06 Sep Hong Kong, the home of the uber wealthy
Hong Kong, the top Asian city for the ultra wealthy. The poll is indicating the most number of ultra wealthy individuals with a (net worth of 30million or more) concentration in the world cities. Hong Kong has placed itself in the top spot before Tokyo. Hong Kong has the largest population of ultra net worth individuals who are willing to invest in the domestic market like reality, software and other markets. However, there is fierce competition from other Asian countries such as Singapore, China, and India for the top spot. The concentration of ultra high net worth individuals have gone up from 2.40% to 4.10%. The reason for this contribution of this ultra wealthy population is the emerging business expansion in Hong Kong. It is the result of the pace of economic growth in Hong Kong reaching new heights. Even though China is the world’s most populated country, its city of Shanghai came in the 29th spot.
Globally Hong Kong has secured the second place just below New York trumping London, Paris and other major cities.
It also notable that on an average an ultra high net worth individual owns 3.3 homes in Hong Kong.
Asia’s contribution to the pool of ultra high net worth individuals has been on a steady rise especially due to its hurdle less business expansion policies in Hong Kong and other countries contributing to the same. One of the reasons for Hong Kong to snatch the top spot in the Asian country list is the rapid development of businesses and the equity market’s positive growth coupled with the investor’s fear in the market of China due to the reforms implemented in India. That said one can safely say that Hong Kong is a city to watch out for in the coming ages.