Beijing Is New Billionaire Capital

Times change. The Cultural Revolution started in 1966. Fifty years later, Beijing is home to the world’s largest number of billionaires at 100, according to a China-based media source. New York has been relegated to second place with 95 billionaires. The report points to the relentless income being generated in China, alongside an ever-expanding the middle class. The wealthiest man in the country, Wang Jianlin, amplifies his fortune through department stores, cinemas, and luxury hotels. In a way, the news may be a further death-blow to the term “emerging market.” There is a paradox in the notion that the world’s largest developing economy harbors such wealth extremes.

Learn more at BBC.

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