According to a report by New World Wealth on total private wealth in 2018, which city was ranked as the richest city in the world?

Introduction / Context:
City wealth rankings compare the total private wealth held by individuals living in different global cities, including assets such as property, cash, and investments. New World Wealth is one organisation that produces such rankings, and in 2018 it highlighted a particular city as the richest in the world by total wealth. This question tests whether you remember which city topped that list.

Given Data / Assumptions:

• The ranking is by New World Wealth.
• The year of reference is 2018.
• The metric is total private wealth held in the city.
• Options are Tokyo, New York, London, and Paris.

Concept / Approach:
In recent years, New York City has often ranked as the world's richest city by total private wealth, due to its status as a major global financial, business, and cultural centre. Although Tokyo and London are also extremely wealthy cities, and Paris has significant wealth, New World Wealth's 2018 report highlighted New York at the top. Therefore, among the given options, New York is the city identified as the richest in that particular ranking.

Step-by-Step Solution:
Step 1: Recall the idea of total private wealth, which includes the wealth of individuals living in a city and not just government or corporate assets. Step 2: Remember that New York hosts Wall Street, numerous multinational headquarters, and a large number of high net worth individuals. Step 3: Consider that Tokyo and London are close competitors but have appeared in different positions depending on the specific ranking and year. Step 4: Recall that in 2018, New World Wealth reported New York as the richest city when measured by total private wealth. Step 5: Select New York as the correct answer from the options provided.

Verification / Alternative check:
Many summaries of the 2018 New World Wealth report reproduce the list with New York at number one, followed by other large world cities. Media coverage describes New York's position as reflecting the concentration of millionaires and billionaires residing there. Tokyo and London are mentioned as major wealthy cities but not as number one in this specific 2018 list, which confirms New York's top spot.

Why Other Options Are Wrong:
Tokyo, London, and Paris all have significant economic output and high levels of wealth, but they did not occupy the number one position in the 2018 New World Wealth ranking of cities by total private wealth. Choosing any of these would incorrectly identify the ranking described in the question. They may appear in the top ten but not at the very top for that year according to that particular report.

Common Pitfalls:
Some learners may guess Tokyo or London, thinking of them as historically powerful cities, or they may mix up different rankings that use GDP or per capita income rather than total private wealth. Another pitfall is not noticing the specific reference to New World Wealth and 2018. Paying attention to these details and remembering that New York often leads in total private wealth helps you avoid confusion.

Final Answer:
According to the 2018 New World Wealth report, the richest city in the world was New York.