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Rediff.com  » Business » US billionaires favour New York over other American cities

US billionaires favour New York over other American cities

November 14, 2013 15:59 IST

Image: People buy souvenirs while they visit the Statue of Liberty and Liberty Island during its reopening in New York, July 4, 2013.
Photographs: Eduardo Munoz/Reuters

The United States is home to 515 billionaires with a combined net worth of more than $2 trillion and many favour New York over other American cities to live in, says a report.

According to 'Wealth-X and UBS Billionaire Census 2013', 96 billionaires have a primary business address in New York followed by Los Angeles, which is home to 22 billionaires Chicago (21), San Francisco (20) and Houston (14).

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US billionaires favour New York over other American cities

Image: A photo from the Reuters archive shows Reuters screens in Times Square in New York.
Photographs: Gary Hershorn/Reuters

"It's not surprising that -- since the US leads in terms of the number of billionaires -- New York, the global financial capital, is the top place where billionaires congregate," Wealth-X President David Friedman said.

The report used the individual's primary business address in its valuation methodology.

It shows that the US accounts for 34 per cent of the combined net worth of the world's billionaires.

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US billionaires favour New York over other American cities

Image: The moon rises at sunset behind New York's Empire State building as a woman runs along a promenade in Hoboken, New Jersey, September 17, 2013.
Photographs: Gary Hershorn/Reuters

The average net worth of an American billionaire is $4 billion, of which 25 per cent are liquid assets.

In terms of wealth source, the report said that 68 per cent of America's billionaires made their fortunes, 22 per cent inherited their wealth, while 10 per cent inherited and grew their wealth.

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US billionaires favour New York over other American cities

Image: A man walks through the 9/11 Empty Sky memorial at sunrise across from New York's Lower Manhattan and One World Trade Center in Liberty State Park in Jersey City, New Jersey, September 11, 2013.
Photographs: Gary Hershorn/Reuters

The average age of billionaires is 67 years old, which is above the global average age of 62.

Besides, 82 per cent of the country's billionaires are male.

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