The latest Hurun Global Rich List shows that Beijing has now become the billionaire capital of the world.

ANBOUND's scholars point out that thanks to the reforms and opening up in China, the rapid urbanization in China, the rapid expansion of real estate development and the assets growth brought by the credit expansion, the number of Chinese billionaires has increased rapidly over the years.

Although China has more billionaires than the United States, this merely a single index on China’s private wealth, in order to be comparable with their counterparts in the United States, the Chinese still have a long way to go in terms of its systems, mechanisms, laws and cultures.