Why do so many rich people live in Los Angeles?

The state's openness to immigration, combined with its sheer size and concentration of innovative companies, institutions and investors in tech hubs like Silicon Valley and Los Angeles, goes a long way in explaining why so many fortunes have been built there.



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Of the 2,604 billionaires in the world, 105 of them live in New York City. That puts New York ahead of any other city around the globe and even ahead of almost every country, with the exception of China and Germany, data firm Wealth-X reports in its 2019 Billionaire Census.

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