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Beijing now has more billionaires than New York - Feb. 24, 2016
by Charles Riley @CRrileyCNN February 24, 2016: 7:20 AM ET
Beijing has knocked New York out of the top spot for cities with the most billionaires.
The Chinese capital added an incredible 32 billionaires to its ranks last year, bringing the city's total to 100, according to Hurun Report's latest global rich list. New York, which has led the ranking for years, has 95 billionaires.
Moscow (66), Hong Kong (64) and Shanghai (50) rounded out the top five cities by number of billionaires. Five of the top 10 cities were in China (the other two are Shenzhen, Hangzhou).
Wang Jianlin of Dalian Wanda, one of China's top real estate developers, was the top Beijing resident on the list with a net worth of $26 billion. David Koch and Michael Bloomberg topped the list of New York billionaires.
Hoogewerf said the ranking almost certainly underestimated the amount of wealth in China, since many of the country's billionaires fly below the radar in an effort to conceal wealth from the authorities. Hurun, he said, is only able to identify roughly 50% of the country's billionaires.
Beijing Passes New York City as Billionaire Capital of the World - US News
China edged out America on several fronts in a new report profiling the world's wealthiest people.
Nearly 2,200 billionaires from 68 countries were profiled across the globe.
China also overtook the U.S. for the first time as the country with the most billionaires within its borders. About 568 billionaires now live on Chinese soil, compared with the 535 that call the U.S. home.
Most Popular Cities for Billionaires:
Most Chinese billionaires (66 percent) were self-made without meaningful inheritance. U.S. billionaires were more likely to receive some help from their parents, like private school payments (38 percent).
by Charles Riley @CRrileyCNN February 24, 2016: 7:20 AM ET
Beijing has knocked New York out of the top spot for cities with the most billionaires.
The Chinese capital added an incredible 32 billionaires to its ranks last year, bringing the city's total to 100, according to Hurun Report's latest global rich list. New York, which has led the ranking for years, has 95 billionaires.
"Despite its own slowdown and falling stock markets, China minted more new billionaires than any other country in the world last year, mainly on the back of new [share] listings," said Rupert Hoogewerf, chairman of Hurun Report.
Moscow (66), Hong Kong (64) and Shanghai (50) rounded out the top five cities by number of billionaires. Five of the top 10 cities were in China (the other two are Shenzhen, Hangzhou).
Wang Jianlin of Dalian Wanda, one of China's top real estate developers, was the top Beijing resident on the list with a net worth of $26 billion. David Koch and Michael Bloomberg topped the list of New York billionaires.
Hoogewerf said the ranking almost certainly underestimated the amount of wealth in China, since many of the country's billionaires fly below the radar in an effort to conceal wealth from the authorities. Hurun, he said, is only able to identify roughly 50% of the country's billionaires.
"Think of it like an iceberg, the tip of it is much smaller than the whole," he said. "We do our best to find [hidden money], but they go to such extraordinary lengths to hide it."
Beijing Passes New York City as Billionaire Capital of the World - US News
China edged out America on several fronts in a new report profiling the world's wealthiest people.
Nearly 2,200 billionaires from 68 countries were profiled across the globe.
China also overtook the U.S. for the first time as the country with the most billionaires within its borders. About 568 billionaires now live on Chinese soil, compared with the 535 that call the U.S. home.
Most Popular Cities for Billionaires:
- Beijing (China), 100
- New York (U.S.), 95
- Moscow (Russia), 66
- Hong Kong (China), 64
- Shanghai (China), 50
Most Chinese billionaires (66 percent) were self-made without meaningful inheritance. U.S. billionaires were more likely to receive some help from their parents, like private school payments (38 percent).
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