Beijing overtakes NYC as ‘Billionaire Capital of the World’

Move over, New York City: Beijing is the new “Billionaire Capital of the World.”
The Chinese capital has overtaken the Big Apple as home to the most billionaires — 100 to 95 — according to Hurun, a Shanghai firm that releases yearly rankings and research about the 1 percent.
The study, which comes months after reports suggested China now has more billionaires than the United States, highlights how China’s elite are continuing to accrue vast wealth despite a wobbling stock market and tepid economy.
Beijing took the title from New York after minting 32 new billionaires last year, while New York gained four. Moscow came in third place, with 66 billionaires, while Hong Kong and Shanghai came in fourth and fifth with 64 and 50, respectively. AP

China’s top phone maker Xiaomi unveils new Mi 5

China’s leading smartphone maker, Xiaomi, has unveiled its new flagship device, the Mi 5, which it says is particularly fast and lightweight.
Xiaomi presented its newest phone yesterday on the sidelines of the Mobile World Congress trade show in Barcelona.
The Mi 5 comes in three versions. The Mi 5 Pro, with more memory and a ceramic body, will cost 2,699 yuan (USD354). The cheapest version will cost 1,999 yuan ($262). They will go on sale in China on March 1.
Hugo Barra, Xiaomi’s vice president of international operations, says the Mi 5 is “faster and lighter than you ever imagined.”
Xiaomi (pronounced schow-MEE) led China in smartphone sales in 2015, according to research firm IDC.
It sells its phones in China, India and a few other countries. AP