Hong Kong has topped other Asian cities where ultra-wealthy individuals maintain primary or secondary residences, with an estimated 15,175 such residents, according to the latest report by Altrata.
Ranking third overall, Hong Kong trailed New York, which counted 21,714 individuals with net worths of at least US$30 million as residents, and London with 15,907 such residents, the study said.
London-based Altrata tracks the super rich. Only about 400,000 people out of the estimated global population of 8 billion belong to this elite club, the report said. It based its findings on the Wealth-X database, which calculates the number of wealthy individuals in each city by residential presence.
“The territory has a total UHNW [ultra-high net worth] footprint of 15,175 individuals,” the report said.
“This comprises mostly primary residences of the wealthy, attracted by its unrivalled links to mainland China, low taxation and status as a major global financial services hub.
“However, recent political developments have diminished Hong Kong’s attractiveness to non-financial international companies.”
Hong Kong (https://www.scmp.com/business/money/wealth/article/3129708/one-every-125-hongkongers-worth-least-us5-million-ranking?module=inline&pgtype=article) has been aggressively wooing international firms and wealthy investors with the aim of securing their return to the city, as it seeks to regain its status as the premier Asian financial hub after three difficult years marked by political uncertainties, Covid-19 and pandemic containment measures that were among the world’s most stringent
Source: The SCMP
