Beijing City, the capital of China, now has a total of 100 billionaires as its residents, making it the billionaire capital of the world, as stated by Forbes’ yearly list of the world’s richest people for 2021. The city of Beijing closely beats New York City which held the top spot for seven years and has a current total of 99 billionaires. Beijing’s rise to the top spot is due to its fast containment of the COVID-19 virus and its successful technologies firms. However, New York City’s billionaires combined net worth remains greater than those in Beijing. The richest citizen of Beijing is Zhang Yiming, the creator of the video-sharing app TikTok, whose net worth is now $35.6bn. In New York, former Mayor Michael Bloomberg is currently the richest citizen with a net worth of $59bn.

China, along with the US has seen the incredible growth of technology markets due to the increasing number of online shoppers in the pandemic. This has contributed to the personal wealth gained by founders and shareholders of many technology and manufacturing companies. With China’s total number of 668 billionaires, it is now catching up to the US’ 724 billionaires. Jeff Bezos, founder and chief executive of Amazon, remains the world’s richest person. His net worth grew by $64bn to $177bn in the past year.