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Hong Kong's Ultra Rich Population Overtakes New York's.

Byline: Niall McCarthy

The number of super rich individuals across the world is increasing. According to the Wealth-X annual World Ultra Wealth Report, the number of ultra-high-net-worth individuals or UHNWIs (defined as being worth $30 million or more) grew 13 percent last year to 255,810. That growth was driven by soaring stock markets, steady economic growth, robust asset markets and stable exchange rates against the dollar. Collectively, those 255,810 people are worth around $31.5 trillion.

For years, North America has been the driving force in millionaire creation but today, that mantle is being passed over to Asia. The research found that the number of super-rich individuals in Asia climbed 19 percent in 2017, twice the North American growth rate, driven by increasing wealth levels in China. That has resulted in Hong Kong overtaking New York as the city with the largest UHNWI population. The former British colony saw its population of individuals worth $30 million plus go up 31 percent last year to 10,000, beating The Big Apple's 8,900. Tokyo rounds off the top-three while Paris leads the way for Europe in fifth with 4,000.

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Publication:Pakistan & Gulf Economist
Date:Sep 16, 2018
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