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Another Chinese city has overtaken New York for number of billionaires

Three years ago, American entrepreneur Raj Oswal traveled to the Chinese city of Shenzhen on behalf of a client. He was so impressed that he stayed and started his own tech company.

“You can’t find too many other cities in China or around Asia that really embrace innovation as Shenzhen does,” Oswal said, comparing his move there from California to his father’s decision in the 1970s to leave India so he could pursue his studies and a career in the United States.

Oswal described Shenzhen, a city of 17.5 million on China’s southern border with Hong Kong, as a place filled with “youthful optimism.”

Increasingly, it’s also filled with money. The former fishing village, now a tech hub known as China’s Silicon Valley, has joined Beijing and Shanghai as the world’s top three cities for billionaires, edging out New York for the first time this year.

According to the Hurun Global Rich List, an annual ranking compiled by a private Shanghai-based company, Beijing is home to the world’s greatest number of billionaires at 144, followed by Shanghai with 121. There are 113 billionaires in Shenzhen, compared with 110 in New York, while London came in fifth with 101.


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