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Beijing Overtakes NYC as `Billionaire Capital of the World`

Discussion in 'China & Far East' started by beijingwalker, Feb 25, 2016.

  1. beijingwalker

    beijingwalker ELITE MEMBER

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    The NEW billionaire capital of the world: Beijing overtakes New York City with 100 of the globe's richest people
    • Chinese capital has overtaken the Big Apple as home to the most billionaires — 100 to 95 — according to Hurun, a Shanghai firm
    • Study highlights how China's elite are continuing to accrue vast wealth despite a wobbling stock market and cooling economy
    • Beijing took the title from New York after minting 32 new billionaires last year, while New York gained four
    By ASSOCIATED PRESS

    PUBLISHED: 07:02 EST, 24 February 2016 | UPDATED: 11:13 EST, 24 February 2016

    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 publishes a monthly magazine and releases yearly rankings and research about the world's richest people and their spending habits.

    [​IMG]

    The study, which comes months after reports suggested 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 cooling economy.

    Different tabulations of wealth, such as the Hurun Report and the Forbes list, have historically produced somewhat different results depending on their methodology.

    Rupert Hoogewerf, the founder of Hurun, attributed China's explosive wealth creation to Chinese market regulators allowing a flood of new initial public offerings after holding back new IPOs for several years.

    Hoogewerf said his wealth calculations were made using stock prices as of Jan. 15, which means they took into account the Chinese market's 40 percent tumble over the past half year.

    Had the calculations been made at the market's peak last summer, the number of Chinese billionaires would have been nearly 150, Hoogewerf said.

    Beijing took the title from New York after minting 32 new billionaires last year, while New York gained four. Moscow came in third place, with 66 billionaires, while Hong Kong and Shanghai came in fourth and fifth with 64 and 50, respectively, Hurun said.

    China's richest man, real estate tycoon Wang Jianlin, came in 21st place globally behind Wal-Mart scions, the Swedish family that owns Ikea and Brazilian investor Jorge Paulo Lemann. Other Chinese billionaires in the global top 100 included Alibaba founder Jack Ma, beverage magnate Zong Qinghou, and the tech bosses at phone maker Xiaomi, social media firm Tencent and Baidu, the search engine.

    Hoogewerf said China had a particularly high proportion of self-made billionaires compared to the United States.

    'What we showed today is that at the super-wealth creation level, the Chinese are now leading,' Hoogewerf said. 'People will look at China the same way that people looked at Stanford or Silicon Valley in the 1990s.'

    Top 20 cities with the most billionaires
    1. Beijing

    2. New York

    3. Moscow

    4. Hong Kong

    5. Shanghai

    5. London

    7. Shenzhen

    7. Mumbai

    9. Hangzhou

    10. Paris

    11. Taipei

    11. San Francisco

    11. Istanbul

    14. Singapore

    14. Seoul

    15. Tokyo

    17. Sao Paolo

    17. Bangkok

    19. Los Angeles

    20. New Delhi

    Beijing overtakes New York City as the home to the most billionaires | Daily Mail Online
     
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  2. Dungeness

    Dungeness SENIOR MEMBER

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    Not something worth celebrating for.
     
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  3. Chinese-Dragon

    Chinese-Dragon RETIRED TTA

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    You're right.

    We need to have more inclusive growth.
     
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  4. Dungeness

    Dungeness SENIOR MEMBER

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    Or, we can all cheer for the headline news: "China has arrived as the Billionaire Superpower". :partay:
     
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  5. beijingwalker

    beijingwalker ELITE MEMBER

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  6. rcrmj

    rcrmj SENIOR MEMBER

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    these news dont generate much attention in China, as we are more into people's daily life than few big shots
    actually these kind of news are becoming bashing bait in China now
     
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  7. Guynextdoor2

    Guynextdoor2 BANNED

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    shows capitalism is running rampant in china and the rich elite are even more powerful here than in US. Chinese CPC must crack down and go back to the revolutionary days. They should throw these capitalists into jail to keep people's revolution alive. GO MOTHER CHINA!!!!:china::china:
     
  8. liall

    liall FULL MEMBER

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    11 out of 20 of these cities are in Asia.
     
  9. beijingwalker

    beijingwalker ELITE MEMBER

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  10. TaiShang

    TaiShang ELITE MEMBER

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    Beijing listed as billionaire capital of world - once again
    China Daily, March 8, 2017

    [​IMG]

    Beijing is listed as the billionaire capital of the world for the second year running, ahead of New York, and followed by Hong Kong and Shenzhen, according to the latest findings in the Hurun Global Rich List 2017 released on Tuesday.

    Bill Gates remains the richest man in the world with a net wealth of $81 billion, and Warren Buffett held onto the second place with $78 billion. Jeff Bezos, founder and CEO of Amazon.com Inc, reached the top three for the first time, after his wealth surged 37 percent to $72 billion.

    The total number of Chinese billionaires exceeded that of the United States for the second year running. China and the US, with 609 and 552 billionaires respectively, accounted for half of the billionaires worldwide, the report said.

    Globally, the logistics and retail sectors performed the best, gaining 15 percent and 13 percent respectively, in terms of the number of billionaires.

    Meanwhile, Germany had the third-largest number of billionaires this year, surpassing India. The United Arab Emirates and Indonesia broke into the top 20 for the first time.

    "Shenzhen and Hong Kong now have one of the highest concentrations of wealth in the world, ahead of even California, the state with the most billionaires in the US," said Rupert Hoogewerf, chairman and chief researcher of Hurun Report.

    "Global wealth is being concentrated in the hands of the billionaires at a rate far exceeding global growth," Hoogewerf added.

    China added 41 billionaires over last year and their average age was 58, younger than the global average of 64.

    The IPO of Chinese leading delivery and logistics firm SF Express Group Co in February made Wang Wei, the CEO of the company, the third-richest man in China.

    His wealth surged fivefold to $27 billion, just behind Dalian Wanda's Wang Jianlin with $30 billion and Alibaba's Jack Ma with $29 billion.

    In China, the real estate sector generated the biggest number of billionaires, followed by the manufacturing, technology, media, and telecom industries.

    At the same time, 15 percent of the billionaires were women. Among the 152 women who made the fortunes by themselves, Chinese led the way with 121.

    "China is indisputably now the best place in the world to be a female entrepreneur," Hoogewerf said.
     
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  11. ahojunk

    ahojunk INT'L MOD

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    Women hold up half the sky in China, so they say.

    What a beautiful sight!
     
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