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Beijing overtakes NYC as 'Billionaire Capital of the World'

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    Associated Press

Beijing   /   Mon, March 21, 2016   /  09:36 pm
Beijing overtakes NYC as 'Billionaire Capital of the World' People sit in waiting areas at the Shanghai Hongqiao Railway Station in Shanghai, Jan. 29. (AP/-)

Move over, New York City: Beijing is the new "Billionaire Capital of the World."

The Chinese capital has overtaken the Big Apple as home to the most billionaires — 100 to 95 — according to Hurun, a Shanghai firm that releases yearly rankings and research about the 1 percent.

The study, which comes months after reports suggested China now has more billionaires than the United States, highlights how China's elite are continuing to accrue vast wealth despite a wobbling stock market and tepid economy.

Beijing took the title from New York after minting 32 new billionaires last year, while New York gained four. Moscow came in third place, with 66 billionaires, while Hong Kong and Shanghai came in fourth and fifth with 64 and 50, respectively.

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