Beijing Knocked From the Top of China's "Super Rich" List

Beijing's image as a cosmopolitan, elite locale was somewhat usurped on August 16, when Xinhua reported that the Chinese capital was overtaken by Guangdong as "the region with the largest super-rich population."

The article cited findings by Shanghai's Hurun Research Institute and Chinese mega corporation Taikang Life Insurance Co. Ltd, which tallied the total of "high net worth individuals (HNWIs)" who that can claim RMB 10 million (USD 1.51 million) or more to their names. It said the southeastern coastal province of Guangdong is now home to 240,000 such high net worth millionaires, an increase of 17.65 percent since last year. Beijing's wealthiest can take solace in knowing they secured a sturdy second place finish of 238,000 HNWIs, which is better than both Shanghai and Zhejiang province.

The Hurun and Taikang Life study went on to name business owners, upper tier corporate employees, and those in real estate and finance as the "four key occupational groups" bringing home all that bacon.

But, thankfully, Beijing can take heed in another 2016 Hurun study, which declared the Chinese metropolis to be the "Billionaire Capital of the World," a title that it snagged from none other than New York City.

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Photo: WSJ