents have a combined wealth of at least $1 trillion

Cedric Ribeiro / GettyThe world’s richest people call these cities home.

• New York City, London, and Tokyo are the richest cities in the world.
• Private wealth could be a better way to measure the strength of an economy than GDP, according to a new report.
• The world’s total private wealth amounts to $US215 trillion.

Citizens of the world control about $US215 trillion in private wealth, according to New World Wealth‘s latest report.

In each of the top 10 richest cities, residents have combined wealth of at least $US1 trillion, and as much as $US3 trillion. Total private wealth includes all assets – property, cash, equities, and business interests – minus any liabilities.

According to New World Wealth’s research, total private wealth is “a far better gauge of the financial health” of an economy than GDP. Ultimately, the wealth of a public signifies its spending power.

To be sure, these cities rank highly because of two factors: a large general population and a significant amount of high-net-worth residents. Across the world, there are about 15.2 million people with net assets of $US1 million or more, while the average person has net assets of $US28,400.

Below, check out the top 10 richest places in the world ranked by total private wealth of all residents.

9 (TIE). Singapore — $US1 trillion total private wealth

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9 (TIE). Sydney — $US1 trillion total private wealth

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8. Hong Kong — $US1.3 trillion total private wealth

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7. Los Angeles — $US1.4 trillion total private wealth

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6. Shanghai — $US2 trillion total private wealth

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5. Beijing — $US2.2 trillion total private wealth

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4. Silicon Valley — $US2.3 trillion total private wealth

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3. Tokyo — $US2.5 trillion total private wealth

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2. London — $US2.7 trillion total private wealth

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1. New York City — $US3 trillion total private wealth

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