Beijing has overtaken New York as the city with the highest number of billionaires for the first time, a new report by China-based firm Hurun says.

A total of 100 billionaires are now living in the Chinese capital, compared with 95 in New York, the report says.

Shanghai, China’s centre of commerce, comes in fifth place.

Hurun, which tracks wealth in China, has released an annual Global Rich List for the past five years measuring billionaires’ wealth in US dollars. MORE