Hong Kong is now the world’s multi-millionaire and billionaire capital after outranking New York as the city with the most ultra-wealthy residents, a new report from net worth intelligence and data company Wealth-X suggests.
According to the sixth edition of the World Ultra Wealth Report, Hong Kong’s population of people worth at least $30 million (ultra-high net-worth individuals) is now 10,010 which equates to a 31% increase from last year, Business Insider reported.
Wealth creation in Hong Kong was reportedly boosted by enhanced links with mainland China.
Li Ka-Shing, whose Cheung Kong (CKHUY) empire controls ports, telecommunications networks, and energy companies worldwide, is one of Hong Kong’s most prominent billionaires.
New York which currently has 8,865 UHNWIs, posted an increase of just 7%, the weakest growth among the top 10 cities.
Rounding out the top 3-10, respectively, are Tokyo, Los Angeles, Paris, London, Chicago, San Francisco, Washington DC, and Osaka.
No mainland Chinese city made it to the top ten because the wealthy Chinese population is spread out evenly across the country.
Wealth-X also noted that China is home to 26 of the 30 fastest-growing ultra-wealthy cities in the world.
Based on the report, the significant growth is due to China’s “gradual and ongoing process of market liberalization.” It also cited the country’s market growth in real estate and other high-value economies.