Three cities from China — Beijing, Shanghai and Hong Kong — have ascended into the top fifteen richest cities in the world, according to a report published by research firm New World Wealth, Sina Finance reported.
The research takes into account the amount of real estate, cash and stocks owned by people living in the city, as well as the number of entrepreneurs. New York has surpassed London this year to top the ranking with US$3 trillion in wealth.
Beijing and Shanghai ranked in fifth and sixth place with US$2.2 trillion and US$2 trillion, respectively. Hong Kong maintained eighth place, with a total wealth of US$1.3 trillion.
And while Shenzhen failed to make into the top fifteenth, its total wealth of US$770 billion is just slightly less than Paris, which secured fifteenth place with US$860 billion.
The report also made a special mention of Hangzhou, where the Alibaba headquarters is located. Although its total wealth of US$425 billion is still far from the top 15, Hangzhou is already the fastest wealth-growing city in China.