Beijing Overtakes NYC as ‘Billionaire Capital of the World’

BEIJING (AP) -
A view of the business district of Beijing. (Pixabay)
A view of the business district of Beijing. (Pixabay)

Move over, New York City: Beijing is the new “Billionaire Capital of the World.”

The Chinese capital has overtaken the Big Apple as home to the most billionaires — 100 to 95 — according to Hurun, a Shanghai firm that releases yearly rankings and research about the world’s top 1 percent.

Beijing took the title from New York after minting 32 new billionaires last year, as New York gained just four.

The ranking, which comes only months after reports suggested that China now has more billionaires than the United States, highlights how China’s elite are continuing to accrue vast wealth despite a wobbling stock market and tepid economy.

Moscow came in third place, with 66 billionaires, while Hong Kong and Shanghai came in fourth and fifth with 64 and 50, respectively.