The Chinese capital added 33 billionaires last year and now hosts 100, said the business magazine.
This narrowly beats New York City, which hosts 99 and has held the top ranking for the last seven years.
China's quick containment of Covid-19, the rise of its technology firms and stock markets helped it gain top spot.
Although Beijing now has more billionaires than the Big Apple, the combined net worth of New York City's billionaires remained US$80bn (£58bn) greater than that of their counterparts in Beijing.
Beijing's richest resident was Zhang Yiming, the founder of video-sharing app TikTok and chief executive of its parent firm ByteDance. He saw his net worth double to $35.6bn.
In contrast, New York City's richest resident, former Mayor Michael Bloomberg, had a fortune worth $59bn.