Beijing becomes new billionaire capital of world

The world officially has a new billionaire capital. For the first time, Beijing is home to more billionaires than New York City, according to Forbes' annual World's Billionaires List for 2021., Report informs.

The Chinese capital gained 33 new billionaires in 2020, bringing its total to 100 billionaires and just edging out New York City's 99 billionaires, per Forbes. The Big Apple added only seven new billionaires at the same time. In terms of the total population, New York City is about 40% of Beijing's size, with a population of 8.4 million versus Beijing's roughly 21 million.

Beijing's richest resident is Zhang Yiming, the TikTok parent company ByteDance, worth $35.6 billion. In New York City, ex-mayor Michael Bloomberg is the wealthiest, with a net worth of $59 billion.

The US has long been home to more billionaires than any other country globally, but China has been catching up. According to the Forbes report, China and Hong Kong have minted 210 new billionaires in the past year, more than any other nation.

Five Chinese cities rank among the ten cities with the most billionaires, including particular administrative region Hong Kong in third place with 80 billionaires, Shenzhen in fifth with 68, and Shanghai in sixth place with 64.
The only other US city to make a list was San Francisco, ranked eighth with 48 billionaires.

The world's ultra-wealthy got even richer last year despite a pandemic and economic recessions. Globally, 660 people became new billionaires, bringing the world total to 2,755 billionaires worth a collective $13.1 trillion, per Forbes.

The COVID-19 pandemic has highlighted the gap between the world's billionaires and everybody else. In the US, for example, billionaires grew 44% richer in the pandemic, Lina Batarags recently reported for Insider. At the same time, 80 million Americans lost their jobs, and nearly 8 million slipped into poverty.