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Beijing dethrones New York as the city with the most billionaires

Beijing is home to more dollar billionaires than any other city in the world, Forbes's latest annual ranking of rich people shows. So the Chinese capital managed to dethrone New York as the capital of billionaires, writes the Hong Kong edition South China Morning Post.
The Chinese capital added 33 billionaires and now hosts 100 by beating New York, which added seven billionaires last year and currently hosts 99, according to Forbes's 2021 list of billionaires, Focus reported.

The “Big Apple” loses its first place for the first time in seven years, according to Forbes. This is Beijing's first highest ranking. “Beijing added 33 new billionaires as China quickly bounced back from its [Covid-19] pandemic problems, jumping from 4th to 1st place on our annual list,” U.S. business magazine said Wednesday.

An elastic stock market that has particularly benefited tech industries, as well as China's more resilient economy and the rapid pandemic, have increased the fortunes of these billionaires.

The total net worth of New York billionaires, however, remains $80 billion greater than that of their counterparts in Beijing. Beijing's richest resident is Jean Imin, the founder of social media sensation TikTok and CEO (CEO) of parent firm ByteDance, whose net worth doubled to $35.6 billion. In contrast, Michael Bloomberg, New York's richest resident, has a fortune worth $59 billion.

A rising stock market has also helped China, which added more billionaires to Forbes' list than any other country globally. The country, including Hong Kong and Macau, has 210 new billionaires who fall on the list. With 698 billionaires, it quickly catches up with the United States, which still lead with 724 billionaires. In 2020 China had 456 billionaires, compared with U.S. 614.

Hong Kong, which had the third-highest number of billionaires in 2020, remains with 80 billionaires last year, adding a new nine to Forbes' list, despite the pandemic that hit its service-oriented economy hard. Li Ka-shing, who stepped down in 2018 from CK Hutchison, the conglomerate he founded, saw his fortune grow by $12bn to $33.7bn last year. He remained the richest resident of the city.

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