According to Forbes’ 2021 World’s Billionaires List, Beijing now has more billionaires than any other city in the world, after rapidly rebounding from Covid-19.
According to the business journal, the Chinese capital added 33 billionaires last year and now has 100. This barely outnumbers New York City, which has 99 residents and has previously occupied the top spot for seven years in a row.
According to the survey, China’s swift reaction to and containment of the Covid-19 pandemic, as well as the growth of its technology firms and financial markets, helped it to the top spot.
The richest person in Beijing is Zhang Yiming, the founder of video-sharing app TikTok, and the CEO of its parent firm ByteDance. He saw his net worth double to $35.6 billion from 2020, as the app’s popularity exploded.
Although, even as Beijing now has more billionaires than the Big Apple, the combined net worth of New York City’s billionaires remained US$80bn (£58bn) greater than that of their counterparts in Beijing.
The ten cities that are home to a quarter of the world’s billionaires are: Beijing (100); New York City (99), Hong Kong (80); Moscow (79); Shenzen (68); Shanghai (64); London (63); Mumbai and San Francisco (48); Hangzhou (47).
The four Chinese cities on the list – Beijing, Shanghai, Shenzhen and newcomer Hangzhou, which knocked Singapore off the list – added 96 billionaires in total.
Half of China’s new billionaires made their fortunes from technology, manufacturing ventures, and e-cigarettes.
In terms of billionaires by country, China – with its 698 billionaires – is closing in on the US in the top-spot with its 724 billionaires
A record-breaking 2,755 billionaires now make up Forbes’ annual list, with Amazon founder Jeff Bezos top of the pile for the fourth consecutive year.
This year’s billionaires are worth a combined $13.1 trillion, up from $8 trillion last year, according to Forbes, meaning overall they saw their combined wealth soar by $5.1 trillion in the past 12 months.
WORLD’S RICHEST CITIES
1. Beijing: 100 billionaires
2. New York City: 99 billionaires
3. Hong Kong: 80 billionaires
4. Moscow: 79 billionaires
5. Shenzen: 68 billionaires
6. Shanghai: 64 billionaires
7. London: 63 billionaires
8. (tie) Mumbai: 48 billionaires
8. (tie) San Francisco: 48 billionaires
10. Hangzhou: 47 billionaires