For the first time in seven years, New York City has lost its title as the world’s billionaire capital. In 2020, the Big Apple was displaced by Beijing which recorded a net gain of 33 billionaires. Beijing is now in top spot with 100 individuals worth a billion dollars or more, narrowly ahead of New York’s 99.
The findings come from the 2021 Forbes World’s Billionaires list which shows that a quarter of its 2,755 members live in just 10 cities with more than 10% resident in just four Chinese metropolises. Along with Beijing, Shanghai, Shenzhen and Hangzhou also make the list of the world’s top-10 billionaire capitals. Hong Kong, a special administrative region of China, is also present on the list and it comes third with 80 billionaires.>
Even though New York is in second place, the collective worth of its billionaire population amounts to $560.5 billion, beating Beijing’s collective $484.3 billion. Zhang Yiming is the richest resident in the Chinese capital with a net worth of $35.6 billion while Michael Bloomberg is New York’s wealthiest inhabitant with a $59 billion fortune.
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