Beijing has the highest concentration in billionaires of any city in the world

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The latest Forbes’ annual rich list stated that Beijing contains more billionaires than any other city in the world.

The business magazine mentioned that the Chinese capital added 33 billionaires last year and now hosts 100, overcoming New York City, which hosts 99 and has held the top ranking for the last seven years.

What helped it gain this is China’s quick containment of Covid-19, the rise of its technology firms and stock markets

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.

A record 493 newcomers joined the list globally last year, roughly one new billionaire every 17 hours,

India had the third-highest number of billionaires, with 140. In total, the 1,149 billionaires from Asia Pacific were worth $4.7tn, compared with the US billionaires’ $4.4 tn.

Jeff Bezos, founder, and chief executive of Amazon, remains the world’s richest person for the fourth consecutive year. His net worth grew by $64bn to $177bn last year.