The San Francisco Bay Area has the third highest number of billionaires in the world, falling behind just two cities, New York and Hong Kong and surpassing Moscow and London, according to a report.
Wealth-X, a data company that tracks billionaires’ net worth, reported that compared to other metropolises around the world, the amount of billionaires in the Bay Area is growing.
This may not come as much of a surprise since the Silicon Valley, which is encompassed by Bay Area cities, is home to some of the biggest companies in the world.
Facebook, Apple, Tesla, Uber and Google are just some of the companies whose homes lie in the heart of the Bay Area in cities like Menlo Park, Cupertino and Palo Alto, all which were lumped with San Francisco for the study.
The Bay’s leap over Moscow and London came after 14 new Bay-based billionaires joined the ranks in 2017, lifting the total to 73 in the area.
Three Chinese cities were reportedly ahead of the Bay Area when it came to the fastest growth of billionaires in 2017, Hong Kong, Beijing and Shenzhen. The cities reported 21, 19 and 16 new billionaires, respectively, The Mercury News reported.