The Billionaire Capital Of The World
The Billionaire Capital of the World is once again, Beijing. For the third year in a row, the Hurun Global Rich List has released a report showing that China has a staggering increase in billionaires.
China had an entire 210 new billionaires, with a current 819 total. In comparison to the US which ranks second, China has 40% more billionaires.
Beijing has become the ‘Billionaire Capital of the World’ for the third year running, according to the recently released Hurun Global Rich List 2018.
The capital city of China, Beijing is reported to have more rich men that any city in the world, with 131 billionaires. Five other Chinese cities, including Hong Kong, Shanghai, Shenzhen, Hangzhou and Guangzhou were in the top 10 cities for 2018.
In America, New York is the only city that has made it to the top 10, with 92 billionaires. Regardless, seven out of the ten richest men are from the U.S. No Chinese billionaires have made it to the top 10, with the best being in 15th place globally, Poney Ma Huateng.
This incredibly rapid growth in billionaires in China suggests a highly alarming income inequality. According to a Peking University report, the rich own a third of the county’s fortune. The poorest population own just one percent of China’s wealth.