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Beijing houses more billionaires than New York today: report

By Sabir Shah
February 27, 2016

LAHORE: Beijing has overtaken New York as the city with the highest number of billionaires for the first time, a new report by China-based firm Hurun says. Messrs Hurun has revealed that Beijing is home to over 100 billionaires up 32 from 68 last year. On the other hand, New York has 95 billionaires.

  According to a BBC report of February 25, 2016, Beijing is now the new billionaire capital of the world, but eight of the top 10 richest people residing on the globe are Americans. The BBC has stated that China has the most number of billionaires breathing on its soil, though the "Forbes" 2015 list had estimated that the United States had the largest number of billionaires with 536.

Meanwhile, citing the "Hurun Report, leading American news channel "CNBC" has viewed: "China now has the most billionaires despite the country's economic slowdown, stock market plunge and crackdown on corruption, according to a China-based wealth research firm. The Hurun Report said China now has 568 billionaires versus the United States' 535, giving it the largest population of billionaires in the world. According to Hurun, China's billionaire population first surpassed the United States in August and grew by a total of 90 last year. Granted Hurun's numbers are subject to some debate, as they differ from those of Forbes and other wealth research firms, which still put the US far ahead of China when it comes to billionaires. According to Forbes' China Report 2015, China has 335 billionaires compared with 536 in the US."

The "CNBC" has added: "Worldwide, Hurun said there are now 2,188 billionaires up 99 from 2014 and marking a new record. Yet it said billionaire growth globally is slowing along with the economy. The total wealth of the world's billionaires grew 9 percent in 2015 to $7.3 trillion — more than the combined GDPs of Germany and the UK For the first time, Beijing has also passed New York as the billionaire capital of the world, 100 to 95, Hurun said. The report said China has the largest number of billionaires under age 40, with 28. China also has the largest number of self-made women, with 93 of 124 self-made women billionaires worldwide."

The 45-year old Luxembourg-born Rupert Hoogewerf, chairman and chief researcher of Hurun Report, was quoted by the CNBC as saying: "Despite its own slowdown and falling stock markets, China minted more new billionaires than any other country in the world last year, mainly on the back of new listings."

  The "CNBC" has asserted: "Hoogewerf couldn't be reached for comment on why Hurun's numbers differ from Forbes'. And determining people's personal wealth is hardly an exact science — especially in an economy as opaque as China's. Yet he has previously told CNBC that if anything, Hurun's China count is low."  

Meanwhile, research conducted by the "Jang Group and Geo TV Network" shows the "Forbes" 2015 list had revealed that China had 213 billionaires, India had 90 and Russia had 88.

Earlier, the BBC had reported on March 13, 2015 that between 2004 and 2010, the number of Chinese billionaires had risen from three to 64.

According to the latest February 2016 World's Billionaires List published by the African edition of the renowned American business magazine "Forbes" and also carried by CNBC Africa, Microsoft's co-founder Bill Gates has retained his position as the world’s wealthiest man with a net worth of $77.4 billion even with a slight decline of $1.8 billion from last year’s Forbes Billionaire list. He has held this position for the 17th time in the last 22 years.

The February 2016 African edition of "Forbes" reveals: "Gates is closely followed by Spaniard Amancio Ortega, who is the brains behind Inditex fashion group, which owns Zara clothing and accessories retail shops. With $48.9 billion, Facebook's co-founder Mark Zuckerberg has moved up 10 spots making him among the 10 wealthiest people in the world. Zuckerberg holds the sixth position with his net worth increasing by $15.5 billion from $33.4 billion in 2015. With 22 African billionaires this year, the number on the list has dropped by seven, compared to 29 in 2015."  

It adds: "The list is dominated by Egyptians, who have a combined net worth of $14.1 billion, $2.3 billion shy of Nigerian billionaire, Aliko Dangote’s net worth. Dangote remains the richest African on the list with his net worth increasing by $700 million from 2015. Africa’s richest have a combined $74.5 billion, a drop of $19.5 billion from $94 billion in 2015. The wealthiest group are South Africans with a combined net worth of $20.1 billion. From the 54 African countries, only seven are represented in the list and only two women."  

According to the March 2015 World's Billionaires List of the "Forbes," the richest Chinese person is property developer Wang Jianlin with a wealth of $26 billion, but he is far behind Bill Gates ($80 billion), Warren Buffet of United States ($68 billion), Carlos Slim of Mexico ($77.1 billion), Amancio Ortega of Spain ($64.5 billion), Larry Ellison of United States ($54.3 billion), Charles Koch of United States ($42.9 billion), David Koch of Unitedstates ($42.9 billion), Mrs Christy Ruth Walton of United states ($41.7 billion), Jim Walton of United states ($40.6 billion) and Mrs Liliane Henriette Charlotte of France ($40.6 billion).

Mark Zuckerberg, the social media magnate and founder of Facebook, was placed last year at number 16 with $33.4 billion. It is pertinent to note that each year; the "Forbes" employs a team of more than 50 reporters from a variety of countries to track the activity of the world's wealthiest individuals. Self-made billionaires had made up the largest number of people on the "Forbes" 2015 list with 1,191 positions (over 65 percent) while just 230 (under 13 percent) had wealth through inheritance. The number of billionaires who inherited a portion but are still working to increase their fortunes is 405.

BBC had stated on March 4, 2015: "But Bill Gates is no stranger to the top spot - he's been named the richest man in the world in 16 out of the last 25 years! Minecraft creator Markus Persson made the list and 24-year-old Snapchat co-founder Evan Spiegel has been named the youngest billionaire.

In March 2015, according to the "Forbes," there were a record 1,826 billionaires from 66 countries around the globe. These had included a record 290 newcomers with 71 from China, 57 from the US, 28 from India and 23 from Germany. As of March 2015, these 1,826 billionaires had a combined net worth of $7.05 trillion, which--at that time-- was more than the combined GDP of 152 countries. People under 40 had 46 join the list. A record of 197 women had also featured on the "Forbes" 2015 list. The average net worth of the listed came in at $3.86 billion, down $60 million from 2014. Added together, the total net worth for 2015's billionaires was $7.05 trillion, up from $6.4 trillion in 2014. merican oil magnate John D. Rockefeller became the world's first confirmed US dollar billionaire in 1916.

(Reference: Carl O'Donnell's July 11, 2014 report "The Rockefellers: The legacy of history's richest man." This article was published by the "Forbes")