Earlier, the United States was the exclusive domain of the rich, famous and sometimes even the infamous billionaires who had made a mark for themselves as the wealthiest individuals around the world.
Presently,however, countries in Asia and particularly where the economies are booming despite the various difficulties faced are catching up with the USA and have notwithstanding overtaken the US. Presently, Beijing in China is the home of the most billionaires of the globe. Why are billionaires choosing to live, in particular, cities and avoiding the rest? Let us look at some of the top cities with the most billionaires in the world.
Chinese Cities With Most Billionaires
The figures available for 2017 indicate that the cities with most billionaires are located in China. China currently has one of the fastest-growing economies within this region along with India. It has, however, left India far behind and has 6 cities with the most billionaires as compared to India where the population only exists in the financial capital of India, Mumbai.
The total number of billionaires living in Beijing alone exceed the numbers of billionaires living in Mumbai by more than half. China has six cities with billionaires and when compared with other countries throughout the globe it stands far ahead. The total wealth held by Chinese’s billionaires exceeds $290 billion, which is near twice the quantity of wealth held by billionaires in the United States.
Why The U.S. Lags behind In Cities With the Most Billionaires
There was a time when the United States had the most billionaires as compared with the rest of the world. The country was considered as the undisputed leader of the billionaires while also being identified as the land of opportunity. People who used the opportunities provided by America found, to their amazement, they could indeed become billionaires if they set their minds on doing so.
During those times the world didn’t develop as it has presently and couldn’t provide entrepreneurial individuals an opportunity to grab hold of any chances, which came their way to acquire the kind of wealth being spoken about. It is just during the past decade that countries like China, India, Russia, South Korea, Bangkok and Japan began to make a mark and expand in the same way as America was doing. America still has its share of billionaires who are holding immense wealth, but the sum total of these wealthy individuals does not come close to the figure mentioned for China.
What Makes Chinese Cities With The Most Billionaires A Favorable Destination
After an individual achieves the status of becoming a billionaire he or she has the freedom to live wherever they want. China despite having the most billionaires living within its cities does not have a favorable political climate within the country.
Billionaires in China possibly do not have the same level of freedom as their counterparts in the United States or other parts around the world. Conceivably, they are considering the location of their wealth, the business interests they have and the potential for further growth, which is fueling their desire to continue living in Chinese cities. With the economic conditions which are presently prevailing on one does not see a large-scale movement of billionaires from China to other countries unless the conditions become more unfavorable for them.
Will the United States Give up Its Position Of Being The 1 Destination Of Billionaires?
China has certainly taken over the 1 position among the cities with most billionaires. However, one cannot expect the United States to give up the prime place it had quite easily. It must be understood that among the names of the top 25 global billionaires some faces which are familiar are from the powerful Internet and technology industry, and most of them are located in the United States and Europe.
Therefore, China cannot lay claim to this position forever as the Giants from the industry of the Internet and technology have an option to move out of China at a time of their choosing. These are not people who have major business interests in China but just have a presence in the country to meet present-day requirements. Under the circumstances, the figures presently mentioned for China can be considered as a degree of skepticism because the overall statistic of cities with the most billionaires rests elsewhere.
It is certainly a major change from the past when billionaires were just located within the United States or Europe, but whether it will continue to hold its position as the country which has cities with most billionaires is a matter which will need to be reconsidered after some time.
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http://www.qwive.com/gist/cities-with-the-most-billionaires
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