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New York has lost its crown as the home of the richest people, battered by the rising tide of extreme wealth in Asia.
According to a new report, Hong Kong has overtaken the Big Apple as the city with the largest population of people of at least $ 30 million. The former British colony saw its number of very rich children increase by 31% last year, to about 10,000, according to research firm Wealth-X, which has more than 9,000 people in the largest city of United States. Tokyo came in third, while Paris beat London to take the European crown while Brexit weighed on the capital of the United Kingdom.
The number of ultra-rich in the world increased by 13% last year, according to Wealth-X, totaling about 256,000 people with combined assets of $ 31.5 trillion. Asia has experienced the fastest growth, driven by mainland China and Hong Kong, wrote the authors of the study. Given the region's growth, its share of the global population of at least $ 30 million reached just over a quarter, up from 18% a decade ago.
"Asia-Pacific is expected to narrow the ultra-wealth gap with other regions over the next five years, but is expected to remain in absolute decline in Europe, the Middle East and Africa," wrote the authors of the report. report. The number of ultra-rich Asia Pacific is expected to increase at a compound rate of 8.3% per year, they said.
Last year, women accounted for about 35,000 people among the ultra-rich, a record share of almost 14%.
While Hong Kong was at the top of the city rankings, nowhere in mainland China was in the top 10, although the country is third in the list of countries. This is because China's rich people are widely dispersed, which is illustrated by the fact that it sheltered 26 of the 30 fastest-growing cities for the ultra-rich.
"The dynamism of wealth creation across the vast Chinese landscape is nevertheless astounding," the authors wrote.
The rise of Hong Kong also reflects the improving situation in China, whose position is at the top of the global list "backed by stronger trade and investment ties with mainland China," according to the authors.
The relative struggles of commodity markets have been a factor in the Middle East, posting the lowest global growth in assets and individuals, up 4.8% and 4.4%, respectively.
All regions recorded gains, thanks to the benign markets of last year, wrote the report's authors.
"After experiencing some ups and downs in the previous year, the economic and financial markets were almost unusually surprised in 2017," they said. "On an annual basis, real world GDP has grown at its fastest pace since 2011".
Yet, according to the study, ultra-rich people held more of their wealth – 35% – in liquid assets such as cash. Private assets accounted for about 32%, while government assets were 26%. Alternative investments such as real estate, art and yachts accounted for 6.6% of total assets.
The study revealed that the imminent departure of the United Kingdom from the EU has been taken into account in last year's trends. The rise of Paris over London – the City of Lights – has increased by 17% to more than 3,900 people. the authors wrote.
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