Beijing has officially overtaken New York as the home of the most billionaires in the world. According to a report released by Forbes, the Chinese city is one of the richest in the world when we consider just how many billionaires call it home.
In April of this year, Forbes released a list of the top ten cities for billionaires and their total net worths, which included:
- Beijing (100 billionaires; $484.3 billion net worth)
- New York City (99 billionaires; $560.5 billion net worth)
- Hong Kong (80 billionaires; $448.4 billion net worth)
- Moscow (79 billionaires; $420.6 billion net worth)
- Shenzhen (68 billionaires; $415.3 net worth)
- Shanghai (64 billionaires; $259.6 billion net worth)
- London (63 billionaires; $316.1 billion net worth)
- Mumbai (48 billionaires; $265 billion net worth)
- San Francisco (48 billionaires; $190 billion net worth)
- Hangzhou (47 billionaires; $269.2 billion net worth)
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The report explains that Beijing has amassed thirty-three new billionaires since 2020, which helped it moved from fourth place last year to first place in 2021. The city has a total net worth of an impressive $484.3 billion, and approximately 100 billionaires call it home.
Beijing’s richest resident is Zhang Yiming, the founder of TikTok who has a reported net worth of a cool $35.6 billion.
In comparison, New York City reportedly has 99 billionaires and has gained seven in the last year. Though it has fewer billionaires than Beijing, it has a higher total net worth at $560.5 billion. Its richest resident is Michael Bloomberg, who has a net worth of $59 billion.
BBC reports that New York held the title of the city with the most billionaires for seven years straight until this edition. The outlet explains that China’s ability to bounce back and capitalized on the coronavirus pandemic, including the expansion of its technology firms and promising stock market ventures, has likely helped its cities rise on the list.
In total, this year saw the introduction of 493 new billionaires, and estimates predict this number will climb as the year progresses. China as a whole performed very well on the Forbes report, as it added 210 new billionaires to its cities in the last year, much more than any single country. The majority of China’s billionaires make their fortunes through the manufacturing and technology sectors.
Despite China’s impressive international ranking in terms of billionaires, the United States is still home to the richest person in the world, Amazon founder Jeff Bezos, whose net worth grew from $64 billion to $177 billion last year.
Who do you think will come out on top next year?
Sources: Forbes, BBC,
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