China now hosts three cities with the greatest number of billionaires in the world, data from Global Rich List, an annual ranking prepared by the Shanghai-based research firm Hurun Report, shows.

Hurun Report says there were 3,381 billionaires in the world as of 2021, 153 more than the previous year, with 1,133 of them living in China.

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The greatest number of billionaires – 144 – live in Beijing, followed by Shanghai with 121. New York used to occupy the third spot with 110, but was recently outdone by Shenzhen, a former fishing village turned China’s Silicon Valley, with 113 of the globe’s most wealthy.

The city has been basking in a growing concentration of wealth, adding eight billionaires to its list since last year to the Chinese style Silicon Valley.

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According to Heng Chen, an associate professor of economics at the University of Hong Kong, Shenzhen’s rise stemmed from its efforts to make the city welcoming to businesses, for instance, by offering tax breaks to high-tech companies.

The structure of the population is still very young compared to other super cities or first-tier cities in China, so that’s one of the reasons why it’s a very attractive place, adding that Shenzhen authorities commit a lot of financial resources to attract top talents from the rest of the world.

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Shenzhen started growing rapidly back in 1980, after it was granted the rights of China’s first special economic zone, which allowed the city to attract foreign investment. As a result, its GDP grew from less than $28 million to roughly $475 billion in the last 4 decades.

The city hosts a number of China’s major tech firms, including Huawei and Tencent, which analysts say, draws other big names.

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In 2021, some 2,500 new high-tech companies were set up in Shenzhen, making their total around 17,000, according to local government data.

Zhong Shanshan, the founder of beverage company Nongfu Spring, is China’s richest person with a net worth of $72 billion.

ByteDance (TikTok owner) founder Zhang Yiming, is second with $54 billion, and Zeng Yuqun, head of electric-vehicle battery maker CATL is third with $53 billion.

RT. com / ABC Flash Point News 2022.

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Malaparte
Malaparte
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20-04-22 19:03

Again PAPER wealth. Now is this real wealth with real assets or PAPER puffed up financial bubbles tulip bulbs ? When the tide comes in, you notice who is naked. Wealth without considering the debt levels and the financial leverage being used by these ”billionaires” is meaningless. Case in point ? ENRON. Today there are now tens of thousands of ENRONS across the world.

Pishi Porko
Pishi Porko
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Reply to  Malaparte
20-04-22 19:29

comment image

Morte
Morte
Guest
20-04-22 19:11

A socialist country that tries to distribute wealth fairly has more billionaire’s than tue US now. Sign of the times.

RK01
RK01
Guest
20-04-22 19:14

It’s an insult to even compare Shenzhen to new York. For a start, there is no such thing as impoverished people in Shenzhen, unlike NY that has a population of at least 43,000 homeless people including 25,000 children at the last count. I was in Shenzhen in 2017. It was a gleaming, spotless and well-managed place from end to end with the air of prosperity reflected on the face of every one of its inhabitants, unlike New York, where mugging, shooting and criminality of every category is woven into the daily lives of it citizens.

Pishi Porko
Pishi Porko
Guest
20-04-22 19:27

Is this a Fishing City or a Phishing City? LOL