Tag Archives: billionaires

Beijing edges out NYC as home to most billionaires – Forbes 2021 list

For the first time ever, the Chinese capital has become the new billionaire center of the world. Beijing gained 33 new billionaires in 2020, bringing its total to 100 and narrowly beating New York City’s 99, according to Forbes.

The annual World’s Billionaires List for 2021 showed that the Big Apple added only seven new billionaires in the same time span.

“China bounced back quickly from its pandemic woes, skyrocketing from No. 4 to No. 1 on our annual list,” said the report.

Overall, five Chinese cities ranked among the top 10 globally with the most billionaires. Hong Kong was in third place with 80 billionaires, Shenzhen in fifth with 68, and Shanghai in sixth place with 64. Hangzhou added 21 billionaires, enough to overtake Singapore for the No. 10 spot.

The UK capital, London, also counted seven more billionaire residents, even though it dropped from the fifth spot to the seventh as “the most popular home for ten-figure fortunes.” Rounding out the top 10, Moscow slipped from third place to fourth, while Mumbai and San Francisco – each home to 48 billionaires – tied at No. 8.
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According to the report, Beijing’s wealthiest newcomer is 34-year-old Wang Ning, whose booming toy business Pop Mart went public in Hong Kong in December 2020. “Zhang Yiming, Beijing’s richest denizen and founder of social media sensation TikTok, doubled his net worth to $ 35.6 billion.”

The world’s ultra-wealthy got even richer last year despite the Covid-19 pandemic and economic recessions, said the report. Globally, 660 people became new billionaires, bringing the world total to 2,755 billionaires worth a collective $ 13.1 trillion, per Forbes.

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Bezos tops record-setting Forbes list of billionaires

Amazon founder and CEO Jeff BezosJeffrey (Jeff) Preston BezosAmazon union vote count starts this week for Alabama warehouse Amazon tangles with Warren on Twitter Sanders says he isn’t ‘comfortable’ with Twitter’s Trump ban MORE[2][3][4][5][6][1] has topped Forbes’s annual world’s billionaire list for the fourth consecutive year, Reuters reported.[7]

This year’s billionaires are worth a combined $ 13.1 trillion, up from $ 8 trillion last year, according to Forbes. This year’s list has 493 newcomers, including dating app Bumble’s CEO Whitney Wolfe Herd. 

Tesla CEO Elon MuskElon Reeve MuskBernie Sanders goes after Elon Musk for wanting to explore space Sheriff’s office confirms SpaceX debris found in Washington state The Hill’s Morning Report – GOP pounces on Biden’s infrastructure plan MORE[9][10][11][12][13][8] comes in second on the list, jumping from the 31st spot last year. Rounding out the top five are LVMH CEO Bernard Arnualt, Microsoft founder Bill Gates and Facebook founder and CEO Mark Zuckerburg. 


Investor and business tycoon Warren Buffet fell out of the top five for the first time in two decades. 

Amazon announced in February that Bezos will step down as CEO of the company and will transition to a role as executive chair of the company’s board. 

Andy Jassy, the current head of Amazon Web Services, will succeed Bezos as CEO of the company.

[email protected] (Olafimihan Oshin)

Energy billionaires became $51 billion richer from 2021 oil rally

The world’s oil billionaires became even richer in the first quarter of 2021, adding a combined net worth of $ 51 billion to their fortunes as oil prices rallied and investor confidence in excessively punished oil stocks returned.

According to the Bloomberg Billionaires Index, a daily ranking of the world’s richest people, US oil tycoon Harold Hamm saw his net worth jump by $ 3.3 billion year to date to stand at $ 8.4 billion as of April 2.

Shares in Continental Resources that Hamm has founded have jumped by 59% year to date. 
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Indian billionaire Gautam Adani with interests in ports, commodities, and power generation saw his net worth surge by $ 23.3 billion to $ 57.1 billion in the first quarter. This was the largest increase in a billionaire’s wealth so far this year anywhere in the world, according to the Bloomberg Billionaires Index.

In total, the energy billionaires globally saw their combined net worth jump by around 10% in the first quarter, the highest growth in wealth of any group of billionaires in the index compiled by Bloomberg.

Investors have warmed up in recent months to the energy sector, which bore the brunt of last year’s shock of crashing oil prices and oil demand. The energy sector has been the top performer in the S&P 500 index year to date. Some exchange-traded funds (EFTs) tracking oil prices have surged since the start of 2021 as investors turned their attention to industries expected to benefit the most from the economic recovery. Energy is one of those, and analysts still see upsides for energy stocks and ETFs.
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Some banks, including JP Morgan and Goldman Sachs, said in February that they expected a new supercycle in oil, with economies rebounding from last year’s pandemic shock.  

The International Energy Agency (IEA), however, does not see a supercycle in oil on the horizon amid plentiful supply and a large global spare capacity.

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China tops US as home to most dollar billionaires

One in every two newly minted dollar-denominated billionaires last year stemmed from China, according to the latest Hurun Global Rich List. The country had 1,058 billionaires last year compared with 696 in the US.

Of the 610 new billionaire tycoons globally, 318 were in China, compared with 95 in the United States, based on January 15 valuations. “China has added more new faces than the rest of the world combined, and pulled away big time from the USA in the past year,” said the report.

The country had six of the global top 10 cities with the highest concentration of billionaires, with Beijing at the top of the ranking for the sixth consecutive year as home to 145 of the ultra-rich. The city is “the world’s billionaire capital,” according to Hurun. New York slipped to third place, after Shanghai added 30 billionaires to 113. Hong Kong was in fifth place with 82 billionaires, behind Shenzhen’s 105.

“The world has never seen this much wealth created in just one year, much more than expected for a year so badly disrupted by Covid-19,” said Rupert Hoogewerf, chief researcher and chairman of Hurun Report. “A stock markets boom, driven partly by quantitative easing, and flurry of new listings have minted eight new dollar billionaires a week for the past year.”

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The richest individuals on the planet became collectively richer in 2020 while the world has suffered an unprecedented economic crisis caused by the Covid-19 pandemic. According to the research, the collective wealth of the 0.01 percent surged by 32 percent to $ 14.7 trillion. The ranks of the ultra-rich in the world grew to 3,228 known billionaires across 2,402 companies in 68 countries.

Coronavirus created billionaires from healthcare and retail fastest. Specific winners were electric vehicles and e-commerce.

“The speed of wealth creation is nothing short of staggering,” said the report. “Three individuals added more than US$ 50 billion in a single year, led by Elon Musk with US$ 151 billion, on the back of the rise of e-cars, whilst e-commerce billionaires Jeff Bezos of Amazon and Colin Huang of Pinduoduo added US$ 50 billion each. At this rate, expect to see fifty or more break through the US$ 100 billion mark within the next five years.”

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