Chi­nese cities on world’s rich­est list

China Daily (Canada) - - VIEWS - By SHI JING in Shang­hai shi­jing@chi­nadaily.com.cn

China has shone in the lat­est list of the world’s rich­est cities, thanks to the rapidly ac­cu­mu­lated per­sonal wealth in the coun­try.

Ac­cord­ing to the World’s Wealth­i­est Cities list re­leased by the South African mar­ket con­sul­tancy New World Wealth ear­lier this month, a to­tal of three Chi­nese cities en­tered the top 10 — Bei­jing, Shang­hai and Hong Kong.

The mar­ket re­search firm gauges the to­tal amount of pri­vate wealth based on prop­erty, cash, eq­ui­ties and busi­ness in­ter­ests. Gov­ern­ment funds are ex­cluded from the fig­ures.

Bei­jing came fifth on the list with a to­tal wealth of $2.2 tril­lion, which was the high­est rank­ing among all the nom­i­nated Chi­nese cities.

Shang­hai caught up with Bei­jing to ar­rive at sixth place with a to­tal pri­vate wealth reach­ing $2 tril­lion. Dis­lodged by Los Angeles, Hong Kong took eighth place on the list with a to­tal wealth of $1.3 tril­lion.

New York City topped the list with to­tal wealth of $3 tril­lion. The top 15 cities glob­ally hold $24 tril­lion in wealth, which is about 11 per­cent of the world’s to­tal pri­vate wealth.

San Fran­cisco, Bei­jing, Shang­hai, Mum­bai and Syd­ney have shown the fastest growth rates of wealth in the past decade, ac­cord­ing to New World Wealth. Mum­bai is ex­pected to be the city with the high­est rate of growth in the next 10 years.

New World Wealth an­a­lysts sin­gled out two Chi­nese cities to watch. They stressed that Shen­zhen just missed the top 15 list with a to­tal wealth of $770 bil­lion. Point­ing out that the city is home to the Shen­zhen Stock Ex­change and telecom­mu­ni­ca­tions gi­ant Huawei Tech­nolo­gies, the South African mar­ket re­search firm also ac­knowle d g e d Shen­zhen as the high­tech cap­i­tal of China.

Be­sides, New World Wealth rated Hangzhou — the home to e-com­merce be­he­moth Alibaba Group Hold­ing Ltd — as the fastest grow­ing city in China in terms of wealth growth, de­spite the fact that the to­tal pri­vate wealth only came at $425 bil­lion this time.

Although there are in­di­ca­tions show­ing that eco­nomic growth is slow­ing in China, the sheer scale of the econ­omy, cou­pled with strong growth in the lo­cal high­tech, me­dia, en­ter­tain­ment and health­care sec­tors, will de­liver 140 per­cent an­nual growth among ul­tra-wealthy pop­u­la­tions in the up­com­ing few years, New World Wealth fore­casts.

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