Not surprisingly, America’s billionaires are largely clumped in coastal cities, based on a brand new evaluation exhibiting the place they’re situated in 2022 and the way that modified from 2021.
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The world’s billionaires hit a tough patch this yr, dealing with the lingering results of the pandemic, a conflict in Europe and a wavering international economic system.
The variety of billionaires really dropped amidst these circumstances, from 2,755 in 2021 to 2,668 in 2022, based on Forbes’ World’s Billionaires List.
However within the U.S., the place the world’s highest focus of billionaires is situated, that wasn’t the case — the quantity elevated from 717 final yr to 748 this yr.
Not surprisingly, America’s billionaires are largely clumped in coastal cities, based on a brand new evaluation by consulting firm Webster Pacific exhibiting the place they’re situated in 2022 and the way that compares to 2021.
The better New York area, which Webster Pacific classifies as Manhattan, New York Northern and Lengthy Island/New Jersey, has 149 billionaires as of 2022. In New York Metropolis alone the variety of billionaires elevated from 100 in 2021 to 107 in 2022. That enhance represents 12 % development within the metropolis’s billionaires’ wealth yr over yr, from $572.1 billion in 2021 to $638.4 billion in 2022.
After the better New York area, the Bay Space at present has the second-highest variety of billionaires at 112. These are largely concentrated in Silicon Valley, the place there are 58 billionaires and the San Francisco space the place there are 44.
Following New York and the Bay Space, Texas (64 billionaires), Los Angeles (64 billionaires) and Miami (54 billionaires) spherical out the highest tier areas the place they reside within the U.S. right this moment.
Based on Webster Pacific’s evaluation, cities which have seen vital billionaire wealth development within the final yr embody Palm Seashore, Florida; Dallas, Texas; and St. Louis, Missouri.
Palm Seashore has develop into a favourite of the rich because the pandemic began, which helps account for town’s development in billionaire wealth. The variety of billionaires elevated from 12 final yr to 16 this yr, with a rise within the metropolis’s billionaire wealth from $64.6 billion in 2021 to $87 billion in 2022.
The variety of billionaires in Dallas, then again — very similar to in St. Louis — didn’t change considerably within the final yr, however their wealth actually did. To date this yr there are 19 billionaires in Dallas, another than final yr, and billionaires’ wealth within the metropolis has elevated by 28 % from $59 billion in 2021 to $75.8 billion in 2022. The town is residence to 10-plus-digit earners like Dallas Cowboys’ proprietor Jerry Jones, banker Andrew Beal and oil magnate Ray Lee Hunt.
In St. Louis, the variety of billionaires elevated from 5 to 6 within the final yr, with their wealth rising from $19.7 billion to $25.2 billion throughout the identical interval, a 28 % enhance in wealth. The town’s greatest high-net-worth people embody Pauline MacMillan Keinath, heiress to the founding father of Cargill; and World Vast Expertise founder David Steward.
Main cities of San Francisco, Las Vegas and Phoenix all noticed declines in billionaires from 2021 to 2022. Whereas Las Vegas noticed a big proportion lower in billionaire wealth yr over yr with a 20 % decline from $57.4 billion in 2021 to $46.1 billion in 2022, San Francisco noticed a good better greenback decline yr over yr, with a drop in billionaire wealth from $194.9 billion in 2021 to $160.8 billion in 2022 (a 17 % decline in wealth).
Musk resides in Austin, the place billionaire wealth rose from $241.1 billion in 2021 to $300.5 billion in 2022 (regardless of the variety of billionaires within the metropolis remaining regular at 10 throughout each years). And Bezos is in Seattle, the place billionaire wealth dropped 15 % from $269.9 billion in 2021 to $228.7 billion in 2022 as town went from 12 billionaires final yr to eight this yr.
In 2020 through the peak of the COVID-19 pandemic, Musk pledged by way of Twitter to eliminate all his “physical possessions,” which spurred a serious promoting spree of his properties. He bought the last of his property portfolio, situated in San Francisco, in November 2021, about one month after saying that he could be relocating the Tesla headquarters from California to Texas.
In the meantime, Bezos has not too long ago made a primary foray into the new short-term rental market by backing a brand new short-term rental funding platform known as Arrived.
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