A total of 100 billionaires are now living in the Chinese capital, compared to 95 in New York, the report said.

Shanghai, China's centre of commerce, came in fifth place.

Hurun, which tracks wealth and luxury in China, has released a Global Rich List for the past five years measuring billionaires' wealth in US dollars.

It 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.

Overall, China has overtaken the US as the country with the most number of billionaires. However, the top 10 billionaires in Hurun's list is still dominated by Americans.

(BBC News)