Hong Kong’s ultra-rich population shrinks by 23% while New York, Singapore close in on top spot for ultra-wealthy
- Hong Kong remains ahead of New York City as top city for the ultra-rich, with 12,615 such people versus New York’s 11,845, Altrata says
- Asia’s population of super-wealthy people declined 11 per cent to 108,370 while the group’s wealth shrank by 10.6 per cent to US$12.1 trillion
Asia’s population of ultra-wealthy people shrank by about 11 per cent in 2022 – the biggest decline among regions worldwide – as individuals with a net worth of more than US$30 million saw their riches diminished by China’s strict Covid-19 curbs, sluggish economies, geopolitical issues and an equities slump amid monetary tightening, according to the latest report by Altrata.
Hong Kong remained ahead of New York City as the world’s premier city for ultra high net worth individuals (UHNWIs), with 12,615 such people versus New York’s 11,845, according to the London-based consultancy that compiles and tracks data on the wealthy and influential. However, Hong Kong’s lead narrowed significantly, as its UHNWI cohort declined by 23 per cent while New York’s grew by 2.3 per cent.
Singapore recorded a 13.4 per cent increase to 4,160 UHNWIs – by far the strongest gain among the top 10 cities and good for seventh place. Tokyo, with a 27 per cent decrease to 3,710, took ninth place.
Globally, the number of ultra-rich fell by 5.4 per cent to 395,070, marking the first decline since 2018 and largest contraction since 2015. The collective wealth of the group eroded by 5.5 per cent to US$45 trillion, according to Altrata.
The trend is not likely to continue, however, as Altrata forecasts that by 2027, the super-rich population will rise to 528,100 while their net worth will appreciate by a third to US$60.3 trillion.