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August 19, 2014updated 04 Apr 2017 2:04pm

WealthInsight: New York is the world’s biggest billionaire factory

More than three in every hundred billionaires were created in New York according to a new research conducted by sister company WealthInsight and Spear's Magazine.

By Patrick Brusnahan

More than three in every hundred billionaires were created in New York according to a new research conducted by sister company WealthInsight and Spear’s Magazine.

New York led the rankings with 3.09% of all billionaires originating from the city. It was followed by Moscow and London with 1.31% and 1.25% respectively. All cities in the top five have produced at least ten billionaires with New York producing 52, Moscow producing 22 and London producing 21.

Within the UK, 40% of all billionaire births took place in London, with the cities of Birmingham, Manchester and Newport in joint second place with just two billionaires each.

Oliver Williams, analyst at WealthInsight, said: "As the average age of a billionaire today is hovering around 63, what this ranking shows is not so much today’s entrepreneurial hives, but those of 60 odd years ago. While some cities – New York and London particularly – have retained their economic successes, other cities have changed dramatically such as Detroit or Moscow, which 60 years ago was under the Soviet Union."

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