Beijing is home to the world's most billionaires, pushing New York City out of the top slot it had held for years, according to a Shanghai-based research and media outlet that keeps track of the world's wealthiest.
Despite a slowing economy, the Chinese capital added 32 billionaires, bringing its total to 100 and New York added four, giving it 95 billionaires, according to the Hurun Global Rich List 2016.
Moscow came in third with 66, and Hong Kong and Shanghai came in fourth and fifth with 64 and 50, respectively, Hurun said in its ranking of US dollar billionaires as of Jan 15.
Wang Jianlin of Dalian Wanda, one of China's top real estate developers, was the wealthiest Beijing resident with a net worth of $26 billion.
New York's top billionaires were businessman David Koch and Michael Bloomberg, the city's former mayor and media company owner. His wealth increased $16 billion to $37 billion, according to Hurun. Another city resident whose wealth increased is Republican presidential hopeful Donald Trump. He added $5 billion to go to $6.5 billion.
While China has passed the US with the most billionaires, the Hurun report noted that none of the richest billionaires are from China. Eight of the world's 11 wealthiest, including Microsoft founder Bill Gates, the world's wealthiest with $80 billion, Berkshire Hathaway's Warren Buffett, Amazon's Jeff Bezos and Facebook's Mark Zuckerberg are from the US.
And the combined net worth of US billionaires is still nearly double that of Chinese billionaires, for a total of $2.4 trillion, just a little less than the GDP of France, according to the report.
Rupert Hoogewerf, the founder of Hurun, said initial public offerings are behind the rapid expansion of Chinese wealth.
In October, China overtook the US for the first time as the country with the most billionaires within its borders. About 568 billionaires now live in China and 535 in the US.
Hoogewerf said the number of billionaires for the rest of the world was held back by a slowdown in the global economy, the strengthening of the US dollar and the drop in oil prices.
