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.
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. READ MORE
