How Shenzhen stacked up more billionaires than any US city: China’s ‘Silicon Valley’ is home to Tencent’s Ma ‘Pony’ Huateng and BYD’s Wang Chuanfu, and is a nesting ground for Huawei and DJI

Nov 25 , 2022

A view of commercial and residential buildings at Futian district in Shenzhen, in China’s southern Guangdong province. Photo: AFP

A report from Hurun Global Rich List ranked Beijing, Shanghai then Shenzhen as the leading cities for the most billionaires in the world, surpassing New York

Shenzhen became an SEZ in 1980, and it’s since developed into a magnet for tech entrepreneurs – but not all of its residents benefit as living costs continue to soar

This is Shenzhen. It’s where some 113 billionaires live – and that’s more billion-dollar residents than any city in the US.

A mangrove forest along the coastal area of the Shenzhen Bay in Shenzhen, south China’s Guangdong province. Photo: Xinhua

Once a small farming town, Shenzhen underwent a massive transformation in the last few decades to become one of the most prosperous cities in China.

“There’s a strong entrepreneurial spirit in the city. People come for one purpose – to get rich, to make money,” Gu Qingyang, an economist and professor at the Lee Kuan Yew School of Public Policy, said. Gu, who is educated in Singapore and China, conducts extensive research on the Chinese economy and policy.

People walk along Huaqiangbei Commercial Street in Shenzhen, in China’s southern Guangdong province. Photo: AFP

According to the Hurun Global Rich List, an annual ranking by Chinese private company Hurun, Shenzhen had pipped NYC as the city of choice for the ultra rich.

Let’s take a closer look at the Chinese city … and at why so many wealthy individuals live there.

Shenzhen, a megacity

People walk in the central business district of Beijing, China. Photo: EPA-EFE

According to a World Population Review report this year, Shenzhen is China’s third biggest city with around 17.5 million residents, which means it’s among the seven megacities in the country.

The city became China’s first Special Economic Zone in 1980. This meant tax exemptions, land subsidies and more control in operating private businesses, which led to several companies – and entrepreneurs – becoming billion-dollar rich.