Beijing now has more billionaires than New York
February 29, 2016 Category Macro-economy, Weekly
Beijing has replaced New York as billionaire capital of the world, according to the Hurun Global Rich List 2016. Hurun noted that out of a record 2,188 billionaires in 68 countries and regions, China took 568 places on the list with 100 of them based in the capital. The addition of 90 wealthy Chinese to the list this year compared to 2015 also meant that the nation overtook the U.S. in total numbers of ultra rich for the first time. The number of billionaires in the world grew by 99 to a record high of 2,188 last year, with mainland China, Hong Kong, Macao and Taiwan providing 90 of the new entries. China’s billionaires had a combined net worth of USD1.4 trillion. Leading the Chinese billionaires list is Wang Jianlin, 61, Chairman of the Dalian Wanda Group, China’s largest real estate developer and the world’s largest movie theater operator. According to Hurun, Wang has USD26 billion worth of personal assets and ranks 21st on the list, two places ahead of Li Ka-shing, Founder of Hong Kong-based Cheung Kong Holdings. Jack Ma, 51, Founder and Executive Chairman of Alibaba, is ranked 36th, with USD21 billion. Topping the list are Microsoft Founder Bill Gates and investor Warren Buffett. The combined wealth of the billionaires’ club expanded by 9% to USD7.3 trillion, higher than the GDP of Germany and the UK put together, and equal to almost half that of the U.S. China’s richest individuals contributed USD1.4 trillion of the total, close to the GDP of Australia, the Shanghai Daily reports. China accounted for 69% of the world’s self-made billionaires who did not rely on parents for their wealth and has the highest number of self-made women, 93 out of a total of 124. Beijing was named the billionaire capital of the world with 100 billionaires, followed by New York with 95 billionaires. Shanghai, Hangzhou and Shenzhen were among the top ten cities for numbers of super-rich.
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