According to the Hurun Report, a China-based publication which provides a yearly ranking of world’s richest people, Beijing has overtaken New York as “billionaire capital of the world”.

At the end of 2015, the Chinese capital counted 100 billionaires, thus beating New York by 5 people, the same source revealed. The number of ultra-rich people living in Beijing grew by 32 as compared to the previous year while New York had only four more.

Last year, China overtook the U.S. in terms of number of billionaires. Indeed, it had 598 of them, thus 90 more than in 2014. These billionaires have a combined fortune of $1.4 trillion according to Hurun. The report listed 535 billionaires in the U.S, two less than in 2014.

“Despite its own slowdown and falling stock markets, China minted more new billionaires than any other country in the world last year,” said Rupert Hoogewerf, Chairman and Chief Researcher at the Hurun Report.

Hurun magazine however says the number of ultra-rich Chinese residents identified is underestimated as it was quite difficult to trace offshore fortunes. “For each billionaire we found, you can bet that we missed at least one or two,” Hoogewerf said.