Tuesday, May 14, 2019
According to Wealth-X, a New York-based data analyst service that specializes in the super wealthy that released their annual billionaire census last week, San Francisco remains the city with the third largest billionaire population worldwide. 705 billionaires live in the U.S. (and 2,604 worldwide), with 75 live in San Francisco, up from 74 last year. The report referred to San Francisco as the entire bay area and not just the city proper.
The two above the bay area are New York City with 105 and Hong Kong with 87, down from 93 last year but not enough of a decrease to drop it out of second place. The report claims that the number of billionaires and their share of global wealth declined around the world in 2018.
The Brookings Institute reports that the Bay Area had the third-largest income gap in the county in 2016, with the region’s wealthiest households making 11 times that of those at the lowest level. Though it is not yet on the ballot, there has been a proposition mentioned that would increase the city’s corporate tax on “stock-based compensation" from .38% to 1.5%.
See Adam Brinklow, Bay Area has Third Largest Billionaire Population in the World, SF Curbed, May 13, 2019.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.