Report: Ultra-rich rise in mainland, Hong Kong
The Chinese mainland and Hong Kong saw strong growth in the number of ultra-wealthy people in 2016. Their favorite asset class is property, according to a property investment consulting firm.
The number of ultra-high net worth individuals, or UHNWIs, with net assets at or above $30 million, last year grew 10 percent on the mainland to 14,310, and 6 percent in Hong Kong to 4,080, Knight Frank said in its latest research into global prime property and investment.
The company surveyed more than 900 of the world's leading private bankers and wealth management advisers.
Knight Frank also pointed out that UHNWIs’ favorite asset class was primary residences and second homes, especially luxury residential properties. (Photo 1)