Beijing overtakes New York City as City with most billionaires in the world after bouncing back from Covid-19

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Beijing overtakes New York City as City with most billionaires in the world after bouncing back from Covid-19

Beijing now has more billionaires than any other city in the world after bouncing back quickly from Covid-19, according to the Forbes’ 2021 World’s Billionaires List.

 

The Chinese capital added 33 billionaires last year and now hosts 100, said the business magazine. This narrowly beats New York City, which hosts 99 and has previously held the top spot for seven years running.

 

The report said China’s quick response to and containment of the Covid-19 pandemic, and the rise of its technology firms and stock markets, helped it gain the number one spot. 

 

The richest person in Beijing is Zhang Yiming, the founder of video-sharing app TikTok, and the CEO of its parent firm ByteDance. He saw his net worth double to $35.6 billion from 2020, as the app’s popularity exploded.

 

Beijing overtakes New York City as City with most billionaires in the world after bouncing back from Covid-19

 

Although, even as Beijing now has more billionaires than the Big Apple, the combined net worth of New York City’s billionaires remained US$80bn (£58bn) greater than that of their counterparts in…



Source: Linda Ikeji