China’s capital Beijing has overtaken New York city as home to the most billionaires 100 to 95 according to Hurun, a Shanghai firm that releases yearly rankings and research about the 1 per cent.
The study, which comes months after reports suggested China now has more billionaires than the United States, highlights how China’s elite are continuing to accrue vast wealth despite a wobbling stock market and tepid economy. Beijing took the title from New York after minting 32 new billionaires last year, while New York gained four.