Former Fishing Village in China Has More Billionaires Than New York
By sweN TR
Former Fishing Village in China has more Billionaires than New York
China now hosts three cities with the greatest number of mega-rich, according to data from the Global Rich List – including Shenzhen.
144 billionaires live in Beijing, 121 in Shanghai, and now New York has been knocked out the top three (110).
Shenzhen, a former fishing village turned China’s Silicon Valley, has 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.
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.