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There’s A new home for the world’s billionaires

Beijing Billionaires

Approximate Reading Time 2-4 Mins / Video Running Time 1.5 Mins.

Up until very recently, the primary cities that boasted the most billionaires per capita were London and New York, but now a recent study has shown that there is a new home for a large percent of the world’s wealth.

On February 24th, Hurun Report released the Hurun Global Rich List 2016 which contained some surprising statistics and revelations, the most significant of which being that China has now overtaken the USA with the amount of billionaires in the country.

New York previously boasted the title of the city with the most amount of billionaires roaming its streets, but now it’s Beijing which houses the largest number of the super-rich with 100, compared to 95. Outside of the major cities, there has also been a major change, as displayed below.

Infographic courtesy of MarketWatch

Infographic courtesy of MarketWatch

Rupert Hoogewerf, the study’s lead researcher, has been quoted in MarketWatch as saying that “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 listings,” before adding that “Growth in billionaires for the rest of the world was held back by a slowdown in the global economy, the strengthening of the U.S. dollar and the drop in oil prices.”

The new  stats show that there are now over 2,000 billionaires worldwide ,with a total combined wealth of $7.3 trillion. To cast further perspective on that figure, it’s around half the GDP for the entire European Union.

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