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<p>The advantages accrued to the United States by its dollar being the world’s leading safe-haven asset are legion and ultimately help succour American power. Indeed, the US dollar’s status as the predominant reserve currency is known as the ‘exorbitant privilege’, enabling the country to borrow a lot of money relatively cheaply.</p>



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<p>Though economists and historians may argue about how long this privileged position may last in a rapidly changing world, there is less dispute over the numerous benefits it brings to the US economy, businessaes and consumers. Enzio von Pfeil, a prominent financial commentor in Hong Kong, cites the US Treasury’s ability to issue as much debt as it wants as a key bonus, as well as the elimination of transaction costs. “All of America’s international transactions are done via her own US dollar, thus obviating any foreign exchange risk as well as foreign exchange conversion costs,” he says.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://www.gafencushop.com/wp-content/uploads/2024/11/518a8edb-422c-4525-86c7-2f29631fbe01_48a8125c-1024x683.jpg" alt="" class="wp-image-83885" srcset="https://www.gafencushop.com/wp-content/uploads/2024/11/518a8edb-422c-4525-86c7-2f29631fbe01_48a8125c-1024x683.jpg 1024w, https://www.gafencushop.com/wp-content/uploads/2024/11/518a8edb-422c-4525-86c7-2f29631fbe01_48a8125c-420x280.jpg 420w, https://www.gafencushop.com/wp-content/uploads/2024/11/518a8edb-422c-4525-86c7-2f29631fbe01_48a8125c-768x512.jpg 768w, https://www.gafencushop.com/wp-content/uploads/2024/11/518a8edb-422c-4525-86c7-2f29631fbe01_48a8125c-1536x1024.jpg 1536w, https://www.gafencushop.com/wp-content/uploads/2024/11/518a8edb-422c-4525-86c7-2f29631fbe01_48a8125c-2048x1366.jpg 2048w, https://www.gafencushop.com/wp-content/uploads/2024/11/518a8edb-422c-4525-86c7-2f29631fbe01_48a8125c-200x133.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2024/11/518a8edb-422c-4525-86c7-2f29631fbe01_48a8125c-800x533.jpg 800w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>US government debt is also cheaper than that issued by non-reserve currencies. “Most reserves are held in US Treasury bills and bonds. Thus, strong global demand for USD Treasuries means that their yields are low,” explains von Pfeil, highlighting how the government can infinitely fund its federal debt at very low rates.</p>



<h3 class="wp-block-heading">Financial gains</h3>



<p>Other financial advantages derive from the depth of the dollar-dominated global payments system – all global US dollar transactions are easily processed via Swift (the interbank financial telecommunications network) – and the US dollar’s broad acceptance. American consumers also benefit from the willingness of countries to hold the US dollar as part of their reserves portfolio since this cushions their exchange rate.</p>



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<p>As Professor Kent Matthews of Cardiff Business School in the United Kingdom outlines, short-term inflows and outflows are absorbed by the global currency markets without much change in the price of the dollar. “This means that the dollar exchange rate has a marginally higher value relative to other currencies. This is the dollar premium,” he says.</p>



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<p>There are political advantages, too. “Owning the world’s predominant currency, the Americans can weaponise it by freezing another nation’s dollar assets, denying other nations any access to the dollar, or blocking their access to Swift,” notes von Pfeil.</p>



<h3 class="wp-block-heading">Historical fluctuations</h3>



<p>However, having a powerful global currency can also be a curse. “The yen and the pre-euro Deutschmark resisted attempts by the global market to make them larger internationalised currencies because upward pressure on their respective exchange rates would hurt their exporters,” explains Matthews of Japan and Germany’s export-led economies.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://www.gafencushop.com/wp-content/uploads/2024/11/pexels-tima-miroshnichenko-7567222-1024x683.jpg" alt="" class="wp-image-83889" srcset="https://www.gafencushop.com/wp-content/uploads/2024/11/pexels-tima-miroshnichenko-7567222-1024x683.jpg 1024w, https://www.gafencushop.com/wp-content/uploads/2024/11/pexels-tima-miroshnichenko-7567222-420x280.jpg 420w, https://www.gafencushop.com/wp-content/uploads/2024/11/pexels-tima-miroshnichenko-7567222-768x512.jpg 768w, https://www.gafencushop.com/wp-content/uploads/2024/11/pexels-tima-miroshnichenko-7567222-1536x1024.jpg 1536w, https://www.gafencushop.com/wp-content/uploads/2024/11/pexels-tima-miroshnichenko-7567222-2048x1365.jpg 2048w, https://www.gafencushop.com/wp-content/uploads/2024/11/pexels-tima-miroshnichenko-7567222-200x133.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2024/11/pexels-tima-miroshnichenko-7567222-800x533.jpg 800w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>While any credible challenge to US dollar supremacy remains a subject of speculation, the same was once said of the British pound, which had prevailed for a century in the Pax Britannica period prior to the First World War (1914-1918). “Sterling lost its dominance because the immutability of its value was lost as it was weakened after the First World War. Its net foreign asset position declined dramatically after this war, and fell to zero after the Second World War,” says Matthews.</p>



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<p>“It was losing in terms of trade dominance and capital dominance. At the same time there was a credible alternative,” he adds, referring to the eventual succession of the US dollar.</p>



<h3 class="wp-block-heading">Dollar supremacy</h3>



<p>Jean-Marie Mercadal, CEO of Hong Kong-headquartered Syncicap Asset Management, points out that the supreme strength of the dollar as the international currency of reference is justified in several respects – including that the US is the world’s largest economy with more than 25% of global GDP; US equities account for nearly 65% of international equity indices; it is the greatest military power; US soft power is strong, culturally and technologically; and the dollar is accepted everywhere.</p>



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<p>This all-powerful position of American economic and political dominance is echoed in financial statistics cited by von Pfeil: “88% of foreign exchange trades involve US dollars; 80% of all foreign trade is conducted in US dollars, and about 60% of all foreign currency reserves consist of US dollars.”</p>


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<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://www.gafencushop.com/wp-content/uploads/2024/11/the-worlds-top-reserve-currencies-5d13-874x1024.png" alt="" class="wp-image-83890" width="437" height="512" srcset="https://www.gafencushop.com/wp-content/uploads/2024/11/the-worlds-top-reserve-currencies-5d13-874x1024.png 874w, https://www.gafencushop.com/wp-content/uploads/2024/11/the-worlds-top-reserve-currencies-5d13-239x280.png 239w, https://www.gafencushop.com/wp-content/uploads/2024/11/the-worlds-top-reserve-currencies-5d13-768x900.png 768w, https://www.gafencushop.com/wp-content/uploads/2024/11/the-worlds-top-reserve-currencies-5d13-1310x1536.png 1310w, https://www.gafencushop.com/wp-content/uploads/2024/11/the-worlds-top-reserve-currencies-5d13-1747x2048.png 1747w, https://www.gafencushop.com/wp-content/uploads/2024/11/the-worlds-top-reserve-currencies-5d13-200x234.png 200w, https://www.gafencushop.com/wp-content/uploads/2024/11/the-worlds-top-reserve-currencies-5d13-800x938.png 800w, https://www.gafencushop.com/wp-content/uploads/2024/11/the-worlds-top-reserve-currencies-5d13.png 1869w" sizes="(max-width: 437px) 100vw, 437px" /></figure></div>


<p>At this stage, von Pfeil sees no real prospect of the dollar being usurped; the euro, the world’s second most important currency, commands just 20% of global total reserves. He also notes that any moves to create a Brics – the Brazil, Russia, India and China-founded international organisation – digital currency or gold-backed stablecoin are still in their embryonic stages, plus such initiatives could be derailed by internal competition between its member states.</p>



<h3 class="wp-block-heading">Rise of the renminbi?</h3>



<p>The renminbi, von Pfeil believes, is not ready to be a contender. “The yuan is a controlled currency, meaning that the RMB is neither freely convertible nor tradeable,” he says, also pointing to a dwindling share of renminbi global forex reserves since 2022. Furthermore, there is no legal framework for global renminbi transactions on the scale, or with the depth, of Swift.</p>



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<p>According to Matthews, Beijing’s tight control of fund flows under its capital account is the standout hurdling block to the yuan becoming the dominant currency. He acknowledges that “the renminbi is a threat to the dominance of the dollar” but only in the long term in the event of further relaxation of flow restrictions.</p>



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<p>Other financial experts are more bullish about the currency of the world’s second-largest economy, and highlight that the US dollar is beginning to face competition from the renminbi. In March last year, the latter overtook the dollar to become the ascendant currency in China’s own cross-border payments, according to China’s State Administration of Foreign Exchange. “China now exports more than 50% to other emerging countries that can be paid in renminbi that they get in return for their sales of raw materials,” says Mercadal. “Saudi Arabia, for example, sells oil to China and buys high value-added manufacturing goods in return, such as solar panels.”</p>



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<p>He sees great significance in such transactions, noting that compared to 20 years ago China now has a wealth of high-quality manufactured products to trade, attracting countries that can pay with commodities or agricultural goods.</p>



<h3 class="wp-block-heading">Risks and rewards</h3>



<p>Despite this, the ability to settle trades in renminbi alone is unlikely to boost its use, according to Sam Kima, Senior Vice-President of bullion services provider First Gold. He points out that the volume of such trades depends on exporters’ willingness to accept the currency for payment, which in turn depends on their ability to use the yuan accrued.</p>


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<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://www.gafencushop.com/wp-content/uploads/2024/11/Chart-2-Dollar-Dominance-Recedes-Blog-1024x885.jpg" alt="" class="wp-image-83886" width="512" height="443" srcset="https://www.gafencushop.com/wp-content/uploads/2024/11/Chart-2-Dollar-Dominance-Recedes-Blog-1024x885.jpg 1024w, https://www.gafencushop.com/wp-content/uploads/2024/11/Chart-2-Dollar-Dominance-Recedes-Blog-324x280.jpg 324w, https://www.gafencushop.com/wp-content/uploads/2024/11/Chart-2-Dollar-Dominance-Recedes-Blog-768x664.jpg 768w, https://www.gafencushop.com/wp-content/uploads/2024/11/Chart-2-Dollar-Dominance-Recedes-Blog-200x173.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2024/11/Chart-2-Dollar-Dominance-Recedes-Blog-800x691.jpg 800w, https://www.gafencushop.com/wp-content/uploads/2024/11/Chart-2-Dollar-Dominance-Recedes-Blog.jpg 1430w" sizes="(max-width: 512px) 100vw, 512px" /></figure></div>


<p>“As the renminbi is not broadly used in international trade and finance, there are relatively few outlets to spend these proceeds. Cumulating the inflow would therefore incur substantial costs and raise currency risks,” he says. “The yuan may gain ground through bilateral agreements and economic growth, but the dollar’s established trust, transparency and stability give it a significant advantage.</p>



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<p>“Furthermore, the US political system, despite its complexities, provides a stable and predictable environment for investors. The rule of law, property rights and institutional stability in the US create a favourable climate for the dollar to remain the preferred reserve currency.”</p>



<h3 class="wp-block-heading">Money as a weapon</h3>



<p>Perversely, any real threat to the US dollar could be as a result of its strength. Von Pfeil explains: “Weaponisation is the key threat to the popularity of the US dollar. If a country knows that its US dollar assets will be frozen (step in Russia), or that it will be denied access to US dollars, not to mention denied access to Swift, then why trade in US dollars?”</p>


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<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://www.gafencushop.com/wp-content/uploads/2024/11/HI-RES-Chart-1-Dollar-Dominance-Recedes-Blog-1024x885.jpg" alt="" class="wp-image-83888" width="512" height="443" srcset="https://www.gafencushop.com/wp-content/uploads/2024/11/HI-RES-Chart-1-Dollar-Dominance-Recedes-Blog-1024x885.jpg 1024w, https://www.gafencushop.com/wp-content/uploads/2024/11/HI-RES-Chart-1-Dollar-Dominance-Recedes-Blog-324x280.jpg 324w, https://www.gafencushop.com/wp-content/uploads/2024/11/HI-RES-Chart-1-Dollar-Dominance-Recedes-Blog-768x664.jpg 768w, https://www.gafencushop.com/wp-content/uploads/2024/11/HI-RES-Chart-1-Dollar-Dominance-Recedes-Blog-200x173.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2024/11/HI-RES-Chart-1-Dollar-Dominance-Recedes-Blog-800x691.jpg 800w, https://www.gafencushop.com/wp-content/uploads/2024/11/HI-RES-Chart-1-Dollar-Dominance-Recedes-Blog.jpg 1430w" sizes="(max-width: 512px) 100vw, 512px" /></figure></div>


<p>Escalating geopolitical events, shifting national interests and growing non-US trade, particularly with Asia, have spurred some emerging economies to consider diversifying their external relations. “Countries in the Middle East and North Africa are becoming acutely aware of the risks emanating from their dependence on the US dollar. Dollar dependence also limits their economic sovereignty by increasing their vulnerability to fluctuations in the US economy,” says Kima, who notes that higher international borrowing costs from hikes in US interest rates are another concern.</p>



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<p>As many commentators indicate, any shift from one currency dominance to another can take several decades. “For now, there are no real competitors to the dollar,” affirms Mercadal. “The renminbi is not yet freely convertible, and the euro is a political construct that can be fragile.”</p>


Buck Whizz: The rise and fall of global currencies is a process which reflects new realities

<p>Much has been said and lists have been created by numerous groups and publications with their own ranking of which city tops other cities in terms of its Gross Domestic Product, number of millionaires and all other varying elements.</p>
<p>In a city like Hong Kong, where any house and estate owner can easily be considered a millionaire due to the high property and land rate, we take it a notch higher and count the billionaires in these cities instead. The high-net-worth people or the “individuals with net assets of USD $1 billion or more”, or the billionaires who reside in these cities on the list, were taken into account.</p>
<p>With cities from the United States, Europe, Asia-Pacific, Oceania and Swiss cantons, a new metropolis has proven itself a better base for the mega-rich. A quick peruse of the updated Rich List, as ever, makes for a fascinating reading.</p>
<p><strong>20. Melbourne, Australia</strong><br />
Melbourne is home to 12 billionaires, 149 centimillionaires and 97,300 millionaires, as well as several of Australia’s leading companies, including ANZ, BHP, Rio Tinto and Telstra.</p>
<p style="text-align: center;"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-68591" src="//www.gafencushop.com/wp-content/uploads/2022/11/urlaubstracker-dW8dOC8r7O4-unsplash-e1668054889777.jpg" alt="" width="700" height="394" srcset="https://www.gafencushop.com/wp-content/uploads/2022/11/urlaubstracker-dW8dOC8r7O4-unsplash-e1668054889777.jpg 700w, https://www.gafencushop.com/wp-content/uploads/2022/11/urlaubstracker-dW8dOC8r7O4-unsplash-e1668054889777-200x113.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2022/11/urlaubstracker-dW8dOC8r7O4-unsplash-e1668054889777-600x338.jpg 600w" sizes="(max-width: 700px) 100vw, 700px" /></p>
<p><strong>19. Zurich, Switzerland</strong><br />
Almost tied with Melbourne, The Canton of Zurich is also home to 12 billionaires, including 258 centimillionaires and 105,100 millionaires, as well as three globally-leading private banks &#8211;&nbsp; Credit Suisse, Julius Baer and UBS.</p>
<p><strong>18. Tokyo, Japan</strong><br />
Joining this triple tie is Tokyo, which is also home to 12 billionaires, including 263 centimillionaires and 304,900 millionaires, with its wealth spread largely across lower-tier millionaires, as evidenced by the relatively low level of its billionaire population but ranks 2nd highest in terms of millionaires. Honda, Hitachi, Mitsubishi and Sony are among the most significant businesses with headquarters in the city.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-68569" src="//www.gafencushop.com/wp-content/uploads/2022/11/jjjjj.jpg" alt="" width="700" height="467"></p>
<p><strong>17. Frankfurt, Germany</strong><br />
Frankfurt, the wealthiest city in continental Europe, is home to 14 billionaires, including 161 centimillionaires and 117,400 millionaires.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-68561" src="//www.gafencushop.com/wp-content/uploads/2022/11/ffffff.jpg" alt="" width="700" height="500"></p>
<p><strong>16. Paris, France</strong><br />
There are 15 billionaires, 121 centimillionaires and more than 88,600 millionaires in Paris. Key industries include financial services, luxury products and hospitality. The city is home to many of the biggest businesses in Europe, including BNP Paribas, Credit Agricole and Moet Hennessy Louis Vuitton.<img decoding="async" loading="lazy" class="aligncenter wp-image-68560" src="//www.gafencushop.com/wp-content/uploads/2022/11/clouds-parade-in-paris-zy4-p.jpg" alt="" width="700" height="394"></p>
<p><strong>15. Sydney, Australia</strong><br />
Sydney, which has 16 billionaires, 188 centimillionaires and 129,500 millionaires, has had very high wealth development over the past 20 years and is quickly rising to the top of the list of global financial hubs. Bellevue Hill, Darling Point, Double Bay, Dover Heights, Longueville, Mosman, Point Piper and Vaucluse are a few examples of affluent suburbs.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-68578" src="//www.gafencushop.com/wp-content/uploads/2022/11/sssss.jpg" alt="" width="700" height="393" srcset="https://www.gafencushop.com/wp-content/uploads/2022/11/sssss.jpg 1920w, https://www.gafencushop.com/wp-content/uploads/2022/11/sssss-200x112.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2022/11/sssss-800x450.jpg 800w, https://www.gafencushop.com/wp-content/uploads/2022/11/sssss-498x280.jpg 498w, https://www.gafencushop.com/wp-content/uploads/2022/11/sssss-768x432.jpg 768w, https://www.gafencushop.com/wp-content/uploads/2022/11/sssss-1024x575.jpg 1024w, https://www.gafencushop.com/wp-content/uploads/2022/11/sssss-120x67.jpg 120w, https://www.gafencushop.com/wp-content/uploads/2022/11/sssss-500x281.jpg 500w, https://www.gafencushop.com/wp-content/uploads/2022/11/sssss-400x225.jpg 400w, https://www.gafencushop.com/wp-content/uploads/2022/11/sssss-600x337.jpg 600w, https://www.gafencushop.com/wp-content/uploads/2022/11/sssss-1200x674.jpg 1200w" sizes="(max-width: 700px) 100vw, 700px" /></p>
<p><strong>14. Geneva, Switzerland</strong><br />
Geneva is home to some of the world’s most highlyprivileged people, with about 18% of its population classified as high-net-worth persons. It is tied with Sydney with 16 billionaires, but with 345 centimillionaires and notably high concentration of 90,300 millionaires, and is home to prominent businesses like Rolex, Patek Philippe and Pictet.</p>
<p><strong>13. Toronto, Canada</strong><br />
Toronto is home to 17 billionaires, 187 centimillionaires and 116,100 millionaires. Brookfield Asset Management, The Four Seasons Hotel Group, the Royal Bank of Canada and Scotiabank are just a few of the notable businesses with headquarters in the metropolis.</p>
<p><strong>12. Dallas, Texas</strong><br />
There are 18 billionaires in the Dallas–Fort Worth metroplex, including 211 centimillionaires and 92,300 millionaires, with American Airlines, AT&amp;T, CBRE, ExxonMobil and Southwest Airlines also all calling it home.</p>
<p><strong>11. Seoul, Korea</strong><br />
There are 25 billionaires, including 241 centimillionaires and 102,100 millionaires living in Seoul, while Hyundai, Kookmin Bank, LG and Samsung also call it home.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-68563" src="//www.gafencushop.com/wp-content/uploads/2022/11/gyeongbokgung-palace-front-gwanghuamun-gate-downtown-seou-gyeongbokgung-palace-front-gwanghuamun-gate-downtown-seoul-111819216.jpg" alt="" width="700" height="466"></p>
<p><strong>10. Houston, US</strong><br />
Entering the top 10 is Houston, Texas with 25 billionaires same with Seoul, but with 314 centimillionaires and 132,600 millionaires. In terms of wealth expansion over the past 20 years, the city has been one of the fastest growing in the world. It also leads the US in a number of important sectors, including engineering, oil, gas and aviation.</p>
<p><strong>9. Singapore</strong><br />
Singapore is Asia’s second-largest millionaire enclave after Tokyo. But at present, the city state is said to be home to 26 billionaires, including 336 centimillionaires and 249,800 millionaires. It has also been deemed one of the world’s most business-friendly cities.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-68562" src="//www.gafencushop.com/wp-content/uploads/2022/11/garden-by-the-bay-singapor-p.jpg" alt="" width="700" height="394"></p>
<p><strong>8. Hong Kong, China</strong><br />
10 years ago, Hong Kong was the second wealthiest city in the Asia-Pacific region after Tokyo. Although it has slipped down the ranking, it is still home to 28 billionaires, 280 centimillionaires and 125,100 millionaires. Many of Asia’s richest business people continue to reside in the city and the Hong Kong Stock Exchange is still one of the most significant stock markets in the world.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-68566" src="//www.gafencushop.com/wp-content/uploads/2022/11/hong-kong-skyline-rainbow-p.jpg" alt="" width="700" height="525"></p>
<p><strong>7. Chicago, US</strong><br />
Chicago, the largest inland city in the US, has a highly diversified economy with strengths across a number of important industry sectors. Tied with Hong Kong, it is home to 28 billionaires, including 340 centimillionaires and 160,100 millionaires. Notable firms including, McDonald’s and Boeing, have their headquarters in the city.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-68558" src="//www.gafencushop.com/wp-content/uploads/2022/11/chicago-illinois-CHITG0221-e448062fc5164da0bba639f9857987f6.jpg" alt="" width="700" height="394"></p>
<p><strong>6. Los Angeles, US</strong><br />
It is estimated that there are 34 billionaires living in the region, along with 393 centimillionaires and 92,400 millionaires living in the region. This figure includes wealth held in the city of Los Angeles, as well as in nearby Malibu, Beverly Hills, Laguna Beach, Newport Beach and Santa Monica. Entertainment, IT, retail, and transportation are the region’s key sectors.</p>
<p><strong>5. London, United Kingdom</strong><br />
At present, the British capital is said to be home to 38 billionaires, including 406 centimillionaires and 272,400 millionaires. Particularly favoured by the mega-wealthy are the houses and apartments with views of Hampstead Heath, Regents Park or one of the city’s other green spaces.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-68557" src="//www.gafencushop.com/wp-content/uploads/2022/11/beauty-of-london-akgubqbh2-p.jpg" alt="" width="700" height="394"></p>
<p><strong>4. Shanghai, China</strong><br />
Shanghai, the most populous city in China, is home to 42 billionaires, 350 centimillionaires and 130,100 millionaires, as well as being regarded as the country’s financial hub. According to market cap, the Shanghai Stock Exchange is the third biggest in the world (after the Dow Jones and NASDAQ).</p>
<p><strong>3. Beijing, China</strong><br />
Beijing, makes it to the top 3 having a particularly high number of billionaires – 44. It is also home to 363 centimillionaires and 131,500 millionaires. In addition, Beijing is home to the majority of China’s biggest corporations.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-68559 size-full" src="//www.gafencushop.com/wp-content/uploads/2022/11/china-e1668054668912.jpg" alt="" width="700" height="500" srcset="https://www.gafencushop.com/wp-content/uploads/2022/11/china-e1668054668912.jpg 700w, https://www.gafencushop.com/wp-content/uploads/2022/11/china-e1668054668912-200x143.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2022/11/china-e1668054668912-600x429.jpg 600w" sizes="(max-width: 700px) 100vw, 700px" /></p>
<p><strong>2. New York, US</strong><br />
Settling in for number 2, the Big Apple has 59 billionaires, including 737 centimillionaires and 345,600 millionaires. It is also home to the world’s two largest stock exchanges by market cap (the Dow Jones and NASDAQ)</p>
<p><strong>1. San Francisco Bay area, US</strong><br />
This year, San Francisco Bay Area takes the top spot and claims its status as the Richest Billionaire City in the World. In all, the city has more members of the four-comma club than any other metropolis on the planet, with 62 billionaires, including 623 centimillionaires and 276,400 millionaires. Home to wealthy tech millionaires, Silicon Valley has been consistent on the list of billionaire hubs.</p>
<p>&nbsp;</p>
<p>(Text: Joseff Musa)</p>


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