Hong Kong has largest number of billionaires in Asia: report

There are now 1,844 billionaires globally.

It has been noted that the total number of billionaires in the world now reaches 1,844, which is an 82% increase from ten years ago. Hong Kong, with 53 billionaires, tops the largest billionaire population in Asia.

According to a release from BOCI Securities, further, in terms of absolute number of billionaires, China is currently behind the USA in second position.

In 10 years’ time, China will account for the largest increment in the world billionaires’ population by adding 154 billionaires.

Meanwhile, as of 2014 in terms of absolute number of billionaires, 10 of the top 20 cities in the world are in Asia.

Here's more from BOCI Securities:

Knight Frank, the independent global property consultancy, and BOCI jointly hosted a press conference in Hong Kong for the launch of The Wealth Report 2015. Now in its ninth year, the report tracks the growing super-rich population in 108 cities across 97 countries.

In 2014, around 15 people a day joined the ranks of the ultra-wealthy, or those with a net worth of US$30m or more. This growth is set to continue in the coming decade, with the global population of ultra-high-net-worth individuals (UHNWIs) forecast to climb by 34% to a total of almost 231,000.

Around the world in 2014, Asia saw the largest rise in its wealth population compared to other regions across all wealth brackets.

Most notably on a regional level, Asia overtook North America as the region with the second-largest increase in UHNWIs in 2014. Some 1,419 people moved past the $30m+ mark in Asia in 2014, after an increase of fewer than 1,000 in 2013. Europe held onto the top spot with the most new entrants into the ultra-wealthy bracket over 2014.

“The wealthy population in Hong Kong is expected to grow by more than 40% from 2014 to 2024, while that in China could jump over 80% during the period”, says David Ji, Director and Head of Research & Consultancy, Greater China at Knight Frank.

The ultra-wealthy in Asia now also hold more in total wealth with net assets of $5.9tn – 7% more than those in North America with $5.5tn. However, with a $6.4tn treasure chest, European UHNWIs still control the most wealth. By 2024, Asia will overtake North America in UHNWI population by 11%.

Nicholas Holt, Head of Research for Asia Pacific, says, “The rise of Asia and its subsequent impact on prime property within the region and beyond has been one of the key narratives highlighted in The Wealth Report.

This growth in wealth is certainly impacting prime residential markets across Asia and Australasia, with the region’s key cities and second home destinations seeing strong price growth over the last five years. This is despite interventions by policy makers in a number of markets, designed to slow price growth and curb foreign ownership.

“Over the past nine years, the investors hunger for knowledge has only increased, especially from our clients here in Asia Pacific, where UHNW property investors are becoming increasingly confident and are looking to diversify their property portfolios by exploring new asset classes and locations.”