Hong Kong is now home to the most ultra-rich people in 2018
According to a survey from a wealth research company called Wealth-X, Hong Kong the city of Dreams has now surpassed New York as the home to the most ultra-rich people in 2018.
Wealth-X also stated that Hong Kong has now overtaken New York to become one of the top destinations for Earth’s wealthiest people last year. The study also said that the number of wealthy people residing in the Asian financial hub has risen by one-third in 2017 to 10K.
New York has been holding the crown as home to the most ultra-rich people since 2011.
According to Wealth-X, an Ultra wealthy individual is considered to be a person of net-worth $30 million or more.
The rise in the number of ultra-rich people in Hong Kong was driven by its thriving stock market and increasing financial links with the Chinese Economy.
One of the main reasons for this is China’s rapid economic growth. China’s economic growth in the last few years has led to an increase in the number of ultra-rich people in Hong Kong.
The number of ultra-rich people in the world has increased by 13 percent in last year. This makes a total of 256,000 people owning a total wealth of 31.5 trillion USD. The fastest growth was seen in Asia, mainly driven by mainland China and Hong Kong.
The Wealth-X report writer also mentioned that Asia-Pacific is predicted to close the ultra-wealthy difference with the other regions over the coming five years, but will remain behind Europe, Middle East area, and Africa for sure. He also said that the number of ultra-rich people in Asia-Pacific is likely to increase at a compound rate of 8.3 percent a year.
About 35000 of the ultra-rich were Women. Which is about 14 percent of the share.
As per the research by Wealth-X, these are the top 10 cities that are home to the most ultra-rich people in the year 2017: –
- Hong Kong – Ultra-rich net worth population of 10.0K
- New York – Ultra-rich net worth population of 8.9K
- Tokyo – Ultra-rich net worth population of 6.8K
- Los Angeles – Ultra-rich net worth population of 5.3K
- Paris – Ultra-rich net worth population of 4.0K
- London – Ultra-rich net worth population of 3.8K
- Chicago – Ultra-rich net worth population of 3.3K
- San Francisco – Ultra-rich net worth population of 2.8K
- Washington D.C – Ultra-rich net worth population of 2.7K
- Osaka – Ultra-rich net worth population of 2.7K
Because China’s ultra-rich people are widely spread, it could not make it to the top 10 of the list of countries home to the most ultra-rich people.
The study also found out that most of the ultra-rich people held about 35 percent of their wealth in liquid assets such as cash. About 32 percent were private holdings, and 26 percent were public holdings.
The author of Wealth-X also said that Paris had an increase of 17 percent in its ultra-rich people and rose over London mainly because London was suffering from Brexit-related uncertainty in the UK financial markets.
