Hong Kong now has more rich people than any other city

New York is no longer the city with the largest super-rich population.

Hong Kong has overtaken the Big Apple to become the first destination of the richest people on the planet last year, according to a study published Thursday by the research firm Wealth-X. The number of highly fortunate individuals living in the Asian financial sector has increased by almost a third in 2017 to reach 10,000, the study said.

New York had been in first place since Wealth-X started to rank cities in 2011. The firm defines UHNWI as $ 30 million or more.

The rise in the number of ultra-rich in Hong Kong has been propelled by the expansion of its stock market and the growing financial ties with the Chinese economy.

China's rapid economic growth in recent decades has contributed to a dramatic increase in the number of extremely wealthy people in the region.

Hong Kong's most prominent billionaires include Li Ka-shing, whose Cheung Kong (CKHUY) empire controls ports, telecommunications networks and energy companies around the world.

None of mainland China's cities has been ranked in the top 10 of Wealth-X in terms of the number of very wealthy people.

He said it was because Chinese wealth was not concentrated in a given region, but distributed throughout the country. Among its wealthiest citizens are technology magnates Jack Ma and Pony Ma, who founded Internet experts. Ali Baba (BABA) and Tencent (TCEHY), respectively.

"The dynamism of wealth creation across the vast Chinese landscape is nevertheless staggering," the report says.

Overall, the United States remains the country of choice for the richest in the world and home to nearly one third of the world's wealthiest people.

But Asia and China in particular are catching up. Last year, the number of ultra-rich people in Asia increased by 20%. The increase in wealth in Asia has been favored by the rise in consumer spending, increased investment in infrastructure and economic reforms, among other factors, Wealth-X said.

"Asia-Pacific is expected to close the ultra-wealth gap with other regions over the next five years," the report added.

According to another study by consulting firm Capgemini, the number of people who have invested $ 1 million in the region over the past four years has been higher than anywhere else in the world. And by one estimate, China alone already has more billionaires than the United States.

But things could get worse in 2018. China is facing headwinds against the trade war with the United States and the huge indebtedness of its financial system. Chinese equities entered a bear market this year, as their currency plunged against the dollar.

Overall, the number of ultra-rich people increased by 13% last year to more than 250,000 people. Their handset Total wealth reached $ 31.5 trillion, boosted by the recovery of the global economy and strong stock market performance.

Tokyo, Los Angeles, Paris and London are among the top 10 cities in the world.

CNNMoney (Hong Kong) First published on September 6, 2018: 6:07 ET