Beijing becomes 'Billionaire Capital of the World'

According to the results of a study conducted by the Shanghai company Hurun, Beijing has become the new "Billionaire Capital of the World," overtaking the New York City.

The Chinese capital has overtaken the Big Apple as home to the most billionaires — 100 to 95 — according to Hurun, AP reports.

The study highlights how China's elite are continuing to accrue vast wealth despite a wobbling stock market and cooling economy.

Beijing got 32 new billionaires last year, while NYC obtained "only" four.

Moscow ranks third with 66 billionaires, followed by Hongkong and Shanghai with 65 and 50 billionaires, respectively, AP reports.