CHINA - Beijing Billionaire Capital of the World

Arno Froese

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, said the business magazine.

This narrowly beats New York City, which hosts 99 and has held the top ranking for the last seven years.

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

Beijing’s richest resident was Zhang Yiming, the founder of video-sharing app TikTok and chief executive of its parent firm ByteDance. He saw his net worth double to $35.6bn. 

China, along with the US, has seen its technology giants become even bigger during the pandemic as more people shopped online and looked for sources of entertainment.

Half of China’s new billionaires made their fortunes from manufacturing or technology ventures, including female billionaire Kate Wang, who made her money from e-cigarettes.

With 698 billionaires, China is closing in on the US, which still leads with 724 billionaires. 

-www.bbc.com, 8 April 2021

Arno's Commentary

This is something the world did not expect 100 years ago. The power structure then was primarily built on force. The country with the strongest military was dominating, such as the USA. 

Communist China fully utilizes the three major political-economic philosophies: communism, socialism, and capitalism. There is little to no doubt that China’s success will contribute toward the well-being of not only its citizens, but also the rest of the world. However, all that is earthly and temporary.

What is essential is written in John 3:5: “Jesus answered, Verily, verily, I say unto thee, Except a man be born of water and of the Spirit, he cannot enter into the kingdom of God.”

Arno Froese is the executive director of Midnight Call Ministries and editor-in-chief of the acclaimed prophetic magazines Midnight Call and News From Israel. He has authored a number of well-received books, and has sponsored many prophecy conferences in the U.S., Canada, and Israel. His extensive travels have contributed to his keen insight into Bible prophecy, as he sees it from an international perspective.

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