Most US billionaires root for New York

Written by PTI | New York | Updated: Nov 15 2013, 00:37am hrs
New YorkAs the US leads in terms of the number of billionaires, New York - the global financial capital - is the top place where billionaires congregate.
The United States is home to 515 billionaires with a combined net worth of more than USD 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).

"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. The average net worth of an American billionaire is USD 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.

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.

The report said that 80 per cent of America's billionaire population have at least a college degree, with Harvard, Stanford and University of Pennsylvania being their most popular higher education institutions.