Hong Kong has outranked New York as the city with the most super-rich people in the world as reported by Wealth-X.
Hong Kong has 10,010 individuals with worth of 30 million dollars (253 million Norwegian kroner), a 31% increase from the year before. New York ranks on the second place with 8.865 people and Tokyo on third place with 6,785.
The number of ultra rich cities grew by 13 per cent last year, while growth last year was only 3.5 per cent.
According to the data company, that the conditions for creating values have improved over the past year, despite the unrest in geopolitics.
– The number of ultra cities and total values increased in all seven major regions of the world, as opposed to a varying trend last year, which testifies to a favorable economic climate, Wealth-X
Greatest growth in Asia
The largest growth in the number of extremes occurred in Asia, led by China and Hong Kong. According to the report, it is estimated that the number of ultra cities in the Asia-Pacific region will grow by 8.3 per cent annually.
“The Asia-Pacific region is expected to cover some of the wealth gap towards the other regions over the next five years, but it will still be behind Europe, the Middle East and Africa,” writes Wealth-X in the report.
The ultra cities has 35 percent of its capital in easily negotiable funds as cash, according to Wealth-X.
Furthermore, they placed 32 percent of their value in private capital, 26 percent in the stock market, and 6.6 percent in alternative investments such as housing, art and luxury yachts.