Hong Kong has surpassed New York to become the top city for the wealthiest people , according to a new study published Thursday by research firm Wealth-X.
The sixth edition of the World Ultra Wealth Report analyses the state of the world’s ultra wealthy population, or those with $30 million or more in net worth, which expanded strongly in 2017, rising by 12.9% to 255,810 individuals.
This was a sharp acceleration from growth of 3.5% in 2016, reflecting significantly more favorable conditions for wealth creation, despite still volatile geopolitics, it said.
New York has held the top spot since Wealth-X first started ranking cities in 2011.
According to Wealth-X, the number of ultra-high-net-worth individuals (UHNWIs) living in Hong Kong increased by almost a third in 2017 to 10,000 people. Wealth creation, the report said, was boosted by enhanced links with mainland China. New York posted the weakest growth among the top 10 cities, it said.
Among Hong Kong’s most prominent billionaires are Li Ka-shing, whose Cheung Kong (CKHUY) empire controls ports, telecommunications networks and energy companies across the globe.
Other cities in the top 10 for global wealth included Tokyo, Los Angeles, Paris and London.
The global UHNW population is forecast to rise to 360,390 people by 2022, an increase of almost 105,00 compared with 2017. The level of UHNW wealth is projected to increase to $44.3 trillion, implying an additional $12.8 trillion of newly created wealth over the next five years.
Top 10 cities for super-rich individuals