Hong Kong now home to more ‘crazy rich’ people than New York

The US still number one country overall for UHNWIs though.

Hong Kong now has the world’s highest concentration of ultra-high net worth residents, besting New York City, a new report from wealth consultancy Wealth-X revealed this month.

Around 10,010 ultra-high net worth individuals (UHNWI), defined as those with a net worth of at least USD30 million, called the Chinese SAR home in 2017, while the stateside metropolis was home to 8,865.

The UHNWI populace in Hong Kong increased by 31 percent last year, compared to the global growth rate of 13 percent. There were over 255,810 UHNWIs scattered worldwide.

The broad upturn in global financial markets and the reflation trade from higher interest rates were among the drivers of robust wealth gains in Hong Kong, Wealth-X analysts noted.

Enhanced trade and investment links with mainland China also added to Hong Kong's growing wealth.

New York’s population growth of seven percent was the weakest among the top 10 UHNW cities. “Since the global crisis a decade ago, New York’s financial sector has undergone major restructuring and downsizing.” the report noted.

Tokyo was third worldwide, with 6,785 UHNW residents, followed by Los Angeles and Paris with 5,250 and 3,950 ultra-affluent residents, respectively.

Osaka, rounding out the Asian cities in the top 10, had 2,730 ultra-rich denizens. It followed the likes of London (3,830), Chicago (3,255), San Francisco (2,820), and Washington DC (2,735).

Ref: Propertyreport