The Real Deal New York

Step aside New York, Hong Kong is now home to the most ultra-rich people

The Asian city now is home to more people valued over $30 million than the Big Apple
September 16, 2018 10:00AM

(Credit: Pixabay)

Hong Kong has overtaken New York as the city of being occupied by the most ultra-wealthy individuals — that is, people worth at least $30 million.

The former British colony is now home to more than 10,000 ultra-wealthy people, Bloomberg reported. Citing a report by research firm Wealth-X, the outlet reported that Hong Kong’s ultra-wealthy population jumped 31 percent last year.

That increase surged past New York, which is home to around 9,000 of the super-rich.Tokyo took third place, followed by Los Angeles, Paris, London and Chicago.

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Hong Kong has been bolstered by China’s improving economy, and this has been driven by “enhanced trade and investment links with mainland China,” the report said.

The trade links have been evident in some mammoth real estate deals in the city. In June, a consortium of Chinese developers inked a record-breaking $5.1 billion deal with one of billionaire Li Ka-shing’s previous companies. In a separate deal Hong Kong’s government sold its first commercial property in the Central district in over two decades for $2.9 billion.

Worldwide, the number of people worth more than $30 million leapt 13 percent last year, to 256,000 people with combined assets of $31.5 trillion. [Bloomberg]David Jeans