Hong Kong boasts the largest concentration of individual wealth in Asia, says Knight Frank
City is also third most popular place for uber-wealthy to buy property
Hong Kong has the largest concentration of wealthy population in Asia and is the world’s third most popular place to buy a property and live for ultra-wealthy individuals, says a report from Knight Frank.
The company’s Wealth Report, now in its eleventh year, has re-evaluated its criteria and this year created its own City Wealth Index.
However, Hong Kong – the only Asian city in the top three – might have to work hard to hold onto its position, said Knight Frank, as competition grows from cities on the Chinese mainland.
“The third and fourth largest concentrations of wealth today – Hong Kong and San Francisco – are likely to be eclipsed by the rising fortunes of Singapore, Shanghai and Beijing, which are all expected to see their wealthy populations grow rapidly over the next decade,” according to the report.
New York ranked top in terms of number of individuals with US$30 million or more in net assets, defined as ultra-high-net-worth individuals, followed by London.
Beijing was sixth and Shanghai seventh, according to the survey.
Ultra-high-net-worth individuals in Hong Kong own 3.3 homes on average, compared with 4.3 in Saudi Arabia, four in Taiwan and 3.2 in Singapore, it said.
