12 May 2019
If you think seeing a billionaire is a rare phenomenon, maybe you should pay a visit to San Francisco.
A new 'billionaire census' report from Wealth-X has revealed that the hilly city in Northern California is actually the city of the wealthy.
It has the highest density of billionaires in the world.
Here's more on the fascinating report.
75 billionaires in San Francisco
One would think Dubai or New York may have the highest density of billionaires, but surprisingly, all these places have been dwarfed by San Francisco.
Sitting over Silicon Valley, the city has a whopping 75 billionaires, meaning you can find a billionaire in every 11,600 people living there.
Now, these are some crazy numbers for a city.
If we look solely at numbers, New York wins
If we look solely at the billionaire count, New York and Hong Kong both would win with 105 and 87 billionaires, respectively.
But, the deal is, both these places have a population of over 70 lakh while San Francisco is a small city with not even 10 lakh people.
This is what makes it a clear winner here.
Other cities following San Francisco
Now, coming back to the more accurate billionaire density stats, the Wealth-X report mentioned that San Francisco is followed by New York, Dubai, and Hong Kong - all three cities have a billionaire in every 81,000-85,000 people.
The last on the list is Istanbul with a billionaire in every 462,629 people, while Mumbai is the third last with a billionaire in every 327,431 people.
Number of billionaires declined in 2018
The billionaire census report also revealed that the number of billionaires around the world and their wealth declined in 2018, except for North America.
Specifically, the total number of billionaires worldwide fell by a little over 5% to 2,604, while their wealth plummeted by 7% to 8.6 trillion.
The fall has been attributed to heightened market volatility, global trade tensions, economic slowdown.