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Where The Richest Live: The Cities With The Most Billionaires 2022 – Forbes
New York City has taken back its crown. With 107 billionaire residents, worth over $640 billion, The Big Apple is home to more three-comma club members than any other city on the planet. A fresh infusion of wealth–and trouble in Asia’s markets over the past year–helped end the short-lived reign of Beijing, which usurped New York as the top billionaire city for the first time in six years in 2021.
As New York thrived, Beijing and other Chinese cities floundered amid regulatory crackdowns by China’s government on industries ranging from ecommerce to after-school tutoring. Only Shanghai moved up a place in the rankings, to No. 5. Beijing fell to No. 2, Shenzhen fell to No. 6 and Hangzhou fell out of the top 10 from the No. 10 spot in 2021. The Chinese cities on this year’s top 10 list have lost a total of 29 billionaires and some $375.6 billion in wealth since last year. Still, China has more cities in the top 10 than any other country, beating out the U.S., which is the runner-up with New York City and San Francisco.
No city experienced a bigger drop than Moscow, which fell from the No. 4 top billionaire city in 2021 to No. 7 this year. Tough international sanctions and shuttered markets meant 34 Russians dropped off the 2022 World’s Billionaire List; about three-quarters of them lived in Moscow. The collective fortune of the billionaires living in Russia’s capital is now $214.9 billion, down from $420.6 billion last year. It was only a decade ago that Moscow topped the list of cities with the most billionaire residents.
Despite shifting within the rankings, the cities where billionaires are choosing to live are largely the same. The only new entry to the list this year was the South Korean capital of Seoul, which replaced Hangzhou in the No. 10 spot. Of the 2,668 billionaires on this year’s billionaires list, almost a quarter of them live in just 10 places.
Data is as of March 11, 2022
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New York gained eight new billionaire residents over the past year, more than any other city on the list. Most are in the finance industry, including Thrive Capital founder Josh Kushner and private equity titan Ramzi Musallam. Other NYC newcomers include the first NFT billionaires identified by Forbes: Devin Finzer and Alex Atallah, the cofounders of the buzzy blockchain startup OpenSea. Despite the heightened competition, media magnate Michael Bloomberg remains the richest resident, accounting for some 13% of the city’s total billionaire wealth.
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Increased government scrutiny unleashed a world of pain for the super-rich in China’s capital, who have shed $174.3 billion from their collective net worth since 2021. The loss of 17 billionaires includes Kate Wang, the founder of Chinese vaping giant RLX Technology, and Will Wei Cheng, the CEO of ride-hailing firm Didi Global, whose fortunes both fell below the three-comma threshold. A rare winner amid the turmoil was Zhang Yiming, the founder of TikTok-owner ByteDance and Beijing’s richest resident, who is $14.4 billion richer than last year.
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Another city with a dramatic drop in billionaires, Hong Kong lost a dozen amid a year of market tumult and strict Covid-19 protocols. The stalling tourism industry knocked casino billionaires Ina Chan and Lawrence Ho, as well as hotel magnate Zhao Tongtong, from the city’s super-rich ranks. Hong Kong also lost two billionaires, Shing-bor Tang and Lee Man Tat, who died in 2021.
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London rose to No. 4 as it relaxed long-standing pandemic restrictions. Though it had a net gain of three new billionaires, the city actually welcomed six new three-comma club members, including the first Bulgarian and Estonian citizens ever named billionaires by Forbes, all of whom have their primary residences in London. Vlad Yatsenko, the chief technology officer of digital banking giant Revolut, and Denis Sverdlow, who founded the British electronic vehicle manufacturer Arrival, are other new billionaires who live in London.
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Shanghai lost fewer billionaires than other Chinese cities but still saw its stable of super-rich residents drop, from 64 to 61. Xu Yi and Chen Rui, executives at Chinese media giant Bilibili, and Tony Zhao, the CEO of the Nasdaq-traded online video and communication platform Agora, are among the Shanghai-based billionaires who dropped off over the last year. Bucking the trend, Shanghai’s richest person, Liu Yongxing, the chairman of agriculture and chemicals firm East Hope Group, more than doubled his fortune to an estimated $13.2 billion.
A hub for self-made billionaires, “China’s Silicon Valley” fell to No. 6 after losing nine billionaire residents over the past year. Three were investors in the vaping company Smoore International, whose share plummeted 64% as the Chinese government threatened a crackdown on electronic cigarettes. Shenzhen’s richest person, Tencent chairman and CEO Ma Huateng, also took a hit. The internet media tycoon’s fortune dropped by more than $28 billion since 2021.
Moscow lost more billionaires than any other city on the list amid the fallout from Russia’s invasion of Ukraine. In fact, all but two living in Russia’s capital came away worse off than they were the year prior. Vladimir Lisin, the chairman of steel products manufacturer NLMK Group and Moscow’s richest person, shed about $8 billion of his personal wealth. Twenty-six others fell off the billionaires’ list altogether, including Oleg Tinkov, the founder of digital bank Tinkoff; the sanctioned billionaires Andrei Molchanov and Dmitry Pumpyanskiy; and Arkady Volozh, the founder of Yandex, the Russian equivalent to search engines like Google and Yahoo.
The Indian metropolis held onto the No. 8 spot with a net gain of three billionaires compared to last year. Balanced by three dropoffs, Mumbai actually welcomed six new billionaires over the past year, including Falguni Nayar, who became India’s richest self-made woman, with an estimated net worth of $4.5 billion, after taking her beauty-and-fashion retailer Nykaa public in November. The city’s richest resident, Reliance Industries chairman Mukesh Ambani, single-handedly makes up for more than 30% of the collective net worth of Mumbai’s billionaires.
Dropping from the No. 8 spot, San Francisco is home to four fewer billionaires than last year. The city actually welcomed a stable of new ultra-rich entrepreneurs, such as Grammarly cofounder Max Lytvyn; and Henrique Dubugras and Pedro Franceschi, the 26-and 25-year-old (respectively) cofounders of fintech startup Brex. But the plunging fortunes of others, such as Affirm cofounder Max Levchin, RingCentral Vlad Shmunis and Skillz CEO Andrew Paradise–each of whom dropped off the Forbes list–left the city with a net loss.
The South Korean capital is back on the list for the first time since 2019. Seoul’s three billionaire newcomers (the fourth is a returnee) are all self-made: Covid-19 testing entrepreneur Cho Young-sik, fintech startup founder Lee Seung-Gun and gaming mogul Park Kwan-ho. Tied as the city’s richest residents are Kim Beom-su, the founder of Kako, South Korea’s biggest messaging app, and Jay Y. Lee, the vice chairman of Samsung Electronics, who are worth an estimated $9.1 billion each.
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Where Tech Talent Goes To Thrive
here is a worldwide shortage of digital skills. In a world increasingly reliant on technology, demand for technological skillsets is rising by as much as 50%. Meanwhile, nearly three-quarters of today’s workers don’t feel equipped to learn the digital skills needed by businesses.
The most acute shortage is in advanced skills like programming, especially for new technologies like AI and blockchain.
This demand gives skilled tech workers, entrepreneurs, and leaders the pick of where to base themselves. As cities and nations compete to attract tech talent, what makes these prized individuals choose one place over another?.
Initial Attraction
In a survey of ‘tech migrants’, Boston Consulting Group identified a mixture of short-, medium-, and long-term levers businesses and cities could use to attract talent.
The initial attraction is often brute economics: higher pay and lower taxes. That’s certainly what brings people to Dubai, says Vladimir Vrzhovski, Tech and Digital Lead at Mercer: “Dubai pays about 30% higher than most of the mature tech hubs around Europe and Asia.” It also has a lower cost of living, especially when its 0% income tax is taken into account.
Businesses operating in the city’s free zones – like the tech-focused Dubai Internet City (DIC) and Dubai International Finance Centre (DIFC) Innovation Hub – also benefit from 0% corporation tax. BCG credits the incentive with bringing big names like Amazon, Google, and Oracle to the emirate.
It is an echo of London’s rise to tech prominence, offering tax relief on tech investments via its Seed Enterprise Investment Scheme (SEIS) to funnel the city’s vast pools of finance towards digital businesses.
The presence of blue-chip names affords another major draw for tech talent: opportunities.
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Adding exercise into treatment may reduce substance use, study shows
One key to fighting addiction may be exercise, according to a new study.
Researchers undertook a review of the existing literature around physical activity and its relationship to substance use, and they found that regular exercise was associated with lowered use in about 75% of the studies investigating that question, according to the analysis.
The review, published Wednesday in the journal PLOS ONE, looked at 43 studies with more than 3,000 total participants. In addition to a reduction or cessation in substance use, the studies also found improved markers of physical health and decreased depressive symptoms, the study said.
“People think that during treatment people should only do psychotherapeutic treatments … but that’s not what we’ve seen in our study,” said lead study author Florence Piché, a doctoral student and researcher at Université de Montréal in Canada. “It’s very beneficial to do physical activity in addition to the treatments.”
There are limitations to the findings. The review found that most of the studies the researchers examined had a high risk of bias, meaning more research is needed to confirm their findings, said Dr. Aaron Kandola, research fellow at Medical Research Council Unit for Lifelong Health and Ageing at University College London.
The studies were also not directly comparable enough to build a comprehensive and generalizable understanding of the relationship, Kandola said in an email. Kandola was not part of the research.
However, the findings were still significant and useful, he added.
“Substance use disorders are a major public health problem lacking low-cost, evidence-based solutions,” he said, adding that substance use disorders are worsening in many high-income countries — including the United States.
Finding more accessible solutions to this disorder is especially important because it often occurs with other mental health problems such as depression and anxiety, which disproportionately affect people with fewer socioeconomic resources and areas with higher deprivation, he said.
Physical activity may be a useful and accessible part of a treatment plan for substance use disorder, said Dr. Mark Smith, professor of psychology at Davidson College in North Carolina. Smith was not part of the research.
“I think there’s now a sufficient amount of data to indicate that various forms of physical activity and exercise are generally effective at reducing substance use in individuals seeking treatment,” he said.
What exercise does
Most people can benefit from engaging in physical activity, Kandola said.
One benefit the studies found is improvements in physical health such as cardiovascular endurance or muscle strength, Smith said. And although that may not be the primary goal of the research, he said this finding is important because it shows the physical activity is doing its job to promote physical health.
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Blood sugar drug tirzepatide also leads to substantial weight loss in diabetes patients, Eli Lilly says
There’s more evidence that the injectable drug tirzepatide helps people with diabetes lose weight as well as control their blood sugar, according to the drug’s manufacturer, Eli Lilly and Company.
In a new study, more than 900 adults with obesity and diabetes took the drug for a year and five months, and those on the highest dose lost an average of 34 pounds, or nearly 16% of their starting weight. It also helped people reduce their blood sugar, the company said in a news release. The data has not yet been peer-reviewed or published in a medical journal.
“We have not hit 15% in any other phase three trial for weight management in this type two diabetes population,” said Dr. Nadia Ahmad, an associate vice president at Eli Lilly and medical director of obesity clinical development for the company.
Ahmad said the company was pleased with these results, given how hard it is for people with type 2 diabetes to lose weight.
Tirzepatide is currently sold as Mounjaro and approved to help people with type 2 diabetes control their blood sugar.
Lilly says it will use the new study, along with results from an earlier study of weight loss in people without diabetes, to ask the US Food and Drug Administration to fast-track approval for tirzepatide purely for weight loss, which would make it a direct competitor to the blockbuster obesity drug Wegovy.
Plenty of people aren’t waiting for the FDA’s nod.
“I am aware of and I’ve heard, you know, it being sort of used off label for weight loss and individuals who do not have diabetes,” said Dr. Kimberly Gudzune, medical director of the American Board of Obesity Medicine. Gudzune was not involved in the tirzepatide study.
Gudzune points out that once a drug is FDA approved it can be prescribed for any reason a doctor sees as medically necessary.
Tirzepatide, along with several similar types of drugs taken for diabetes, went into shortage last year as success stories posted on social media fueled runaway demand for their weight loss benefits. The shortages made the medications difficult for patients with diabetes to get.
Tirzepatide works by mimicking the action of two different gut hormones. When blood sugar rises after eating, the drug stimulates the body to produce more insulin, which lowers blood sugar. It also slows down the movement of food from the stomach, making people feel fuller for longer. In clinical trials, people who took tirzepatide experienced more nausea, vomiting and diarrhea compared with those who took a placebo injection.
Semaglutide, manufactured by Novo Nordisk, has also been approved as a weight loss medication for overweight adults with at least one associated health problem since 2021. When prescribed for weight loss, it is sold under the brand name Wegovy. When prescribed for diabetes, the injection is sold under the brand name Ozempic.
High demand, coupled with manufacturing problems, threw Wegovy into shortage for much of the last year. That shortage then rippled into shortages for diabetes patients as doctors began prescribing other diabetes medications off-label for weight loss.
There has already been a lot of buzz about tirzepatide’s potential as an obesity medication. In a clinical trial published in the New England Journal of Medicine last year, people who were overweight or obese, but did not have diabetes, lost an average of 52 pounds on the highest dose of the drug, or more than 20% of their starting weight.
“In the last year has been really exciting just to have more tools in the toolbox, so to speak. And tools that, you know, we’re seeing really achieving outcomes that patients for the longest time have been hoping to achieve,” Gudzune said.
If those results hold up in the real world, that would make it the most potent of the injectable weight loss medications.
Indeed, this week Lilly aims to begin a study that will test Mounjaro against Wegovy head-to-head in 700 participants at 61 sites in the United States and Canada, according to clinicaltrials.gov. The study will conclude in February 2025.
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