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Beijing Becomes City With Most Billionaires Trampling New York

China's Billionaire

Beijing has become the city with the highest number of billionaires, ahead of New York, according to a report by Hurun, a China-based research company.

Beijing Becomes City With Most Billionaires Trampling New York

The report indicates that up to 100 billionaires now live in China’s capital compared to 95 living in New York.

The Chinese commercial capital, Shanghai, is the fifth city with the largest number of billionaires. Harun, a firm that tracks China’s billionaires in dollar value, released the Global Rich List report.

Hurun is also the publisher of other luxury magazines and utilizes interviews and data from publicly traded companies as its primary sources.

According to this year’s report, the prestigious research company found that in the past year, Beijing has added 32 billionaires to its list. On the contrary, New York welcomed just four billionaires in the same period.

The report further indicated that Moscow came in third place recording 66 billionaires.

Generally, China has emerged as the country with most billionaires, zooming past the US in the last few years. Even then, the top 10 richest billionaires are Americans, according to Hurun’s list.

In total, China has 568 billionaires while the US has 535. The combined wealth of Chinese billionaires totals to $1.4 trillion, equivalent to Australia’s GDP.

Rupert Hoogewerf, Hurun’s chairperson explained that in spite of the instability that characterizes the stock market and the sluggish economy, the number of wealthy people in China continued to grow.

Hoogewer added that the increase in the number of wealthy Chinese could be attributed to the market regulators removing barriers to initial public offerings, which had been put on hold for several years.

The report found Wang Jianlin to be the richest person in the country with his estimated net worth set to be $26bn.

Even then, according to Hurun’s list, Jianlin is still not part of the top 10 billionaires, which is dominated by Bill Gates ($80bn) while Warren Buffet comes in second ($68bn).

Armico Ortega, the Spanish fashion mogul comes in third with a net worth of $64bn. Hurun’s report indicates that there are 2,188 billionaires in the world, a remarkable increase.

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