Beijing now has more billionaires than NY

Last year, Greater China surpassed the USA to become home to the largest population of billionaires in the world, Hurun said in a previous October report. India is in third place with 111.

Read on to see which other cities around the world made it on the “Hurun Global Rich List 2016”.

According to the report, 32 new billionaires surfaced in Beijing between past year and this time, while NY witnessed the emergence of only four new billionaires between this period – BBC reports. The list calculated billionaires’ wealth as of January 15. The number of billionaires in China grew to 568, versus America’s 535, the survey says. Hong Kong came fourth with 64 billionaires, and Shanghai fifth with 50.

Hurun said the main source of wealth for China’s billionaires is real estate, producing 117 billionaires.

China’s richest… Wanda Chairman Wang Jianlin is the richest man in China.

Most Chinese billionaires (66 percent) were self-made without meaningful inheritance. Jianlin secured the 21 place in the world’s ranking of richest individuals.

“Despite its own slowdown and falling stock markets, China minted more new billionaires than any other country in the world past year, mainly on the back of new listings”, Rupert Hoogewerf, chairman and chief researcher of Hurun Report, said in a statement. That’s an 80 per cent increase in the number of Chinese billionaires since 2013.

Japan took 10th place with 42 billionaires, 3 less than 2015.

Commodity price correction dragged down the wealth of metal & mining billionaires.

Russian Federation fared very badly, with a fall in 14 billionaires. Tokyo is the preferred city. The country’s billionaires are collectively worth almost $1.4 trillion, over 30 percent more than two years ago. Investor Warren Buffett saw his wealth decrease by $8 billion to $68 billion. A reported 52 US billionaires are immigrants, with the richest being Google co-founder Sergey Brin, who emigrated from Russian Federation. His total net worth stands at $68 billion. Led by Beijing, 5 Chinese cities make the top 10 cities for super wealth creators. Hurun found that Russian billionaires had lost $130bn over the year due to a fall in value of the ruble and poor returns in mining, metals, and energy.