Beijing just snatched the title of Billionaire Capital of the World, bumping former leader New York to second place.

According to the Hurun Rich List 2016 released Wednesday, Beijing now has 100 billionaires, adding 32 from last year.

New York isn’t far behind, adding four to make 95 billionaires, but that wasn’t enough to retain its top spot.

China as a whole already overtook the U.S. last year in October, when it added 242 in the year to hit 596 billionaires. This translates to five new billionaires per week over the course of 2015. Read more…

More about Asia, Forbes, Hurun, Wealth, and China

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Beijing, not New York, has the most billionaires in the world