- 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.
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.