Beijing home to more billionaires than any other city in world

As per Forbes, Beijing hosts more than 100 billionaires as compared to last year when it has 33 billionaires.

Followed by Beijing is beats New York City, which hosts 99 billionaires and has held the top slot for the last seven years.

It is said that Beijing’s quick strategy to curb the spread of novel coronavirus, the rise of its technology firms and stock markets assisted it gain the top spot.

Both China and the United States (US) have seen its technology giants grow during the coronavirus pandemic as more people looked for sources of entertainment online. This resulted in immense creation of personal wealth for the founders and shareholders of these tech titans.

Although Beijing now hosts more billionaires than the Big Apple, the combined net worth of New York City's billionaires remained US$80bn (£58bn) greater than that of their counterparts in Beijing.

The list revealed that Beijing's richest resident was Zhang Yiming, who is the founder of video-sharing app TikTok and chief executive of its parent firm ByteDance. He net worth almost doubled to $35.6bn in last year.

The Forbes report further revealed that a record 493 newcomers joined the list globally last year which means that almost one new billionaire was made part of list after 17 hours.

It is pertinent to mention here that founder and chief executive of Amazon, Jeff Bezos retains the spot of world's richest person for the fourth consecutive year. His net worth increased by $64bn to $177bn last year.