More Billionaires Now Reside In Beijing Than Any Other City In The World

The latest Forbes’ annual rich list shows that there are more billionaires in the Chinese capital of Beijing than in any other city on the world. The business magazine said that 33 new billionaires were added to the city last year which now makes the total number of superrich residing in the city to 100.

That was just 1 billionaire more than the number of billionaires residing in New York City and had the top rank ion this list for the last seven years.

Beijing managed to attain this spot because of the quick response of the government there to the Covid-19 pandemic, the emergence and growth of its technology firms and stock markets.

However New York City still has the highest combined net worth of the billionaires in the city at $80 billion which is still higher than their counterparts in Beijing.

The founder of video-sharing app TikTok and chief executive of its parent firm ByteDance – Zhang Yiming, was adjudged the richest resident of Beijing. Hust last yearm, his bet worth has doubled to $35.6bn. In comparison, former Mayor Michael Bloomberg was the man with the highest wealth in New York City with a fortune worth $59bn.

The technology companies both the United States and China have grown significantly during the pandemic with many more customers staying indoors than usual and therefore shopping online and looking for online entertainment at home as well. For founders and shareholders of these tech titans, this trend last year resulted in the massive creation of their personal wealth.

More billionaires were also added last year for China as a while, including Hong Kong and Macao, than any other country in the world with addition of 210 new super rich, according ot the Forbes list.

The list also showed that the owners of companies engaged in manufacturing or technology ventures accounted for half of the new billionaires of China last year. That list included Kate Wang who grew wealthy be selling e-cigarettes.

The total number of billionaires in the United States was at 724 as of last year with China in second position with 698 billionaires, the Forbes list showed.

According to Forbes, a record 493 new billionaires were added to its list globally which works out to about one new billionaire created every 17 hours.

The third highest number of billionaires in the list belonged to India with 140 super rich in total. In terms of combined wealth, the total worth of the 1,149 billionaires from Asia Pacific was at $4.7tn while that same number in the US was at $4.4 tn.

The richest person of the world last year remained Jeff Bezos, founder and chief executive of Amazon, for the straight fourth year with a personal net worth of $177bn as the billionaire added $64bn to his personal wealth only last year.

(Adapted from BBC.com)



Categories: Creativity, Economy & Finance, Entrepreneurship, Strategy, Sustainability, Uncategorized

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: