Beijing has stolen New York's top spot as the city with the most billionaires in the world, according to a new study.
The Chinese capital took the title from the Big Apple after adding 32 new billionaires to its list, bringing the city’s total to 100, according to a Shangai firm that releases yearly rankings and research about the world’s richest people.
Hurun said New York has “only” 95 billionaires in comparison.
Rupert Hoogewerf, the founder of Hurun, attributed China's explosive wealth creation to Chinese market regulators allowing a flood of new initial public offerings after holding back new IPOs for several years.
"What we showed today is that at the super-wealth creation level, the Chinese are now leading," Hoogewerf said.
Hoogewerf said his wealth calculations were made using stock prices as of January 15, which means they took into account the Chinese market's 40 per cent tumble over the past half year.
"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," Rupert Hoogewerf, chairman told CNN.
Five of the top 10 cities were in China. Moscow came in third with 66 billionaires followed by Hong Kong and Shangai with 64 and 50 millionaires respectively.
Chinese billionaires in the global top 100 included Jack Ma, Alibaba founder, Zong Qinghou, beverage magnate, and the tech bosses at phone maker Xiaomi, social media firm Tencent and Baidu, the search engine.
"People will look at China the same way that people looked at Stanford or Silicon Valley in the nineties," he added.
The number of world’s billionaires grew by 99 to record high 2188 individuals , according to the 2016 Hurun Global Rich List.
Here are the 10 cities with the most billionaires:
1.Beijing (100)
2. New York (95)
3. Moscow (66)
4. Hong Kong (64)
5. Shanghai (50)
5. London (50)
6. Shenzhen (46)
7. Mumbai (45)
8. Hangzhou (32)
9. Paris (30)
10. Taipei (23)
