Beijing listed as billionaire capital of world once again

Beijing listed as billionaire capital of world once again
Top 5 riches Chinese on Hurun's right list 2017.
PHOTO: China Daily/ Asia News Network

Beijing is listed as the billionaire capital of the world for the second year running, ahead of New York, and followed by Hong Kong and Shenzhen, according to the latest findings in the Hurun Global Rich List 2017 released on Tuesday.

Bill Gates remains the richest man in the world with a net wealth of US$81 billion(S$114 billion), and Warren Buffett held onto the second place with US$78 billion. Jeff Bezos, founder and CEO of Inc, reached the top three for the first time, after his wealth surged 37 per cent to US$72 billion.

The total number of Chinese billionaires exceeded that of the United States for the second year running. China and the US, with 609 and 552 billionaires respectively, accounted for half of the billionaires worldwide, the report said.

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Globally, the logistics and retail sectors performed the best, gaining 15 per cent and 13 per cent respectively, in terms of the number of billionaires.

Meanwhile, Germany had the third-largest number of billionaires this year, surpassing India. The United Arab Emirates and Indonesia broke into the top 20 for the first time.

"Shenzhen and Hong Kong now have one of the highest concentrations of wealth in the world, ahead of even California, the state with the most billionaires in the US," said Rupert Hoogewerf, chairman and chief researcher of Hurun Report.

"Global wealth is being concentrated in the hands of the billionaires at a rate far exceeding global growth," Hoogewerf added.

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China added 41 billionaires over last year and their average age was 58, younger than the global average of 64.

The IPO of Chinese leading delivery and logistics firm SF Express Group Co in February made Wang Wei, the CEO of the company, the third-richest man in China.

His wealth surged fivefold to US$27 billion, just behind Dalian Wanda's Wang Jianlin with US$30 billion and Alibaba's Jack Ma with US$29 billion.

In China, the real estate sector generated the biggest number of billionaires, followed by the manufacturing, technology, media, and telecom industries.

At the same time, 15 per cent of the billionaires were women. Among the 152 women who made the fortunes by themselves, Chinese led the way with 121.

"China is indisputably now the best place in the world to be a female entrepreneur," Hoogewerf said.

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