CNN: Beijing Now Has More Billionaires Than New York

The following is an excellent article written by Charles Riley on the CNN website on February 24, 2016 titled “Beijing Now Has More Billionaires Than New York” and I quote:

“Beijing now has more billionaires than New York”

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Beijing has knocked New York out of the top spot for cities with the most billionaires.

The Chinese capital added an incredible 32 billionaires to its ranks last year, bringing the city’s total to 100, according to Hurun Report’s latest global rich list. New York, which has led the ranking for years, has 95 billionaires.

“Despite its own slowdown and falling stock markets, China minted more new billionaires than any other country in the world last year, mainly on the back of new [share] listings,” said Rupert Hoogewerf, chairman of Hurun Report.

Moscow (66), Hong Kong (64) and Shanghai (50) rounded out the top five cities by number of billionaires. Five of the top 10 cities were in China.

Wang Jianlin of Dalian Wanda, one of China’s top real estate developers, was the top Beijing resident on the list with a net worth of $26 billion. David Koch and Michael Bloomberg topped the list of New York billionaires.

Related: Top tips from China’s richest man, Wang Jianlin

Hoogewerf said the ranking almost certainly underestimated the amount of wealth in China, since many of the country’s billionaires fly below the radar in an effort to conceal wealth from the authorities. Hurun, he said, is only able to identify roughly 50% of the country’s billionaires.

“Think of it like an iceberg, the tip of it is much smaller than the whole,” he said. “We do our best to find [hidden money], but they go to such extraordinary lengths to hide it.”

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About tim074

I'm a retired dairy farmer that was a member of the National Farmer's Organization (NFO). Before going farming, I spent 4 years in the United States Air Force where I saved up enough money to get my down payment to go farming. I also enjoy writing and reading biographies and I write about myself as well as articles and excerpts I find interesting. I'm specifically interested in finances, particularly in the banking industry because if it wasn't for help from my local Community Bank, I never could have started farming which I was successful at. So, I'm real interested in the Small Business Administration and I know they are the ones creating jobs. I have been a member of Common Cause and am now a member of Public Citizen as well as AARP. I have, in the past, written over 150 articles on the Obama Blog (my.barackobama.com) and I'd like to tie these two sites together. I'm also on Twitter, MySpace and Facebook and find these outlets terrifically interesting particularly what many of these people did concerning the uprising in the Arab world. I believe this is a smaller world than we think it is and my goal is to try to bring people together to live in peace because management needs labor like labor needs management. Up to now, that hasn't been so easy to find.
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