More than one in every 100 billionaires are created in London (1.25 per cent), according to an analysis based on WealthInsight’s proprietary database of over 100,000 HNWIs globally.
London comes third overall for breeding billionaires, behind New York (3.09 per cent) and Moscow (1.31 per cent). Meanwhile Hong Kong and Istanbul make up the remainder of the Top Five. All Top Five cities have produced at least ten billionaires, with London responsible for an impressive 21 in total. New York has produced 52 billionaires while Moscow lays claim to 22.
INFOGRAPHIC – Top 25 Global Cities Where Billionaires Are Born:
Although the global spread of billionaires’ birthplaces is vast, the research revealed a number of key statistics about where the planet’s richest citizens are born.
Within the UK, 40 per cent of all billionaire births took place in London, with the cities of Birmingham, Manchester and Newport in second place with just two billionaires each.
Commenting on the findings, WealthInsight Analyst Oliver Williams notes: ‘As the average age of a billionaire today is hovering around 63, what this ranking shows is not so much today’s entrepreneurial hives, but those of 60 odd years ago. While some cities – New York and London particularly – have retained their economic successes, other cities have changed dramatically such as Detroit or Moscow -which 60 years ago was under the Soviet Union.’
Spear’s Editor Josh Spero adds: ‘London may have the most billionaires in the world today, but most of them aren’t home-grown: our data shows that London has only produced 21. This difference makes perfect sense, given London’s status as a global business hub and international capital for culture, food, luxury and society. Naturally people are going to flock here. But we should always want to produce more of our own.’