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Beijing overtakes New York as new 'billionaire capital' | Beijing overtakes New York as new 'billionaire capital' |
(about 1 hour later) | |
Beijing has overtaken New York as the city with the highest number of billionaires for the first time, a new report by China-based firm Hurun says. | Beijing has overtaken New York as the city with the highest number of billionaires for the first time, a new report by China-based firm Hurun says. |
A total of 100 billionaires are now living in the Chinese capital, compared to 95 in New York, the report said. | A total of 100 billionaires are now living in the Chinese capital, compared to 95 in New York, the report said. |
Shanghai, China's centre of commerce, came in fifth place. | Shanghai, China's centre of commerce, came in fifth place. |
Hurun, which tracks wealth and luxury in China, has released an annual Global Rich List for the past five years measuring billionaires' wealth in US dollars. | |
It found that Beijing had welcomed 32 new billionaires since last year, allowing it to vault past New York which it calculated only saw four new billionaires. | It found that Beijing had welcomed 32 new billionaires since last year, allowing it to vault past New York which it calculated only saw four new billionaires. |
Overall, China has overtaken the US as the country with the most number of billionaires. However, the top 10 billionaires in Hurun's list is still dominated by Americans. | Overall, China has overtaken the US as the country with the most number of billionaires. However, the top 10 billionaires in Hurun's list is still dominated by Americans. |
China has 568 billionaires after gaining 90 new ones, compared to the US which only has 535. | China has 568 billionaires after gaining 90 new ones, compared to the US which only has 535. |
China's billionaires boast a combined net worth of $1.4 trillion (£1.01 trillion), which is similar to the GDP of Australia. | |
Hurun's chairman Rupert Hoogewerf noted that the growth in China's wealthy took place despite an economic slowdown and stock market instability. | Hurun's chairman Rupert Hoogewerf noted that the growth in China's wealthy took place despite an economic slowdown and stock market instability. |
He told the AP news agency that it could be due to Chinese market regulators allowing a flood of new initial public offerings after holding back new IPOs for several years. | He told the AP news agency that it could be due to Chinese market regulators allowing a flood of new initial public offerings after holding back new IPOs for several years. |
Hurun found that the richest man in China is still Wang Jianlin, who has an estimated worth of $26bn (£18.8bn). | Hurun found that the richest man in China is still Wang Jianlin, who has an estimated worth of $26bn (£18.8bn). |
But he has not cracked the top 10 billionaires in Hurun's list, which is dominated by Americans. It is topped by Bill Gates with a net worth of $80bn, followed by Warren Buffett with $68bn. | But he has not cracked the top 10 billionaires in Hurun's list, which is dominated by Americans. It is topped by Bill Gates with a net worth of $80bn, followed by Warren Buffett with $68bn. |
In third place is Spanish fashion tycoon Amancio Ortega with a net worth of $64bn. The report found that that overall there are now 2,188 billionaires in the world, a new record. | In third place is Spanish fashion tycoon Amancio Ortega with a net worth of $64bn. The report found that that overall there are now 2,188 billionaires in the world, a new record. |