But it should be noted that Forbes magazine - 'the capitalist tool ' (as its flamboyant owner liked to call it) and based in, of all places, New York - begs to differ.
Since the counting of billionaires is hardly a precise mathematical exercise, it can safely be assumed that knowing New York, Beijing, Hong Kong and Moscow are ranked in the top four cities for billionaires by virtually everyone who cares should suffice. Just another excuse to prime those urban neuroses. JL
Lauren Davidson reports in The Telegraph:
The number of billionaires in the Chinese capital has more than tripled over the past year from 32 to 100, while the Big Apple gained four billionaires, bringing its total to 95. Although Americans still account for the world’s wealthiest people, led by Bill Gates and Warren Buffett, and have the highest collective net worth, there are more billionaires residing in China (568) than in the US (535).
Beijing has become the billionaire capital of the world, overtaking New York City for the first time despite the recent sell-off in Chinese stocks and last summer’s devaluation of the yuan.The number of billionaires in the Chinese capital has more than tripled over the past year from 32 to 100, while the Big Apple gained four billionaires, bringing its total to 95.
Although Americans still account for the world’s wealthiest people, led by Bill Gates and Warren Buffett, and have the highest collective net worth, there are more billionaires residing in China (568) than in the US (535).
Hurun's half-year report, released in October, marked the first time that China produced more billionaires than the US.
China lays claim to 568 billionaires, 90 more than a year ago, while two Americans saw their fortunes dip below $1bn, leaving the US with 535 people at the highest level of the rich list.
India came third, gaining 14 billionaires to 111, followed by Germany and the UK, tied in fourth place with 82.“Despite its own slowdown and falling stockmarkets, China minted more new billionaires than any other country in the world last year, mainly on the back of new listings,” said Rupert Hoogewerf, chairman and chief researcher of Hurun Report.
“Growth in billionaires for the rest of the world was held back by a slowdown in the global economy, the strengthening of the US dollar and the drop in oil prices.”
The plunge in oil prices particularly hurt Russian billionaires, who lost 13 members and $130bn over the year as the value of the rouble declined by 19pc and the mining and metals industries suffered.
However, Moscow is still the third most popular cities for billionaires, with 66, followed by Hong Kong with 64. Shanghai gained 20 billionaires to tie with London in fifth place with 50 billionaires.This year’s Hurun Global Rich List includes 2,188 high net worth individuals, 99 more than in 2015, whose collective wealth grew 9pc over the past year to $7.3 trillion.
Americans accounted for around a third of that, with a collective fortune of $2.4 trillion, as technology overtook investments to become the main source of wealth for billionaires in the US.
Globally, more billionaires made their fortunes from technology, media and telecoms than any other sector – 307 people, or 14pc of the total – followed by real estate (267 people) and manufacturing (241).The collective wealth of British billionaires grew by 10pc to $267bn, led by property mogul Gerald Grosvenor and business tycoon SP Hinduja. The UK rich list welcomed six newcomers, led by Mark Scheinberg, co-founder of PokerStars, with a net worth of $4.4bn.
The richest people in the world
- 1. Bill Gates: $80bn (-6pc)
- 2. Warren Buffett: $68bn (-11pc)
- 3. Amancio Ortega: $64bn (+16pc)
- 4. Jeff Bezos: $53bn (+83pc)
- 5. Carlos Slim: $50bn (-40pc)
- 6. Mark Zuckerberg: $47bn (+7pc)
- 7. Larry Ellison: $46bn (-15pc)
- =8. David Koch: $44bn (+22pc)
- =8. Charles Koch: $44bn (+22pc)
- =10. Bernard Arnault: $37bn (-18pc)
- =10. Michael Bloomberg: $37bn (+76pc)
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