Suck it New York, you bums.
Hong Kong, according to a new report, has taken over from the Big Apple to become the city with the most ultra-rich people in the world.
Well, I suppose it’s not like we’re among the 10,010 Hongkongers that have at least US$30 million, according to Wealth-X’s The World Ultra Wealth Report 2018. Damn, that’s a lot of money. Sigh.
Anyways. Tough the US is still the dominant country when it came to vast fortunes, Hong Kong, thanks to the economic rise of China and Asia, ascended to the top in the city rankings, with its number of ultra-wealthy growing 31 percent from last year.
“The further integration of the Hong Kong economy with that of mainland China was a positive development for wealth creation,” the report stated.
“The broad upturn in global financial markets and the reflation trade from higher interest rates were among the drivers of robust wealth gains.”
Next after Hong Kong was the previous number one, New York, followed by Tokyo, Los Angeles, Paris, London, Chicago, San Francisco, Washington DC, and Osaka, according to the report.
China, though, is catching up, with its collective wealth jumping by 33 percent this year.
China accounted for 26 of the 30 fastest-growing major UHNW cities over the past five years.
The number of ultra-rich worldwide rose 13 percent last year, according to Wealth-X, totaling about 256,000 people with combined assets of $31.5 trillion.
