Beijing is ‘New Home For Billionaires’: Forbes

The American magazine Forbes released an annual list and a detailed report on the richest people around the world, according to which the Chinese capital Beijing has more billionaires than any other city in the world.

The report conclude that Beijing has surpassed New York to become the “world’s richest billionaire” that held the top ranking for the last seven years, however, now it ranks second on the Forbes list with 99 billionaires.

The reason for Beijing’s significant success to nail the position in the list is due to the growth of technology firms and improvement in market share during covid-19 pandemic.

Among China’s entrepreneurs, a female billionaire named Kate Wang became fortunate by manufacturing electronic cigarettes.

Another 33 billionaires joined the list last year, making Beijing the most preferred place for entrepreneurs and since then, the number of billionaires in the city has reached 100.

Covid-19 or the greatest bottom-to-top wealth redistribution of all times!
“Despite the pandemic, it was a record-setting year for the world’s wealthiest—with a $5 trillion surge in wealth and an unprecedented number of new billionaires”https://t.co/T6e3dcNdpa

— Hendrik Bloch (@Hendrik_Bloch) April 7, 2021

Besides, Beijing has more billionaires than New York, however, the combined wealth of New York’s richest people is still greater than Chinese billionaires combined.

The founder of the video-sharing app TikTok and chief executive of its parent firm ByteDance, Zhang Yiming, is considered as the richest resident of Beijing with a net worth double to $35.6 billion.

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In contrast to it, former mayor Michael Bloomberg has been titled as the richest resident of New York with a worth of $59 billion.

According to Forbes, 493 people joined the list of billionaires in the world last year.

Interestingly, BBC reported one person in every 17 hours became a billionaire in the world last year.