From Beijing to Hangzhou, China’s richest cities are behind the billionaire boom in 2020.
A quarter of the 2,755 members of the Forbes 2021 ranking of the world’s billionaires live in just 10 cities, with more than 10% in just four Chinese metropolises. For the first time in seven years, the Big Apple lost its number one spot, as Beijing recorded a net gain of 33 new billionaires. The Chinese capital is now home to 100 billionaires, just ahead of New York City, which has 99. All ten cities saw a net increase in the number of billionaires, reflecting the global growth in the number of billionaires during the year last.
Thanks to China’s resistance to the pandemic, the four Chinese cities on this year’s list – Beijing, Shanghai, Shenzhen and newcomer Hangzhou – have welcomed 96 billionaires, compared with a net gain of 53 for the other six cities. . Shenzhen dropped from seventh to fifth place among the most popular cities for billionaires. Hangzhou slipped into tenth place (ousting the city-state of Singapore from the list), while Shanghai held on to sixth.
Despite an eventful year for the Empire State (New York, editor’s note), New York City welcomed seven new billionaires. Across the Atlantic, London also had seven new billionaire residents, although it fell from fifth to seventh among the top ten-digit wealth cities. To round out the top 10, Moscow moved from third to fourth, Hong Kong moved from second to third, while Bombay and San Francisco, both with 48 billionaires, are tied for eighth. .
Here are the 10 cities in the world with the most billionaires:
# 1 | BEIJING: 100 billionaires
Since last year : +33
Total net worth: $ 484.3 BILLION
Richest resident: ZHANG YIMING, 35,6 MILLIARDS DE DOLLARS
Beijing welcomed 33 new billionaires, as China quickly recovered from its pandemic woes, dropping from fourth to first place on our annual list. Beijing’s richest newcomer is Wang Ning, 34, whose burgeoning toy company Pop Mart went public in Hong Kong in December 2020. Zhang Yiming, Beijing’s richest resident and founder of social media TikTok, doubled his net worth to $ 35.6 billion.
# 2 | NEW YORK: 99 billionaires
Since last year : +7
Total net worth: $ 560.5 BILLION
Richest resident: MICHAEL BLOOMBERG, $ 59 BILLION
After dropping to second place, billionaires in New York can take comfort in seeing that their cumulative net worth remains $ 80 billion higher than that of billionaires in Beijing. Michael Bloomberg ($ 59 billion) remains the richest person in town. Newcomers to the Big Apple include Boris Jordan, a native of Long Island and founder of cannabis distributor Curaleaf, as well as Alexis Lê-Quôc and Olivier Pomel, co-founders of cloud monitoring company Datadog.
# 3 | HONG KONG: 80 billionaires
Since last year : +9
Total net worth: $ 448.4 BILLION
Richest resident: LI KA-SHING, $ 33.7 BILLION
Despite a real estate slump and growing Chinese interference in its political affairs, Hong Kong has welcomed nine new billionaires, making the former British colony the third largest place for billionaires to live. Retired investment legend Li Ka-shing added $ 12 billion to his fortune, becoming the wealthiest resident of the port city. Meanwhile, media mogul and former Hong Kong billionaire Jimmy Lai was arrested in August 2020 under the city’s controversial national security law.
# 4 | MOSCOW: 79 billionaires
Since last year : +9
Total net worth: $ 420.6 BILLION
Richest resident: ALEXEY MORDASHOV & FAMILY, $ 29.1 BILLION
Moscow also welcomed nine new billionaires last year, although the city slipped to fourth place. Although Russia’s GDP contracted in 2020, it has been a good year for billionaires in the capital; its 10 richest people all got richer, adding $ 72 billion to their collective fortunes.
# 5 | SHENZHEN: 68 billionaires
Since last year : +24
Total net worth: $ 415.3 BILLION
Richest resident: MA HUATENG, $ 65.8 BILLION
The net gain of 24 billionaires in Shenzhen is second only to that of Beijing. Shenzhen’s 68 billionaires, with one exception, are self-taught, which is testament to the city’s nickname, “China’s Silicon Valley”. Shenzhen’s richest resident, Tencent boss Ma Huateng, increased his fortune by $ 28 billion, giving the web and media mogul a net worth of $ 65.8 billion.
# 6 | SHANGHAI: 64 billionaires
Since last year : +18
Total net worth: $ 259.6 BILLION
Richest resident: COLIN ZHENG HUANG, $ 55.3 BILLION
Shanghai remained in sixth place despite the arrival of 18 new billionaires. The e-commerce boom has helped the city’s richest resident, Colin Huang, founder of Pinduoduo, whose fortune has tripled to $ 55 billion. Other winners of the Shanghai pandemic include pharmaceutical industry tycoons Li Ge (over $ 5 billion) and Zhong Huijuan (over $ 5 billion), chairmen of Wuxi Biologics and Hansoh Pharmaceutical respectively.
# 7 | LONDON: 63 billionaires
Since last year : +7
Total net worth: 316.1 BILLION DOLLARS
Richest resident: LEN BLAVATNIK, $ 32 BILLION
London has had a difficult year 2020, with Brexit and Covid-19 having damaged the city’s economy. However, the British capital has managed to welcome seven new billionaires. Among the newcomers is José Neves, a Portuguese citizen and founder of online luxury fashion retailer Farfetch, whose share rose 500% last year. On average, billionaire London residents are 37% richer than they were last year.
# 8 | BOMBAY: 48 billionaires
Since last year : +10
Total net worth: $ 265 BILLION
Richest resident: MUKESH AMBANI, $ 84.5 BILLION
The Indian megalopolis recorded a gain of 10 billionaires. Mukesh Ambani, the tenth richest person in the world and chairman of conglomerate Reliance Industries, doubled his net worth to nearly $ 85 billion. His fortune now represents about a third of the total wealth of Bombay billionaires.
# 8 | SAN FRANCISCO: 48 billionaires
Since last year : +11
Total net worth: $ 190 BILLION
Richest resident: DUSTIN MOSKOVITZ, $ 17.8 BILLION
San Francisco has welcomed 11 billionaires to its ranks, including food delivery pioneers Apoorva Mehta (founder of Instacart) and Tony Xu (CEO of DoorDash), complicating the tale of tech moguls fleeing Silicon Valley for cities like Miami and Austin. The three Airbnb co-founders are now among the city’s five biggest fortunes, following their company’s IPO in December 2020. Dustin Moskovitz, one of Facebook’s first employees, remains the person most in charge. wealthier in town; its management start-up Asana went public last September.
# 10 | HANGZHOU: 47 billionaires
Since last year : +21
Total net worth: $ 269.2 BILLION
Richest resident: ZHONG SHANSHAN, 68,9 MILLIARDS DE DOLLARS
Hangzhou has won 21 billionaires, which allows it to overtake Singapore for the 10th square. The fortune of Jack Ma, co-founder of Alibaba, increased by $ 9 billion to $ 48 billion, despite his run-ins with Chinese authorities. With a net worth of nearly $ 69 billion, Zhong Shanshan became the richest person in Hangzhou – and the 13th richest in the world – after the September 2020 IPO of its bottled water company Nongfu Spring.
Article translated from Forbes US – Author: John Hyatt
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