Beijing overtakes NYC as 'Billionaire Capital of the World' | Inquirer Business
Close  

Beijing overtakes NYC as ‘Billionaire Capital of the World’

/ 03:58 AM February 25, 2016
FILE - In this Tuesday, Oct. 21, 2014 file photo, a man walks past a billboard displaying the future skyline, near a construction site in Beijing, China. For the Chinese economy, the world’s second-largest,  it’s been a year of flux. Though its slowdown may not be dramatic, it is one of the global economic concerns going into 2015. (AP Photo/Andy Wong, File)

In this Associated Press file photo, a man walks past a billboard displaying the future skyline, near a construction site in Beijing, China. (AP Photo/Andy Wong, File)

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.

ADVERTISEMENT

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.

FEATURED STORIES

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 percent 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.” TVJ

ADVERTISEMENT

RELATED STORIES

The China delusion 

China economy down to 6.8 percent; 2015 growth lowest in 25 years 

Asean may displace China as economic hub

Subscribe to our business newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.
Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: "Billionaire Capital of the World", Alibaba, Beijing, China, Chinese market regulators, Forbest list, Hurun Report, IPO, Jack Ma, Rupert Hoogewerf, shanghai, Wang Jianlin, World’s Richest Men, Zong Qinghou
For feedback, complaints, or inquiries, contact us.

Subscribe to our business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2021 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.