Last week, a Chinese report caused a stir when it said that Beijing, not New York City, was the "billionaire capital of the world." According to Forbes, however, that claim just isn't true.
"New York City is still the world capital for the ultra-rich," the finance publication wrote on Tuesday. "Seventy-nine billionaires call the Big Apple home, holding a combined $364.6 billion in wealth."
By Forbes' estimation, 51 billionaires reside in China's capital, with a combined net worth of $149.9 billion. These figures make the city fourth on the list of billionaire-heavy metropolises, just behind Hong Kong and Moscow.
That's not to say that Beijing isn't on the rise, however. Forbes notes that in terms of the number and combined worth of billionaire residents, the Chinese capital had more billionaires than London, which is home to 47 billionaires.
At a regional level, Forbes' data suggests that Asian cities are becoming increasingly popular residences for the world's billionaires. Of the ten cities that made their list of top billionaire residents, six (Hong Kong, Beijing, Mumbai, Shanghai, Shenzhen and Seoul, respectively) were in Asia.
