Kuwait ranked first in the world with one billionaire for every 33,090 population, according to Global Finance, citing a report by the Ultrata Corporation, which monitors wealthy people, followed by San Francisco, with a billionaire for every 56,209 residents, and Hong Kong in third place with one billionaire per 59,516 inhabitants, reports Al-Rai daily. Based on its being an urban area (capital), Kuwait is considered the highest-ranked city in terms of billionaire density.

Ultrata revealed that the wealth of the world’s billionaires jumped in 2021 by 17.8 percent to a record $11.8 trillion, with an increase in the number of billionaires in the world by 3.3 percent to 3,311. The report pointed out that billionaires monopolize a high proportion of the volume of global wealth. Last year, they represented only 0.9 percent of the world’s high net worth, meaning those with a fortune of $30 million and above, but they monopolized 27.4 percent of the total wealth of that group.