Beijing is now home to more billionaires than any other city in the world, according to the latest Forbes’ annual rich list.

The Chinese capital added 33 billionaires last year and now hosts 100, the business magazine reported.

Beijing beat out New York City, which currently hosts 99 billionaires and has held the top ranking for the last seven years.

China’s quick response Covid-19, the rise of its technology firms and stock markets helped it gain top spot, Forbes said.

Although Beijing now has more billionaires than the Big Apple, the combined net worth of New York City’s billionaires remained US$80bn greater than that of their counterparts in Beijing.

Beijing’s richest person was Zhang Yiming, the founder of video-sharing app TikTok. He saw his net worth double to $35.6bn over the past year.

In contrast, New York City’s richest resident, former Mayor Michael Bloomberg, had a fortune worth $59bn.