Hong Kong over­takes New York as city with most ul­tra­wealthy peo­ple

The Palm Beach Post - - BUSINESS - By Jeff Stein The Wash­ing­ton Post

Hong Kong is now home to more ex­tremely rich peo­ple than any other city in the world, sur­pass­ing New York City as the rapidly grow­ing Chi­nese economy mints a new class of fi­nan­cial elites in the east, ac­cord­ing to a new re­port.

Hong Kong has more than 10,000 res­i­dents who each con­trol at least $30 mil­lion - about a 31 per­cent jump from 2016 to 2017, ac­cord­ing to Wealth-X, a re­search firm that stud­ies the world’s wealth­i­est peo­ple.

The num­ber of ul­tra­wealthy peo­ple in New York City in­creased to about 9,000 res­i­dents over that same pe­riod, a seven per­cent jump. But Hong Kong leapfrogged the Big Ap­ple pri­mar­ily be­cause of the rapid growth in stock mar­kets through­out much of Asia, par­tic­u­larly China’s Shen­zhen Stock Ex­change. In­vestors and ex­ec­u­tives in Hong Kong have ex­ten­sive busi­ness ties to main­land China, where the amount of wealth over­all grew by more than 30 per­cent, the re­port found.

“Hong Kong over­tak­ing New York is not about New York los­ing its shine,” said Vin­cent White, co-au­thor of the re­port. “It’s that Hong Kong has grown fan­tas­ti­cally, pow­ered by a tremen­dous stock mar­ket per­for­mance.”

The ranks of the phe­nom­e­nally wealthy bal­looned in 2017, as the num­ber of peo­ple with more than $30 mil­lion ex­panded to 256,000, a 13 per­cent jump from the pre­vi­ous year. (Their num­bers grew by 3.5 per­cent in 2016.) The ul­tra­wealthy rep­re­sent 0.003 per­cent of the world’s pop­u­la­tion but col­lec­tively con­trol 11 per­cent of its wealth.

Over­all, the United States still boasts many more bil­lion­aires and mul­ti­mil­lion­aires than do main­land China and Hong Kong com­bined, with about 80,000 Amer­i­cans hold­ing net worth over $30 mil­lion, com­pared with about 17,000 peo­ple in main­land China and 10,000 peo­ple in Hong Kong who cross that thresh­old. Ja­pan, at 18,000 peo­ple hold­ing net worth over $30 mil­lion, is home to the sec­ond-high­est num­ber of ul­tra­wealthy peo­ple.

Of the 10 cities with the most ul­tra­wealthy peo­ple, five of them - New York, Los An­ge­les, Chicago, San Fran­cisco and Wash­ing­ton, D.C. - are in Amer­ica, ac­cord­ing to the Wealth-X re­port.

The Amer­i­can economy also re­mains larger than any in Asia, with the na­tion’s gross do­mes­tic prod­uct to­tal­ing $18 tril­lion, com­pared to the ap­prox­i­mately $11 tril­lion economy of China, the big­gest in the east. No city in main­land China cracks the top 10 for con­tain­ing the most ul­tra­wealthy peo­ple.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.