Beijing Is Now The Billionaire Capital Of The World

Beijing is the new "Billionaire Capital of the World.'' The Chinese capital has overtaken the New York as home to the most billionaires -- 100 to 95 -- according to Hurun, a Shanghai firm that publishes a monthly magazine and releases yearly rankings and research about the world's richest people and their spending habits.

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 cooling economy.

Different tabulations of wealth, such as the Hurun Report and the Forbes list, have historically produced somewhat different results depending on their methodology.

Rupert Hoogewerf, the founder of Hurun, attributed China's explosive wealth creation to Chinese market regulators allowing a flood of new initial public offerings after holding back new IPOs for several years.

Hoogewerf said his wealth calculations were made using stock prices as of Jan. 15, which means they took into account the Chinese market's 40 per cent tumble over the past half year.

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