China’s capital Beijing now has more billionaires than any other city in the world, according to the latest Forbes' annual rich list.

The city added 33 billionaires last year and now boasts 100, the list showed, just beating New York City which has 99 billionaires and has held the top ranking for the past seven years.

China's quick curb of Covid-19, the rise of its technology firms and stock markets have helped it reach the top spot.

Although Beijing has taken the lead, the combined net worth of New York City's billionaires remained $80bn (£58bn, €67bn) greater than that of their counterparts in Beijing.

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.

By comparison, New York City's richest resident, former Mayor Michael Bloomberg, had a fortune worth $59bn.

China, whose figure included Hong Kong and Macao in the Forbes tally, added more billionaires to the list than any other country globally, with 210 newcomers.

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.

However, with 724 the US still leads with the most billionaires, while China closes in with 698.

India had the third-highest number of billionaires, with 140. In total, the 1,149 billionaires from Asia Pacific were worth $4.7trn, compared with the US billionaires' $4.4 trn.

Jeff Bezos, founder and chief executive of Amazon, remains the world's richest person for the fourth year in a row. His net worth grew by $64bn to $177bn last year.

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