ECONOMY | Staff Reporter, Hong Kong

Hong Kong is home to seven in 50 of Asia's multi-millionaires

There are 5,140 individuals in Hong Kong and China worth over US$50m.

Hong Kong is the third richest city in Asia and ninth globally after trailing Singapore and Tokyo as a growing number of Asia’s ultra-wealthy call the bustling financial hub a home, according to Knight Frank’s 2018 City Wealth Index. 

Hong Kong, together with China, is home to 5,140 individuals who are worth over US$50m in 2017, which accounts for 14.33% of Asia’s ultra-wealthy population.

It also shares sixth place with San Francisco and Melbourne as a global investment destination as Mainland Chinese investors are opting to increase their deposits in the neighboring SAR.

Despite having a higher number of HNWIs than close regional competitor Singapore, Hong Kong lags behind in overall global rankings against New York, London and Tokyo who are poised to take the global economy by storm in 2022 as they have the highest forecast GDP of a whopping US$1.8t, US$1.6t and US$1.1t respectively.

Overall, Asia accounts for almost a third (27.66%) of the world’s global multi-millionaire (US$50m+) population as a 15% rise in Asia’s ultra-wealthy took its population to 35,880 and taking Europe out of the running.

“We have revised up our economic outlook for the region owing to a rosier Chinese growth forecast in the short term. Steady demand from final consumer markets and rising commodity prices will support exporting countries in the region, while expectations of a very gradual monetary tightening will underpin growth overall,” said Agathe L’Homme, Asian Analyst at the Economist Intelligence Unit.

Photo from chensiyuan - chensiyuan, GFDL

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