After looking at the ultra-wealthy, globally, it appears Beijing has the highest concentration of dollar-rich billionaires. This is according to a new study published by MoneyTransfers.com.
The site concluded that Beijing is home to 145 dollar billionaires and that it has retained its first position globally after added 35 new people to its list in 2020.
MoneyTransfers’ CEO Jonathan Merry commented: "China continues to rip big from its optimization of the investment market by liberalizing and facilitating investments. The trickle-down has seen certain regions emerge as investment hubs. One of these is Beijing. Its modernization and dynamism provide the perfect scene for incubating business ideas, particularly in technology."
The analysis also showed that China has the highest number of dollar-rich billionaires. The country is the only one who has over 1,000 people whose net worths are over a billion dollars, the report says. The U.S. comes in second:
"Chinese cities also dominate the global top 10 inhabited by these ultra-rich," MoneyTransfer.com reported. "Shanghai follows Beijing in the second position with 113 billion dollar-rich individuals. It outranked New York from 2020 after gaining another 30 of these in 2021."
New York is the third most attractive city to the ultra rich, the report notes. London is fifth and Moscow is seventh.