We know wealth is accumulating in China faster than anybody thought possible, but where do these billionaires come from? The answer might surprise you.

A study jointly published by English business magazine Spear’s and financial consulting company Wealth Insight has listed the cities which spawned the most number of billionaires. Beijing isn’t on the list at all, and Shanghai turns up with five born-and-raised billionaires. But the top city in Mainland China? Foshan, in Guangdong Province.

It tied with Hangzhou for top spot in Mainland China, but both were behind Taipei (eight billionaires) and way behind Hong Kong with its 17.

Globally, it may come as no surprise that New York finished first.

While there might be something in the water in Foshan, it has a long way to go before it gets near New York’s crown. One in every 21 New Yorkers is a millionaire, a ratio not likely replicated in the PRD anytime soon.

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Photos: Business Insider