<TABLE>
Exhibit 12.1

                        21st CENTURY TELECOM GROUP, INC.
           COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES,
               INTEREST CHARGES, AND PREFERRED STOCK REQUIREMENTS

<CAPTION>


                                                                                         For the Year Ended March 31,
                                                            For the Nine   -------------------------------------------------------
                                                            Months Ended
                                                         December 31, 1998     1998          1997          1996          1995     
                                                           -------------   ------------   ------------  ------------  ------------
<S>                                                        <C>             <C>            <C>           <C>           <C>         
1.  Earnings
     (a)  Loss before interest expense and income taxes    $ (13,355,983)  $(11,089,186)  $ (2,379,449) $  (811,921)  $  (663,886)
     (b)  Portion of rental expense representative of           
           the interest factor (1)                             (499,699)      (220,918)       (18,384)      (11,422)       (8,855)
                                                           -------------   ------------   ------------  ------------  ------------
     Total of 1(a) and 1(b)                                $ (12,856,284)  $(10,868,268)  $ (2,361,065) $  (800,499)  $  (655,031)

2.  Combined fixed charges
     (a)  Total interest expense                           $ 19,432,729    $ 3,941,358    $   437,843   $   214,688   $   115,428
     (b)  Portion of rental expense representative of         
           the interest factor (1)                              499,699        220,918         18,384        11,422         8,855
     (c)  Dividends and accretion on Class A Convertible                                                                         
           8% Cumulative preferred stock                      2,804,513      3,173,525        478,981             -             -
     (d)  Dividends and accretion on 13 3/4% senior                                                                              
           cumulative exchangeable preferred stock due 2010   6,124,194      1,060,938              -             -             -
                                                           -------------   ------------   ------------  ------------  ------------
     Total combined fixed charges (2(a) through 2(d))      $ 28,861,135    $ 8,396,739    $   935,208   $   226,110   $   124,283

     Total interest charges (2(a) through 2(b))            $ 19,932,428    $ 4,162,276    $   456,227   $   226,110   $   124,283
                                                           -------------   ------------   ------------  ------------  ------------

     Total preferred stock requirements (2(c) through 2(d))$  8,928,707    $ 4,234,463    $   478,981   $         -   $         -
                                                           -------------   ------------   ------------  ------------  ------------

3. Ratio of earnings to charges and stock requirements
     Ratio of earnings to combined fixed charges           $      (0.45)   $     (1.29)   $     (2.52)  $     (3.54)  $     (5.27)
                                                           =============   ============   ============  ============  ============

     Ratio of earnings to interest charges                 $      (0.64)   $     (2.61)   $     (5.18)  $     (3.54)  $     (5.27)
                                                           =============   ============   ============  ============  ============

     Ratio of earnings to preferred stock requirements     $      (1.44)   $     (2.57)   $     (4.93)  $       N/A   $       N/A
                                                           =============   ============   ============  ============  ============


4. Deficiency related to less than one-to-one coverage
     Ratio of earnings to combined fixed charges           $ 41,717,419    $19,265,007    $ 3,296,273   $ 1,026,609   $   779,314
                                                           =============   ============   ============  ============  ============

     Ratio of earnings to interest charges                 $ 32,788,712    $15,030,544    $ 2,817,292   $ 1,026,609   $   779,314
                                                           =============   ============   ============  ============  ============

     Ratio of earnings to preferred stock requirements     $ 21,784,991    $15,102,731    $ 2,840,046   $       N/A   $       N/A
                                                           =============   ============   ============  ============  ============

</TABLE>

(1) 21st Century considers one-third of total rental expense to represent return
on capital.