The Russian capital has climbed past Hong Kong with 90 ultrawealthy residents, according to a Forbes report

Moscow has jumped to second place among the world's top cities for billionaires, after adding new ultrawealthy residents over the past year, according to the Forbes World's Billionaires List. The Russian capital's billionaires now hold a combined fortune of $409 billion.

The report, issued this week, said the growth in billionaire residents pushed Moscow ahead of Hong Kong, which tied for the No. 2 spot last year.

Moscow added the most billionaires this year, up by 16 to 90, including 11 newcomers, while the combined wealth of the city's superwealthy rose by $31 billion over the past year.

Oil magnate Vagit Alekperov, with an estimated fortune of $28.7 billion, remains Moscow's leading billionaire, with more than half of his wealth coming from his stake in oil company Lukoil, Forbes said.

New York City retained its title as the top city for billionaires for the fourth consecutive year, home to 123 billionaires holding a combined fortune of $759 billion.

Hong Kong, now ranked third, counted 72 billionaires worth a total of $309 billion after losing two billionaires from its 2024 tally. The city remains the top billionaire hub in Asia.

London moved up two spots, adding nine billionaires, including seven newcomers. The UK capital is home to 71 billionaires, whose total net worth is estimated at $355 billion.

Beijing and Mumbai came in as the fifth and sixth most popular resident cities for the world's superwealthy, with 68 and 67 such individuals respectively.

Singapore ranked seventh with 60 billionaires, while Shanghai and San Francisco tied for eighth with 58 each. Los Angeles rounded out the global top ten with 56 billionaires.

According to Forbes, the world's 3,028 billionaires are spread across more than 800 cities, though nearly a quarter of them, worth a combined $3.3 trillion, have chosen to make one of the top ten cities their home.

The outlet also noted it was unable to determine the primary residence of 40 billionaires this year.