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Feb 24

Bejing now houses more billionaires than does New York City

new york

For much of two centuries, the United States was the global flagship of capitalism and free enterprise.

New York City, with its New York Stock Exchange, and its large investment banks, was the world capitol of commerce. The buildings on the Manhattan skyline–the Chrysler Building, the Empire State Building (built mostly by the investors of General Motors)–exemplified America’s dynamic business climate.

But high taxes and overregulation have taken their toll on the Big Apple. Millionaires and billionaires have fled New York for freer shores.

Now Bejing, China has overtaken New York as the world’s billionaire capitol. See here.