The city of Beijing in China now has more wealthy people than any city in the world, according to Forbes.
According to the business magazine, Beijing now has 100 rich people compared to 33 last year.
That number surpasses New York City, which has 99 millionaires and holds the top spot for seven years.
China’s rapid Covid-19 preventive measures, the rise of its technology firm and the country’s stock market helped it grab the top spot.
Although Beijing has more rich people, the total net wealth of New York City's rich remains US $ 80 billion more than their 'partners' in Beijing.
The richest resident of Beijing is Zhang Yiming, the founder of the video -sharing app TikTok and the chief executive of the firm ByteDance. His fortune is worth US $ 35.6 billion.
By comparison, the richest resident of New York City is Michael Bloomberg who has a fortune worth US $ 59 billion.
China along with the United States (US) saw its tech giant become more influential during the Covid-19 pandemic as many people chose to shop online and find entertainment sources.
China also added 210 new tycoons, more than any other country in the world.
Half of them earn income through the manufacturing or technology industries, including a wealthy woman who earns income through the sale of electronic cigarettes, namely Kate Wang.
China now has 698 rich people while the US still leads with 724 rich people.
Amazon founder and chief executive Jeff Bezos remained the richest man in the world for the fourth year in a row with a fortune value of US $ 177 billion last year.
