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

  • CIBC kicks off bank earnings week with 25% profit rise

    Economic CBC News
    CIBC reported better-than-expected results for its second quarter with a nearly 25 per cent increase in net income compared with a year ago. The lender reported a profit attributable to common shareholders of $1.29 billion or $2.89 per diluted share for the quarter ended April 30, up from $1.04 billion or $2.59 per diluted share a year ago. Source
  • Notley slams B.C. premier on Trans Mountain pipeline

    Economic CTV News
    EDMONTON -- Alberta Premier Rachel Notley won't be at today's meeting of the western premiers in Yellowknife, but she made some choice remarks about one of the leaders who will be there. Notley told reporters yesterday that B.C. Source
  • Bulgaria runs into setback in bid for euro membership

    Economic CTV News
    Russian President Vladimir Putin, right, shakes hands with Bulgarian President Rumen Radev after their talks in the Bocharov Ruchei residence in the Black Sea resort of in Sochi, Russia, Tuesday, May 22, 2018. (AP Photo/Alexander Zemlianichenko) Source
  • CIBC reports second-quarter net income up nearly 25 per cent from year ago

    Economic CTV News
    TORONTO -- The Canadian Imperial Bank of Commerce reported better-than-expected earnings for its second quarter with a nearly 25 per cent increase in net income, year over year, due to strong results at home and south of the border helped by its U.S. Source
  • No suitors emerge for Trans Mountain pipeline project stake as deadline looms

    Economic CTV News
    CALGARY - With just over a week remaining until the May 31 deadline set for abandoning its Trans Mountain pipeline expansion, no suitors have publicly emerged to step into builder Kinder Morgan Canada Ltd.'s shoes. Source
  • Looking for a better work experience, millennials may be saving the franchising model

    Economic CBC News
    Millennials are showing increasing interest in a traditional sector of the economy, as young Canadians buy into franchise brands and create new franchise concepts. Though jobs numbers in Canada are generally improving, many millennials continue to face the prospect of precarious employment. Source
  • They've been accused of killing every other business, but millennials may be saving the franchising model

    Economic CBC News
    Millennials are showing increasing interest in a traditional sector of the economy, as young Canadians buy into franchise brands and create new franchise concepts. Though jobs numbers in Canada are generally improving, many millennials continue to face the prospect of precarious employment. Source
  • Tens of thousands of Las Vegas casino workers vote to strike

    Economic CTV News
    Las Vegas casinos could watch tens of thousands of employees walk off the job for the first time in more than three decades after union members voted to authorize a strike at any time starting June 1, a move that could cripple the city's world-famous resorts. Source
  • Asian shares drop amid worries over U.S.-China trade

    Economic CTV News
    TOKYO - Asian indexes were mostly lower on Wednesday as investors shifted their attention to uncertainties over a planned U.S.-North Korea summit after the perk from eased U.S.-China trade tensions faded. KEEPING SCORE: Japan's benchmark Nikkei 225 dipped 1.3 per cent to 22,661.88, while Australia's S&P/ASX 200 inched down nearly 0.2 per cent at 6,031.40 in early trading. Source
  • Global stocks fall amid weak data, worries over Koreas

    Economic CTV News
    TOKYO -- Stock markets were mostly lower Wednesday after weak European economic data and as U.S. President Donald Trump raised doubts that a summit with North Korean leader Kim Jong Un planned for June 12 will take place as planned. Source