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Tue 08 Aug 2009Beijing is city of choice for growing legion of ultra-rich
BEIJING HAS the largest number of super-wealthy people in China, with 143,000 (yuan) multimillionaires and 8,800 billionaires in the capital, compared to 116,000 multimillionaires and 7,000 billionaires in Shanghai, China’s financial hub.
It’s getting more expensive to be nouveau riche in China these days, as price increases for the frills of a newly wealthy existence – such as cigars, high-end cognac and an MBA education – contributed to a rise in the luxury cost of living, according to an annual wealth report.
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