Inside the Chinese city where more billionaires live than New York City — once the richest city in China, it plans to get twice as rich in just 15 years

Marielle DescalsotaNov 22, 2022, 15:42 IST

Shenzhen, China.Liao Xun/Getty Images

Shenzhen, a city in southeastern China, is one of the billionaire capitals of the world.
The city is home to some of China's wealthiest people, many of whom founded massive tech companies.

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

Aerial view of Shenzhen, China.Chunyip Wong/Getty Images

Shenzhen is located in southeastern China in the Guangdong province.

Partial map of China.Google Maps

Shenzhen is just a 30-minute drive from another major financial hub, Hong Kong. Its close proximity has played a big part in the city's emergence as one of the wealthiest in the country.

Shenzhen Bay Bridge that connects Hong Kong to Shenzhen.Chunyip Wong/Getty Images

Shenzhen is just a 30-minute drive from another major financial hub, Hong Kong. Its close proximity has played a big part in the city's emergence as one of the wealthiest in the country.

Shenzhen was once the richest city in China. In 2019, it had a GDP per capita of $29,498, per the state-run media outlet China Daily.

Ping An Financial Center in Futian, Shenzhen.bingfengwu/Getty Images

Ma Huateng, who also goes by Pony, is the richest man in Shenzhen. He's worth $25 billion, making him the fourth-wealthiest man in China, according to Forbes.

Pony Ma Huateng, chairman and chief executive officer of Tencent Holdings Ltd.Contributor/Visual China Group/Getty Images

Shenzhen is nicknamed the Silicon Valley of China.

Huawei Technologies Co. headquarters, Shenzhen, China.Liang Xiashun/VCG/Getty Images

Shenzhen still wants to keep growing richer, despite already being one of the wealthiest cities in China.

An aerial view of the Shenzhen skyline on August 26, 2020 in Shenzhen, Guangdong Province of China.He Shaoping/VCG/Getty Images

But Shenzhen's rapid growth and billionaire presence are not all good news — it's one of the most expensive cities to live in China, which means it can be tough for some residents to make ends meet.

Buildings in Shenzhen, China.Orientfootage/iStock/Getty Images

But Shenzhen's rapid growth and billionaire presence are not all good news — it's one of the most expensive cities to live in China, which means it can be tough for some residents to make ends meet.

Those who cannot afford to live in high-end properties end up in Shenzhen's "chengzhongcun," or villages in the city.

Apartments in Shenzhen, China.FangXiaNuo/iStock/Getty Images

Shenzhen's skyrocketing wealth and living costs have resulted in high income inequality.

Diamond jewelry factory in Shenzhen, China.Xu Xiaolin/Getty Images

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Inside the Chinese city where more billionaires live than New York City &mdash; once the richest city in China, it plans to get twice as rich in just 15 years

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

Shenzhen is located in southeastern China in the Guangdong province.

Shenzhen is just a 30-minute drive from another major financial hub, Hong Kong. Its close proximity has played a big part in the city's emergence as one of the wealthiest in the country.

Shenzhen was once the richest city in China. In 2019, it had a GDP per capita of $29,498, per the state-run media outlet China Daily.

Ma Huateng, who also goes by Pony, is the richest man in Shenzhen. He's worth $25 billion, making him the fourth-wealthiest man in China, according to Forbes.

Shenzhen is nicknamed the Silicon Valley of China.

Shenzhen still wants to keep growing richer, despite already being one of the wealthiest cities in China.

But Shenzhen's rapid growth and billionaire presence are not all good news — it's one of the most expensive cities to live in China, which means it can be tough for some residents to make ends meet.

Those who cannot afford to live in high-end properties end up in Shenzhen's "chengzhongcun," or villages in the city.

Shenzhen's skyrocketing wealth and living costs have resulted in high income inequality.

Inside the Chinese city where more billionaires live than New York City — once the richest city in China, it plans to get twice as rich in just 15 years