Beijing pips NY in billionaires

BEIJING: Move over, New York City: Beijing is the new “Billionaire Capital of the World”.

The Chinese capital has overtaken the Big Apple as home to the most billionaires – 100 to 95 – according to Hurun, a Shanghai firm that publishes a monthly magazine and releases yearly rankings and research about the world’s richest people and their spending habits.

China’s richest man, real estate tycoon Wang Jianlin, came in 21st place globally behind Wal-Mart scions, the Swedish family that owns Ikea and Brazilian investor Jorge Paulo Lemann.

People will look at China as they looked at Silicon Valley in the 1990s.