Beijing overtakes New York as new ‘billionaire capital’

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Beijing has overtaken New York as the city with the highest number of billionaires for the first time according to a new report release by China-based firm Huron.

A total of 100 billionaires are now living in the Chinese capital, compared with 95 in New York, the report says. Shanghai, China’s centre of commerce, comes in fifth place.

Hurun, which tracks wealth in China, has released an annual Global Rich List for the past five years measuring billionaires’ wealth in US dollars.

The private research firm, which also publishes luxury magazines, uses a mixture of information from publicly traded companies plus interviews to compile its data.

Despited global slowdown, the numbers of billionaires in the world increased by 99 to 2188, a new record. From the report, Chinese billionaires have overtaking US, 568 to 535. US presidential hopefuls Donald Trump and Micheal Bloomberg are up UUS$5bn AND US$16bn to US$6.5bn and US$37bn respectively with Bloomberg breaking into the top 10.

The top 3 were maintained by Bill Gates (US$80bn), Warren Buffet (US$68bn) and Carlos Slim Helu (US$33bn)

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