The 20 cities around the world with the most billionaires

ShutterstockBeijing, China is the new “Billionaire Capital of the World.”

Beijing has officially overtaken New York City as home to the most billionaires.

According to Hurun, a Shanghai firm that releases yearly rankings and research about the world’s richest people, the Chinese capital has an even 100 billionaires in 2016, while the Big Apple has 95.

“Beijing took the title from New York after minting 32 new billionaires last year, while New York gained four,” Gerry Shih of the Associated Press reports. “Rupert Hoogewerf, the founder of Hurun, attributed China’s explosive wealth creation to Chinese market regulators allowing a flood of new initial public offerings after holding back new IPOs for several years.”

Read on to see which other cities around the world made it on the “Hurun Global Rich List 2016.“