Billionaire City: Most billionaires in the world are from Beijing

Beijing has broken the new world record. After bouncing back from Covid-19, the city now has more billionaires than any other city in the world. According to the Forbes’ 2021 World’s Billionaires List.

It is said that Chinese produces at least a millionaire every day. Last year, the Chinese capital city added 33 billionaires and now hosts 100 billionaires in total. New York City, which hosts 99 and has previously held the top spot for seven years is now the second in the list.

China’s quick response to the Covid-19 pandemic, and the development of its technology firms and stock markets, was what produced these billionaires.

The richest person in Beijing is Zhang Yiming, the founder of  TikTok. He is also the CEO of  ByteDance. His net worth double to $35.6 billion from 2020, as the app’s popularity exploded.

Although, Beijing now has more billionaires than the New York, New York City’s billionaires combined net worth remained US$80bn (£58bn) greater than that of Beijing billionaires.

currently, the top four Chinese richest cities are: Beijing, Shanghai, Shenzhen and newcomer Hangzhou.

Most of Chinese new billionaires made their wealth from technology, manufacturing ventures, and e-cigarettes. Asia is known for high rate of smokers. Cigarettes is a highly profitable business in Asia.

China now has 698 billionaires and thousands of millionaires in the country.

USA is still in the top-spot with its 724 billionaires. Difference of 26 billionaires. Statics shows that within 2years, China will have more billionaires than any country in the world.

Currently, 2,755 billionaires now make up Forbes’ annual list, with Amazon founder Jeff Bezos top of the pile for the fourth consecutive year. Followed by Elon Musk and other billionaires.

Last year, the combined billionaires worth $8 trillion. This year’s billionaires are worth a combined $13.1 trillion. That’s increase of $5.1 trillion in the past 12 months

Most of the richest cities are in China.