Beijing is the fifth-richest city in the world

We're called the billionaire capital of the world for a reason

Beijing is the fifth-wealthiest city in the world, according to the latest report from New World Wealth. The report, which posits that total private wealth is 'a far better gauge of the financial health' of an economy than GDP, calculates that Beijing citizens have a combined wealth of 2.2 trillion USD, putting the Chinese capital behind Silicon Valley and Tokyo with 2.3 and 2.5 trillion USD respectively.

However, it should be noted that the cities on this list rank particularly high mainly due to two reasons: a high overall population and significantly large numbers of high-income residents. While this report measures the wealth of a city by combining its residents' total private assets – including property, cash, equities, and business interests – it doesn't mention how this wealth is actually distributed.

In the case of Beijing, the city was named the billionaire capital of the world by the Hurun Global Rich List just last year, with 94 high-rollers calling Beijing home (in comparison to New York's measly 86). China itself has one of the fastest growing economies in the world, yet notoriously also has one of the widest income gaps, with a 2012 report from Peking University reporting that only 1 percent of China's population controls one third of the country's total wealth.

So, congrats Beijing on this (slightly dubious) honour. Check out the list below for the other richest cities in the world.

The 10 richest cities in the world (according to private wealth)

1. New York City – 3 trillion USD (population: 8.54 million)

2. London – 2.7 trillion USD (population: 8.79 million)

3. Tokyo – 2.5 trillion USD (population: 9.27 million)

4. Silicon Valley – 2.3 trillion USD (population: 3 million)

5. Beijing – 2.2 trillion USD (population: 21.5 million)

6. Shanghai – 2 trillion USD (population: 24.15 million)

7. Los Angeles – 1.4 trillion USD (population: 4.01 million)

8. Hong Kong – 1.3 trillion USD (population: 7.35 million)

9. (TIE) Sydney – 1 trillion USD (population: 5.07 million)

9. (TIE) Singapore – 1 trillion USD (population: 5.62 million)

Consider yourself a high-roller? Hit 'Read more' for the most luxurious experiences in Beijing.

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