Hong Kong is home to the most ultra-rich people, says report

KUALA LUMPUR (Sept 8): A recent report by research firm Wealth-X has concluded that Hong Kong hosts the most ultra-rich people on the planet.

The US metropolis of New York used to have this distinction but Hong Kong ended up with the top spot when the ex-British colony's number of ultra-wealthy citizens increased 31% last year to about 10,000 people.

Wealth-X designates people worth at least US$30 million (RM124.5 million) as ultra-rich.

The report, which was also carried in a Bloomberg article, ranked Tokyo third, and Paris toppled London to become host to the most ultra-rick folk in Europe.

“Asia-Pacific is forecast to close the ultra-wealth gap with other regions over the next five years, but is expected to remain behind Europe, the Middle East and Africa in absolute terms,” said the report in the Bloomberg article.

The number of ultra-wealthy in Asia-Pacific is expected to rise at a compound rate of 8.3% a year, said the report. This meant Asia saw the fastest growth of ultra-rich people, powered mainly by mainland China and Hong Kong.

It looks like "Crazy Rich Asians" is not so fictitious after all.

In Europe, the Anglo-French rivalry ended with France's capital being the top host in the continent for the ultra-rich.

The report said Paris had a 17% increase in its ultra-wealthy numbers to more than 3,900 persons.

London was “hampered in part by Brexit-related uncertainty in U.K. financial markets and across the wider economy,” said the Wealth-X report.

On a more egalitarian note, the report also stated that every region on the globe saw gains among the ultra-rich, "thanks to last year’s benign markets".