POST TIME: 7 September, 2018 00:00 00 AM
Hong Kong now the city of the biggest super-rich population

Hong Kong now the city of the biggest super-rich population

A view of Hong Kong skyline from Victoria Peak. CNN PHOTO

Hong Kong overtook the Big Apple to become the top destination for the planet's wealthiest people last year, according to a study published Thursday by research firm Wealth-X. The number of ultra-high-net-worth individuals (UHNWIs) residing in the Asian financial hub rose by almost a third in 2017 to 10,000, reports CNN quoting the study.

Wealth-X defines a UHNWI as a person worth $30 million or more. The firm said the rise in the number of ultra rich in Hong Kong was propelled by its booming stock market and growing financial links with the broader Chinese economy. China's rapid economic growth in recent decades has helped drive a dramatic increase in the number of ultra-rich people in the region.

Among Hong Kong's most prominent billionaires are Li Ka-shing, whose Cheung Kong (CKHUY) empire controls ports, telecommunications networks and energy companies across the globe. No single city in mainland China made it into Wealth-X's top 10 in terms of its number of super-rich individuals. It said that was because Chinese wealth was not concentrated in any one area, but distributed around the country. Its wealthiest citizens include tech tycoons Jack Ma and Pony Ma who founded internet juggernauts Alibaba (BABA) and Tencent (TCEHY), respectively.

"The dynamism of wealth creation across China's vast landscape is nevertheless staggering," the report read. Overall, the United States remains the preferred country for the world's richest and is home to almost a third of the world's ultra-high-net-worth individuals.