China Overtakes The US As Country With Highest Number Of Billionaires

Posted: Feb 25 2016, 9:20am CST | by , in News | Latest Business News


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Wang Jianlin, richest man in China
Photo credit: EPA

Beijing in China is now the country with the largest number of billionaires, overtaking New York in the US which is now shifted to second place. This new report is according to Hurun, a firm that tracks wealthy people in China and publishes the annual Global Rich List which it has been doing for the past 5 years.

Beijing now has a total of 100 billionaires compared with 95 in New York; and Shanghai comes fifth place as the city with the largest number of billionaires.

According to the report, 32 new billionaires surfaced in Beijing between last year and this time, while New York witnessed the emergence of only four new billionaires between this period - BBC reports.

The interesting thing in the Hurun report is that while China now overtakes the US as the country with the highest number of billionaires, the top 10 billionaires in this list are Americans.

China acquired 90 new billionaires to have a total of 568 billionaires today, while the US has a total of 535. The combined net worth of the Chinese billionaires is $1.4 trillion, comparable to the GDP of Australia.

Rupert Hoogewerf, chairman of Hurun commended the rise of the billionaires even in the face of the stock market upheaveal and the economic slowdown in China. He however pointed out that since Initial Public Offerings had been put on hold for several years, the approval for new share issues may have helped the billionaires to make the list.

With an estimated worth of $26 billion, Wang Jianlin still remains the richest man in China – but he is not within the top 10 list of Hurun. Bill Gates tops the list here with a net worth of $80 billion seconded by Warren Buffet who has $68 billion, followed by Amancio Ortega of Spain with a net worth of $64 billion.

In total, Hurun reveals there are now 2,188 billionaires in the world.

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<a href="/latest_stories/all/all/52" rel="author">Charles I. Omedo</a>
Charles is covering the latest discoveries in science and health as well as new developments in technology. He is the Chief Editor or Intel-News.




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