Istanbul ranks 12th globally for billionaire population
A man fishes on Galata Bridge during heavy rain in Eminonu district of Istanbul, with Suleymaniye Mosque in the background, on Nov. 21, 2024. (AFP Photo)
Istanbul has secured its position as the 12th city globally with the highest number of billionaires, according to the 2024 Billionaire Census by research firm Altrata.
The city is home to 34 billionaires, reflecting a net gain of one over the past year.
The report noted a 4% increase in the global billionaire population, which now stands at 3,323 individuals, collectively holding $12.1 trillion in wealth.
New York retains top spot
New York City leads the list with 144 billionaires, followed by Hong Kong with 107 and San Francisco with 87. Cities like London, Dubai and Paris also feature prominently, highlighting their appeal to the ultra-wealthy because of cultural and financial opportunities.
Global trends in billionaire wealth
The increase in billionaire wealth was driven by resilient financial markets, particularly in technology, where artificial intelligence investments have surged.
Rising optimism about economic stability, including reduced inflationary pressures and potential interest rate cuts, also contributed to wealth growth.
However, geopolitical tensions, including the war in Ukraine and economic uncertainties in China, affected billionaire populations in regions like Beijing and Shenzhen, which saw declines.
Billionaire wealth distribution
Globally, billionaires represent just 0.01% of the high-net-worth population, but control 25% of total wealth, amounting to $12.1 trillion.
The majority of billionaires have wealth between $1 billion and $2 billion, with this group holding 42% of total billionaire assets.
