One in every two newly minted dollar-denominated billionaires last year stemmed from China, according to the latest Hurun Global Rich List. The country had 1,058 billionaires last year compared with 696 in the US.

Of the 610 new billionaire tycoons globally, 318 were in China, compared with 95 in the United States, based on January 15 valuations. “China has added more new faces than the rest of the world combined, and pulled away big time from the USA in the past year,” said the report.

The country had six of the global top 10 cities with the highest concentration of billionaires, with Beijing at the top of the ranking for the sixth consecutive year as home to 145 of the ultra-rich. The city is “the world’s billionaire capital,” according to Hurun. New York slipped to third place, after Shanghai added 30 billionaires to 113. Hong Kong was in fifth place with 82 billionaires, behind Shenzhen’s 105. (RT)