Hong Kong surpasses New York as the world’s richest city

Hong Kong has more than 10,000 people worth over US$30 million

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(Image/Pixabay)

(Image/Pixabay)

TAIPEI (Taiwan News) – Hong Kong tops the list of the world’s richest cities with more multimillionaires than New York, according to the World Ultra Wealth Report released by Wealth-X.

2017 saw the number of people worth US$30 million surge to 255,810 worldwide, posting a 13-percent growth rate, which can be attributed to the bull market and economic boom, reported CNBC.

Global wealth is increasingly shifting to Asia from the U.S. thanks to fast growing economies in the region. Asia reported a 19 percent increase, double that of North America, the World Ultra Wealth Report suggested.

The momentum has pushed Hong Kong to the status as the city boasting the most ultra-high-net-worth individuals, with over 10,000 people worth US$30 million or more. New York took the second spot with 8,900, followed by Tokyo with 6,800.

Asia is expected to witness the biggest growth in the number of multimillionaires over the next four years. As many as 108,000 super rich individuals, or a rise of 50 percent, are estimated to be living in the region by 2022, the report argued.