Hong Kong is multimillionaire capital of the world, says new study

At 15,400, Hong Kong has more multimillionaires - those with at least US$10 million in net assets - than any other city in the world, a study has found.

It is also fifth on the millionaire list, with 2.9 per cent of the population, or 211,700, having net assets of at least US$1 million. Together these wealthy and super wealthy residents hold net assets totalling a minimum of some US$350 billion.

Andrew Amoils, senior analyst at New World Wealth, which conducted the study, said the wealth of millionaires in Hong Kong accounts for about 45 per cent of the total individual wealth in the city. This was above the global average of 30 per cent.

The report said: "Interestingly, over the past 10 years, worldwide millionaire and multimillionaire numbers have grown at vastly different rates. Millionaire numbers worldwide have gone up by 58 per cent during this period, whilst multimillionaire numbers have gone up by 71 per cent."

The Johannesburg-based consultancy said New York came second and London third with 14,300 and 9,700 multimillionaires respectively. Just outside the top 10 were Beijing with 4,900 multimillionaires, Taipei with 4,800, and Shanghai with 3,600.

The consultancy used numerous sources to determine wealth, including public director and company databases and luxury-goods databases with a focus on owners of prime property, yachts, art and private jets. It excludes primary residences, but includes other property assets.