Beijing is Billionaire Capital of the World

 

Beijing has become the billionaire capital of the world. Last year 32 new billionaires lived in Beijing, which overtook New York as the city with the most billionaires.

According to a report published by a Shanghai-based company, Beijing has 100 billionaires, compared with 95 in New York. Moscow comes in third with only 66 billionaires living in the city. Two more Chinese cities, Hong Kong and Shanghai  belong to the top ten list of the world's wealthiest cities.

In a ranking of nations, China is also in the top spot as a country with the most billionaires, a total of 568 compared with the 535 in the United States. China's billionaires have a combined fortune of $1.4 trillionHowever, 7 of the world's wealthiest people are still American. China's richest citizen is Wang Jianlin, a real estate tycoon, who is 21st in a global ranking.

The study shows that business in China  is still expandingdespite  a slower growth rate of the economy and unsteady stock markets. Much of the money billionaires make comes from technology, manufacturing and real estate.

 

Skyline of Beijing

Beijing - the world's billionaire capital - Image: ahenobarbus

 

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Words

  • according to = as said by ...
  • billionaire = person who has over 1,000,000,000 dollars , euros or any other money form
  • citizen = a person who lives in a country and has rights there
  • combined = together
  • compare with = to look at how two or more things are different
  • despite = even though
  • economy = system of trade and industry in a country
  • expand = grow, become larger
  • fortune = all the money you have made over a certain period of time
  • global = worldwide
  • however = but
  • manufacturing = the business of producing goods in large numbers
  • overtake = to have more than ...
  • publish = here: to release a document to the public or the media
  • ranking = a list of the best
  • real estate = what belongs to you in the form of land, houses and buildings
  • stock market = place where shares of companies are bought and sold
  • top spot = leading, number one
  • trillion = 1,000,000,000,000
  • tycoon = very rich and successful businessman
  • unsteady = with ups and downs
  • wealthiest = richest