Beijing has more billionaires than New York City: study

BEIJING - Move over, New York City: Beijing is the new "Billionaire Capital of the World."

The Chinese capital has overtaken the Big Apple as home to the most billionaires - 100 to 95 - according to Hurun, a Shanghai firm that publishes a monthly magazine and releases yearly rankings and research about the world's richest people and their spending habits.

See Full Article

The study, which comes months after reports suggested China now has more billionaires than the United States, highlights how China's elite are continuing to accrue vast wealth despite a wobbling stock market and cooling economy.

Different tabulations of wealth, such as the Hurun Report and the Forbes list, have historically produced somewhat different results depending on their methodology.

Rupert Hoogewerf, the founder of Hurun, attributed China's explosive wealth creation to Chinese market regulators allowing a flood of new initial public offerings after holding back new IPOs for several years.

Hoogewerf said his wealth calculations were made using stock prices as of Jan. 15, which means they took into account the Chinese market's 40 per cent tumble over the past half year.

Had the calculations been made at the market's peak last summer, the number of Chinese billionaires would have been nearly 150, Hoogewerf said.

Beijing took the title from New York after minting 32 new billionaires last year, while New York gained four. Moscow came in third place, with 66 billionaires, while Hong Kong and Shanghai came in fourth and fifth with 64 and 50, respectively, Hurun said.

China's richest man, real estate tycoon Wang Jianlin, came in 21st place globally behind Wal-Mart scions, the Swedish family that owns Ikea and Brazilian investor Jorge Paulo Lemann. Other Chinese billionaires in the global top 100 included Alibaba founder Jack Ma, beverage magnate Zong Qinghou, and the tech bosses at phone maker Xiaomi, social media firm Tencent and Baidu, the search engine.

Hoogewerf said China had a particularly high proportion of self-made billionaires compared to the United States.

"What we showed today is that at the super-wealth creation level, the Chinese are now leading," Hoogewerf said. "People will look at China the same way that people looked at Stanford or Silicon Valley in the 1990s."



Advertisements

Latest Economic News

  • ECB unlikely to signal stimulus end, despite French optimism

    Economic CTV News
    FRANKFURT -- Europe's strengthening economy dodged a banana peel when a pro-EU candidate won the first round of the French presidential election. That won't be enough, however, to make the European Central Bank signal an end to monetary stimulus program on Thursday. Source
  • Asia tracks French election rally; weak yen lifts Tokyo

    Economic CTV News
    TOKYO -- Shares are higher in Asia, tracking the rally sparked by the outcome of France's vote. Hopes for U.S. tax reform and a compromise on the U.S. budget deadline also lifted sentiment. Japan's benchmark gained as the dollar remained near the 110 yen level, helping shares of exporters. Source
  • Alberta appeal court backs decision that favoured Redwater Energy creditors

    Economic CTV News
    CALGARY -- A court decision that gave secured creditors priority over environmental cleanup in the case of bankrupt Redwater Energy Corp. has been upheld by the Alberta Court of Appeal. The lawsuit has been closely watched as a precedent-setting case as bankruptcies continue to afflict the oil and gas industry after more than two years of low commodity prices. Source
  • What's driving the softwood lumber dispute?

    Economic CTV News
    The U.S. federal government announced Monday that it’s imposing “countervailing duties” on Canadian softwood lumber of up to 24.12 per cent. Observers warn that could mean thousands of jobs lost in Canada’s forestry sector, because our exports will suddenly become that much more expensive for Americans to buy. Source
  • U.S. imposes preliminary duties up to 24% on 'subsidized' Canadian softwood lumber

    Economic CBC News
    Canada's forest industry felt the slap of the countervailing duties they were bracing for late Monday, with confirmation out of Washington that a U.S. Commerce Department investigation has once again concluded that softwood lumber imports are unfairly subsidized. Source
  • Barrick Gold sees profits rise in quarter but misses analyst expectations

    Economic CBC News
    Barrick Gold's first quarter results fell short of expectations despite swinging to a profit of $679 million US compared to a net loss of $83 million US in the same quarter last year. The gold mining giant said that once adjusted, net earnings came in at $162 million US or $0.14 per share, compared with $127 million US or $0.11 per share in the first quarter of 2016. Source
  • CN raises 2017 outlook on record Q1 volumes, helped by higher grain

    Economic CBC News
    Canadian National Railway raised its outlook for the year after profits increased 12 per cent on record first-quarter volumes, helped by an increase in Western Canadian grain. The Montreal-based railway said Monday it expects to earn between $4.95 and $5.10 per adjusted diluted share for the year, an increase of eight to 11 per cent from last year. Source
  • Redwater Energy decision that gives creditors priority over environment upheld by Appeal Court

    Economic CBC News
    Decision could affect handling of abandoned wells across Alberta By Tracy Johnson, CBC NewsPosted: Apr 24, 2017 2:11 PM MTLast Updated: Apr 24, 2017 2:11 PM MT Source
  • Creditors over environment: Alberta Court of Appeal upholds Redwater Energy decision

    Economic CBC News
    Decision could affect handling of abandoned wells across Alberta By Tracy Johnson, CBC NewsPosted: Apr 24, 2017 2:11 PM MTLast Updated: Apr 24, 2017 2:11 PM MT Source
  • Law society urged to adopt $25K cap on referral fees in Ontario

    Economic CTV News
    TORONTO -- Lawyers in Ontario should have their fees for referring clients to another lawyer capped at a maximum of $25,000, a report released on Monday recommends. In addition, the report says lawyers should have to record referral fees paid or received in their books, and report on their referral-fee practices in their annual reports to the body that regulates the profession in the province. Source