The capital for the world’s wealthiest people is no longer New York. Hong Kong now boasts the biggest population of ultra-rich residents, according to a new ranking.
The World Ultra Wealth Report, compiled annually by Wealth-X, found that the metropolis on the South China Sea is home to more people worth at least $30 million or more than any other city in the world in 2017, surpassing the Big Apple, which topped the list previously, Hong Kong has 10,000 extremely rich residents to New York’s 8,900. Over that period New York posted the weakest growth among the top 10 cities, while the ex-British colony’s ultra-wealthy increased by 31 percent.
Ranking behind them was Tokyo with 6,800 residents worth $30 million or more, followed by Los Angeles with 5,300, while Paris leapfrogged London as the world’s fifth biggest congregation of ultra-rich dwellers, making the City of Lights Europe’s top-ranked spot with 4,000 to the Old Smoke’s 3,800.
The capitals of France and Great Britain are also Europe’s only entries in the top 10, as Chicago (3,300), San Francisco (2,800), Washington D.C. (2,700) and Osaka (2,700) complete the list, in that order.
Worldwide the number of ultra-rich residents worldwide rose by 12.9 percent last year, totalling 255,810 individuals. But it is Asia, driven by the economies of China and Hong Kong, that marked the biggest growth with 27 percent increase in ultra-wealth, according to the report.
Despite China’s economy playing a big part in Hong Kong’s rise, no cities in China itself cracked the top 10 and the U.S. remains the the world’s wealthiest’s preferred destination, as almost a third of the ultra-high-net-worth (UHNW) individuals live stateside.
Read More: Russia’s super rich just lost $3 billion in a single day: Report
However Asia, and specifically China are reducing the U.S. lead with increasing consumer spending, more investment in infrastructure and economic reforms boosting wealth in Asia.
“Asia-Pacific is forecast to close the ultra-wealth gap with other regions over the next five years,” the authors of the report wrote. “The global UHNW population is forecast to rise to 360,390 people by 2022, an increase of almost 105,000 compared with 2017. The level of UHNW wealth is projected to increase to $44.3tn, implying an additional $12.8tn of newly created wealth over the next five years.”