Hong Kong, the new home of the ultra-rich

10/23/2018 8:37:48 AM

If you want to sell your product to the ultra-rich of the world? New York used to be the place to be – but today it is Hong Kong. The city has surpassed New York as home to the world’s biggest population of ultra-rich people, says research firm Wealth-X. 

The economic development of Asia has made a lot of people extremely wealthy. Most of them live in Hong Kong, that now has highest population of people worth at least US$30 million. HK has 10,000; New York 9,000. Tokyo came third, before Paris and London. 

Asia saw the fastest growth, driven by mainland China and Hong Kong, South China Morning Post reports. Of all ultra-rich in the world, 35,000 are women, a record-high share of nearly 14 per cent, the study found. While Hong Kong topped the city rankings, none of the mainland China cities made the top 10. The report: “That is because China’s wealthy are widely dispersed, illustrated by the fact it was home to 26 of the 30 fastest-growing cities for the ultra-rich. 

Further reading on scmp.com

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