LONDON: Beijing has beaten New York City for the second year in a row to become the “Billionaire Capital of the World”, according to the Hurun Global Rich list released on Tuesday.
The report states that there are currently 94 billionaires living in the Chinese capital, down by 6 percent from 2016 but still big enough to take the top spot.
Beijing is followed by New York with 86 billionaires while Hong Kong took the third spot with 72.
Three Chinese cities of Shenzhen, Shanghai and Hangzhou also feature in the top ten.
According to the list, Shenzhen and Hong Kong now have the highest concentration of wealth in the world, even ahead of California.
This year’s ranking listed 2,257 billionaires, up by 69 from last year.
The total wealth of billionaires has increased by 16 percent to $8 trillion.
China now leads with the largest number of billionaires in the world followed by USA, with 609 compared with to 552.
Rupert Hoogewerf, chairman and chief researcher of Hurun Report, said global wealth is being concentrated in the hands of the billionaires at a rate far exceeding global growth.
Top 10 cities with the highest number of billionaires:
- Beijing: 94
- New York: 86
- Hong Kong: 71
- Shenzhen: 62
- Moscow: 59
- London: 55
- Shanghai: 53
- Mumbai: 42
- Paris: 36
- Hangzhou: 36