Bay Area Has the Third Largest Population of Billionaires in the World
While New York may have more billionaires total, the Bay Area boasts more per capita than any other city in the world including Dubai and Hong Kong, reports SFGate.
Aerial photo of the city of San Francisco courtesy of Washington Post
Because, per a report from Wealth-X, a New York-based data analyst service that specializes in the super wealthy, the Bay Area has one billionaire for approximately every 11,600 residents. The report said the number of billionaires worldwide declined by 5.4 percent to 2,604 individuals and everything from Brexit to global trade tensions are to blame.
Facebook’s Expanded Campus designed by Frank Gehry. Photo courtesy of World Architecture
Here are three more interesting facts related to billionaires in San Francisco from the report:
- The San Francisco Bay Area has the third-highest number of billionaires total with 75. New York comes in No. 1 with 105 and Hong Kong at No. 2 with 87.
- In the past decade the Bay Area has seen huge jumps in its billionaire population but 2018 was less impressive. The region added one billionaire to its total from 2017 to 2018. The report says, “Although 2018 was a less auspicious year for tech stocks, amid slower demand and a modest push-back from the public and governments to the actions of certain high-profile firms, wealth creation was still supported by broadly favorable economic conditions in the US and the continuing growth of digitalization around the world.”
- The Bay Area is the clear leader when it comes to billionaire density. New York, Dubai and Hong Kong follow in 2nd to 4th place respectively, with about one billionaire per 80,000-85,000 inhabitants.
Forbes billionaire list 2019 photo courtesy of CBS News
So, which ones live in the Bay Area?
Forbes revealed four Bay Area billionaires made the top-50 ranking of the world’s richest people:
- Zuckerberg (net worth $62.3 billion)
- Oracle founder Larry Ellison ($62.5 billion), and
- Google co-founders Larry Page ($50.8 billion) and Sergey Brin ($49.8 billion)
Wealth-X’s latest annual billionaire census says the Bay Area continues to accumulate and concentrate vast sums of money, and that the region has the third highest billionaire population worldwide. Of the 705 billionaires in the U.S. (and 2,604 worldwide), 75 live in the Bay Area. This number is up from 74 last year.
Meanwhile, the Brookings Institute reports that the Bay Area had the third-largest income gap in the county in 2016, with the region’s wealthiest households making 11 times that of those on the lowest rung of the ladder.
New York City has the highest worldwide population with 105, followed by Hong Kong with 87; note that while the top three are identical compared to 2018’s census, Hong Kong dipped in the totals, dropping from 93 in 2018.
Aerial photo of Hong Kong courtesy of Hong Kong Free Press