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Business trends

Shenzhen overtakes New York as home for billionaires

But China's wealthiest fail to crack top 10 list dominated by Americans

Shenzhen is home to 113 of the world's billionaires, edging out New York and placing it among the top three preferred cities for the super rich to live, behind Beijing and Shanghai.   © AP

SHANGHAI -- Shenzhen has overtaken New York as a top spot for billionaires, cementing China as the world's home to the super rich, according to an annual wealth list published Thursday.

The southern Chinese factory hub has 113 billionaires, edging out New York's 110 billionaires and placing it among the top three preferred cities globally for billionaires to live, with Beijing and Shanghai taking first and second place, respectively, said Shanghai-based Hurun Research Institute.

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