Editor’s note: This article was first published in August 2014. The ranking it cites (New York 52 billionaires, Moscow 22, London 21, and so on) is WealthInsight data reported in August 2014, and current figures will differ.
Being born in New York City accelerates success. More billionaires have been born in this city than anywhere else in the world, according to research by Wealthinsight.
One in every 40 millionaires in the world was born in New York, according to the data, which analyses 100,000 high-net-worth individuals.
New York tops the ranking with 52 billionaires, followed by Moscow (22) and, in third place, London (21). The list continues with Hong Kong (17), Paris (12), Istanbul (12), Chicago (11), Rio de Janeiro (9), Los Angeles (9) and Singapore (8).
But New York not only tops the list for billionaire “births”: it was also the birthplace of the world’s first billionaire, John D. Rockefeller, as reported by CNBC.
So why does this city have more billionaires than any other?
Some time ago we explained why the United States is so good at “making” billionaires: it is a place where the economic ecosystem is set up so that anyone can have their shot at success.
It is true that the mindset is different, but the resources within reach in countries like the United States and the United Kingdom are unique in the world, as is the ease of starting a company and of getting access to money.
Not to mention the entrepreneurial culture and rewards based on effort. On top of that, failing in the United States is very cheap, which is an incentive to keep trying again and again.
See also: Why failing in business in Spain is anything but romantic
If you are going to start a company or you have an innovative business idea, New York and London are the ideal cities to improve your chances of success: starting your business there is very easy, and so is getting funding for your idea.
Being able to start your own company in just a few days, along with a tax system designed not to strangle you at the beginning, means it is no surprise that these cities top the list of self-made billionaires.
And let us take the opportunity to break a cliché about new billionaires. While the vast majority of the world’s wealth comes from inheritance, the truth is that almost everyone on the current Forbes list of the world’s richest people did not inherit their wealth: they came from lower- or middle-class families and built their own fortunes.
New York is one of those few places in the world where a homeless person can become a billionaire in a few years. As Sinatra sang, in New York anything is possible.
Further reading
- Rich and famous people who once lived as homeless
- 10 ways the rich think differently from everyone else
Featured image: Chris O, CC BY-SA 4.0, via Wikimedia Commons.
