The Chinese capital of Beijing has replaced New York as the billionaire capital of the world, the Hurun Global Rich List 2016 declared Wednesday.
China has topped this 2016's global rich list with 32 new additions in this year, according to The Independent. The country has 568 billionaires as compare to the U.S.' 535. India, with 111 billionaires, came in third place.
Out of China's 568 billionaires on the list, 100 are based in Beijing. New York, on the other hand, stands in second place on the list with 95 billionaires, according to CNN Money.
"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," Rupert Hoogewerf, chief researcher of Hurun Report, said in a statement.
Ninety-nine new billionaires found a spot on this year's Hurun Rich List. The 2016 list ranked 2,188 billionaires from 68 countries.
"Growth in 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. The number of billionaires, however, has jumped 50% since 2013," Hoogewerf said.
The wealth of billionaires increased by nine percent to $7.3 trillion, more than the GDP of Germany and the U.K. combined and coming close to half that of the U.S., the report said.
