Three Chinese cities on world rich list
February 22, 2018
China has established itself in the latest list of the world’s richest cities, thanks to the rapidly accumulated personal wealth in the country.
The World’s Wealthiest Cities list released by the South African market consultancy New World Wealth earlier this month, three Chinese cities entered the top 10 — Beijing, Shanghai and Hong Kong.
The firm gauges the total amount of private wealth based on property, cash, equities and business interests. Government funds are excluded from the figures.
Beijing came 5th on the list with a total wealth of $2.2 trillion, which was the highest ranking among all the Chinese cities.
Shanghai caught up with Beijing to arrive at 6th place with a total private wealth reaching $2 trillion. Dislodged by Los Angeles, Hong Kong took 8th place on the list with a total wealth of $1.3 trillion.
New York City topped the list with total wealth of $3 trillion. The top 15 cities globally hold $24 trillion in wealth, which is about 11% of the world’s total private wealth.
San Francisco, Beijing, Shanghai, Mumbai and Sydney have shown the fastest growth rates of wealth in the past 10 years, according to New World Wealth. Mumbai is expected to be the city with the highest rate of growth in the next 10 years.