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Swiss Bank Accounts: A Look Into Elite Banking

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10 years ago

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Swiss Bank Accounts: A Look Into Elite Banking

Swiss Bank Accounts: A Look Into Elite Banking

 
Swiss bank accounts have long been a place for the wealthy to store their cash in order to evade hefty taxes. As of late, however, the American government has been cracking down on tax evaders and those that aid them.

American tax authorities created an amnesty program for Swiss banks that were willing to cooperate in bringing American tax evaders to justice, in exchange for less severe fines. In total, 106 banks signed up for the program. This all stems from a criminal investigation of twelve Swiss banks, headed by US tax authorities.

In order to be in the good graces of Uncle Sam, some of these banks have even threatened to freeze the accounts of their American clientele, unless they can prove that they are fully tax-compliant. Other Swiss banks have taken a softer approach. If a client has or had an undeclared account and has avoided getting caught, the bank will aid them in paying fines if they confess to the American government. It sounds good, but the amount they are offering is only $5,000. It is likely that Uncle Sam will want a lot more than just a few thousand dollars.

Original infographic from: TimothySykes.com

 

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Charted: Which City Has the Most Billionaires in 2024?

Just two countries account for half of the top 20 cities with the most billionaires. And the majority of the other half are found in Asia.

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2 days ago

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April 25, 2024

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A cropped bar chart ranking the top 20 cities with the most billionaires in 2024.

Charted: Which Country Has the Most Billionaires in 2024?

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Some cities seem to attract the rich. Take New York City for example, which has 340,000 high-net-worth residents with investable assets of more than $1 million.

But there’s a vast difference between being a millionaire and a billionaire. So where do the richest of them all live?

Using data from the Hurun Global Rich List 2024, we rank the top 20 cities with the highest number of billionaires in 2024.

A caveat to these rich lists: sources often vary on figures and exact rankings. For example, in last year’s reports, Forbes had New York as the city with the most billionaires, while the Hurun Global Rich List placed Beijing at the top spot.

Ranked: Top 20 Cities with the Most Billionaires in 2024

The Chinese economy’s doldrums over the course of the past year have affected its ultra-wealthy residents in key cities.

Beijing, the city with the most billionaires in 2023, has not only ceded its spot to New York, but has dropped to #4, overtaken by London and Mumbai.

RankCityBillionairesRank Change YoY
1🇺🇸 New York119+1
2🇬🇧 London97+3
3🇮🇳 Mumbai92+4
4🇨🇳 Beijing91-3
5🇨🇳 Shanghai87-2
6🇨🇳 Shenzhen84-2
7🇭🇰 Hong Kong65-1
8🇷🇺 Moscow59No Change
9🇮🇳 New Delhi57+6
10🇺🇸 San Francisco52No Change
11🇹🇭 Bangkok49+2
12🇹🇼 Taipei45+2
13🇫🇷 Paris44-2
14🇨🇳 Hangzhou43-5
15🇸🇬 Singapore42New to Top 20
16🇨🇳 Guangzhou39-4
17T🇮🇩 Jakarta37+1
17T🇧🇷 Sao Paulo37No Change
19T🇺🇸 Los Angeles31No Change
19T🇰🇷 Seoul31-3

In fact all Chinese cities on the top 20 list have lost billionaires between 2023–24. Consequently, they’ve all lost ranking spots as well, with Hangzhou seeing the biggest slide (-5) in the top 20.

Where China lost, all other Asian cities—except Seoul—in the top 20 have gained ranks. Indian cities lead the way, with New Delhi (+6) and Mumbai (+3) having climbed the most.

At a country level, China and the U.S combine to make up half of the cities in the top 20. They are also home to about half of the world’s 3,200 billionaire population.

In other news of note: Hurun officially counts Taylor Swift as a billionaire, estimating her net worth at $1.2 billion.

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