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Beijing overtakes New York as 'billionaire capital', February 25, 2016

Beijing has overtaken the New York City as the billionaire capital of the world, according to the latest release of Hurun Global Rich List. Hurun, a Shanghai-based firm that publishes yearly rankings of the world's richest, noted that out of a record 2,188 billionaires in 68 countries and regions, China took-up 568 places on the list with a hundred of them based Beijing, the capital of the country.  China also overtook the United States in terms of the total number of ultra-rich for the first time this year, with 90 new wealthy Chinese entering the list this year. Leading the Chinese billionaires is Wang Jianlin, chairman of the Dalian Wanda Group, China's largest real estate developer and the world's largest movie theater operator. Jack Ma, founder and executive chairman of the e-commerce giant Alibaba, is ranked 36th, with US$21 billion. Topping the list are Microsoft founder Bill Gates, and renowned investor Warren Buffett, with 80 billion and US$68 billion, respectively. The combined wealth of the billionaires' club expanded by 9 percent to US$7.3 trillion, higher than the GDP of Germany and the UK put together. China's richest individuals contributed US$1.4 trillion of the total, close to the GDP of Australia.