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Beijing Overtakes Manhattan To Become Home To The Most Billionaires

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Officially, there is a new capital of billionaires in the world. New York City no longer has the highest concentration of billionaires for the first time in the seven years that we have been tracking their net worths. Beijing presently holds that honor.

With 100 billionaires, Beijing has surpassed New York City’s 99 billionaires to become the new global capital of the billionaire class.

Beijing skyline (Photo by Lintao Zhang/Getty Images)

(Image by Lintao Zhang/Getty Images) Beijing skyline

Beijing captured the crown thanks to adding 33 new billionaires in 2020, including Zhang Yiming, the (soon to be former) CEO of ByteDance, which owns TikTok. Yiming has a current net worth of $44 billion and stated on Thursday that he will be leaving the company.

In 2020, New York City will only have seven new billionaires. By the way, with 8.4 million residents compared to Beijing’s 21 million, New York City is almost 40% the size of Beijing. With a $60 billion net worth, Michael Bloomberg is the richest person in New York City.

China is making every effort to overtake the United States in terms of billionaires. China and Hong Kong added 210 new billionaires in the past year, which is more than any other country in the world. The top 10 cities with the most billionaires include five Chinese cities. The only other U.S. city to make the list besides New York City is San Francisco with 48 billionaires. For instance, there are 68 and 64 billionaires, respectively, in the Chinese cities of Shenzhen and Shanghai.

During the pandemic, billionaires have done extremely well. The wealth of American billionaires increased by 44% in the previous year. Eight million Americans plunged into poverty at the same time that 80 million Americans lost their employment.