Thursday, February 25, 2016

Beijing beats NYC as billionaire capital

Feb 25 2016 : The Times of India (Chennai)
Beijing beats NYC as billionaire 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 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 .
Rupert Hoogewerf, the founder of Hurun, attributed the 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 January 15, which means they took into account the Chinese market's 40% tumble over the past half year. Had the calculations been made at the market's peak last summer, the number of Chinese billionaires would have been nearly 150, Hoogewerf said.
Beijing took the title from New York after minting 32 new billionaires last year, while New York gained four.Moscow came in third place, with 66 billionaires, while Hong Kong and Shanghai came in fourth and fifth with 64 and 50, respectively.
Chin's richest man, real estate tycoon Wang Jianlin, came in 21st place globally behind Wal-Mart scions, the Swedish family that owns Ikea and Brazilian investor Jorge Paulo Lemann. Hoogewerf said China had a high proportion of self-made billionaires compared to the US.

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