Dubai City has been ranked eighth in the world in terms of the size of its billionaire population, with 34 billionaires, according to a recent report.

The ‘Top 20 billionaire cities’ listed in the Wealth-X and UBS Billionaire Census 2014 has ranked New York as the number one city, housing 103 billionaires.

The report, which presents a global overview of the billionaire segment, shows that 34 per cent of the world’s 2,325 billionaires are based in these top 20 cities.

Only New York and Los Angeles from the US made it onto the list despite the country having the most number of billionaires (571) and total billionaire wealth ($2.26 trillion) in the world.

Cities in Asia claimed eight spots on the list. Leading the charge is Hong Kong, which is home to 82 billionaires, Beijing (37 billionaires) and Singapore (32 billionaires). Billionaires based in the eight Asian cities on the list collectively hold $821 billion in wealth, equivalent to 11 per cent of total global billionaire wealth.

Other cities on the list include Sao Paolo (36 billionaires), which is ranked sixth; and Geneva (23 billionaires), in 15th spot.

The Wealth-X and UBS Billionaire Census 2014 shows that 155 new billionaires were minted this year, pushing the global population to a record 2,325 – a 7 per cent rise from 2013.

The combined wealth of the world’s billionaires increased by 12 per cent to $7.3 trillion. – TradeArabia News Service