The city of Shenzhen in China is said to have a total of 113 billionaires, thus surpassing the city of New York in the United States (US).
According to a report released by the Hurun Global Rich List, the city of Shenzhen, which was once a fishing village, has turned into a fast -growing and innovative city, nicknamed the ‘Silicon Valley of China’.
It also reportedly managed to enter the top 3 rankings for the city that houses billionaires in the world.
The report shows the city of Beijing in the top spot with 144 billionaires living there, while the city of Shanghai is in 2nd place with 121 billionaires and the city of Shenzhen in 3rd place with 113 billionaires.
New York City fell to 4th place with 110 billionaires while the city of London was in 5th place, with 101 billionaires.
Hurun Report chairman and lead researcher Rupert Hoogewerf said the growing wealth density in Shenzhen was nothing new but it reflected a ‘megatrend’ that would attract more young entrepreneurs to the city.
Summary of the city of Shenzhen, in 1980 during the leadership of Deng Xiaoping, the city was made China’s first special economic zone as part of the country’s ‘reform and opening up’.
It indirectly allowed the badar to experiment with market capitalism in an effort to attract foreign investment and from 1979 to 2021, Shenzhen’s gross national product increased from $ 28 million to $ 475 billion.
Today, Shenzhen has become home to several large Chinese technology companies such as telecommunications giant Huawei and internet conglomerate, Tencent which directly inspire others to follow suit.
Taking the story of Raj Oswal, a US entrepreneur who migrated to Shenzhen 3 years ago, he said the city is very lively with innovative developments as well as full of ‘optimistic’ young entrepreneurs.
