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Beijing Trumps New York City to Become Home to Most Billionaires, Mumbai 8th on Forbes List, See Top 10 Cities

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Beijing Trumps New York City to Become Home to Most Billionaires, Mumbai 8th on Forbes List, See Top 10 Cities

Beijing replaced New York City as home to highest number of dollar billionaires, according to a new list by the prestigious Forbes magazine. Bouncing back from the slump caused by the COVID-19 pandemic, China added 33 new billionaire, while NYC added 7 billionaires.

At 724, the US has more billionaires than any other country in the world (up from 614 last year). China is closing the gap with 698 billionaires, up from 456 last year. As a result of the gains in China, Beijing is home to more billionaires than anywhere in the world, overtaking New York City, Forbes said.

India has the third highest number of billionaires, with 140, followed by Germany with 136 and Russia with 117. Mumbai featured in the Forbes list with 48 dollar billionaires as it added 10 billionaires last year. Reliance Industries chairman Mukesh Ambani, now Asia’s richest man, doubled his net worth to nearly $85 billion, about one-third of Mumbai billionaires’ total wealth.

Forbes list of top 10 cities with most number of billionaires:

1. Beijing

2. New York City

3. Hong Kong

4. Moscow

5. Shenzhen

6. Shanghai

7. London

8. Mumbai

9. San Francisco

10. Hangzhou

Forbes said the 1,149 billionaires from Asia-Pacific countries together are worth USD 4.7 trillion, while the US billionaires are worth a total USD 4.4 trillion. On the global list, 106 are under 40. The youngest billionaire is 18-year-old Kevin David Lehmann of Germany, whose father Guenther Lehmann transferred his stake in drugstore chain dm-drogerie mkt to him. His worth is USD 3.3 billion and ranks 925 on the list, while the oldest billionaire is 99-year old US insurance tycoon George Joseph, it said.

The number of billionaires on Forbes’ 35th annual list of the world’s wealthiest exploded to an unprecedented 2,755 — 660 more than a year ago, altogether worth USD 13.1 trillion, it said. There are a record high 493 newcomers to the list, roughly one new billionaire every 17 hours, including 210 from China and Hong Kong and 98 from the US French billionaire Bernard Arnault, who oversees an empire of 70 brands, including Louis Vuitton and Sephora, is the third richest person in the world with a net worth of USD 150 billion, followed by chair of the Bill & Melinda Gates Foundation Bill Gates (USD 124 billion), Facebook founder Mark Zuckerberg (USD 97 billion).

The top 10 richest are worth USD 1.15 trillion, up by two-thirds from USD 686 billion last year. Altogether, Europe’s billionaires are USD 1 trillion richer than a year ago. The richest woman this year is cosmetics heir Francoise Bettencourt Meyers of France, who with a net worth of USD 73.6 billion is ranked 12th.

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