Beijing has overtaken New York as the city with the highest number of billionaires for the first time, a new report by China-based firm Hurun says.
A total of 100 billionaires are now living in the Chinese capital, compared with 95 in New York, the report says.
Shanghai, China's Centre of commerce, comes in fifth place.
Hurun, which tracks wealth in China, has released an annual Global Rich List for the past five years measuring billionaires' wealth in US dollars.
The private research firm, which also publishes luxury magazines, uses a mixture of information from publicly traded companies plus interviews to compile its data.
Other companies such as Forbes and Bloomberg use different methodology and arrive at different conclusions.
Hurun found that Beijing had welcomed 32 new billionaires since last year, allowing it to vault past New York which it calculated only saw four new billionaires.
Moscow was in third place with 66 billionaires, according to Hurun.
Overall, China has overtaken the US as the country with the highest number of billionaires. However, the top 10 billionaires in Hurun's list is still dominated by Americans.