Beijing Now Has the Highest Number of Billionaires Than Any City

Beijing is now home to more billionaires than the other city within the world, consistent with the newest Forbes’ annual rich list.

The Chinese capital added 33 billionaires last year and now hosts 100, said the business magazine.

This narrowly beats NY City, which hosts 99 and has held the highest ranking for the last seven years.

China’s quick containment of Covid-19, the increase of its technology firms and stock markets helped it gain the top spot.

Although Beijing now has more billionaires than the large Apple, the combined net worth of New York City’s billionaires remained US$80bn (£58bn) greater than that of their counterparts in Beijing.

Beijing’s richest resident was Zhang Yiming, the founding father of the video-sharing app TikTok and chief executive of its parent firm ByteDance. He saw his net worth double to $35.6bn.

In contrast, NY City’s richest resident, former Mayor Michael Bloomberg, had a fortune worth $59bn.

China’s e-commerce boom

China, alongside the US, has seen its technology giants become even bigger during the pandemic as more people shopped online and searched for sources of entertainment.

This saw the huge creation of private wealth for the founders and shareholders of those tech titans.

China, whose figure included Hong Kong and Macao within the Forbes count, added more billionaires to the list than the other country globally, with 210 newcomers.

Half of China’s new billionaires made their fortunes from manufacturing or technology ventures, including female billionaire Kate Wang, who made her money from e-cigarettes.

With 698 billionaires, China is closing in on the US, which still leads with 724 billionaires.

One billionaire every 17 hours

A record 493 newcomers joined the list globally last year, roughly one new billionaire every 17 hours, consistent with Forbes.

India had the third-highest number of billionaires, with 140. In total, the 1,149 billionaires from the Asia Pacific were worth $4.7tn, compared with the US billionaires’ $4.4 tn.

Jeff Bezos, founder, and chief executive of Amazon, remains the world’s richest person for the fourth consecutive year. His net worth grew by $64bn to $177bn last year.

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