According to the latest Forbes' annual rich list, Beijing is now home to more billionaires than any other city in the world.
Beijing Now Has More Billionaires Than Any City Than Any City In The World
By
Zainab Pervez in
Business
On 8th May 2021
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The Chinese capital added 33 billionaires last year and now hosts 100, said the business magazine.
China's quick containment of Covid-19, the rise of its technology firms and stock markets helped it gain top spot.
The world’s most populous nation, which boasts a record 626 billionaires (that doesn’t include 71 from Hong Kong and 1 from Macao, which are listed separately), has minted 205 new billionaires in the past 12 months.
The rapid pace marks a departure from last year, when the Covid-battered nation only counted 80 new billionaires on the 2020 World’s Billionaires list.
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Half of China's new billionaires made their fortunes from manufacturing or technology ventures, including female billionaire Kate Wang, who made her money from e-cigarettes.
China, along with the US, has seen its technology giants become even bigger during the pandemic as more people shopped online and looked for sources of entertainment.
This saw the massive creation of personal wealth for the founders and shareholders of these tech titans.
This narrowly beats New York City, which hosts 99 and has held the top ranking for the last seven years.
Although 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.