Hong Kong top Asian city for ultra-wealthy individuals, Beijing snatches second spot from Singapore, Altrata study shows

[beijingwalker]

Hong Kong top Asian city for ultra-wealthy individuals, Beijing snatches second spot from Singapore, Altrata study shows​

March 7, 2023

Hong Kong has topped other Asian cities where ultra-wealthy individuals maintain primary or secondary residences, with an estimated 15,175 such residents, according to the latest report by Altrata.

Ranking third overall, Hong Kong trailed New York, which counted 21,714 individuals with net worths of at least US$30 million as residents, and London with 15,907 such residents, the study said.

London-based Altrata tracks the super rich. Only about 400,000 people out of the estimated global population of 8 billion belong to this elite club, the report said. It based its findings on the Wealth-X database, which calculates the number of wealthy individuals in each city by residential presence.

Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.

"The territory has a total UHNW [ultra-high net worth] footprint of 15,175 individuals," the report said. "This comprises mostly primary residences of the wealthy, attracted by its unrivalled links to mainland China, low taxation and status as a major global financial services hub.

"However, recent political developments have diminished Hong Kong's attractiveness to non-financial international companies."

Hong Kong has been aggressively wooing international firms and wealthy investors with the aim of securing their return to the city, as it seeks to regain its status as the premier Asian financial hub after three difficult years marked by political uncertainties, Covid-19 and pandemic containment measures that were among the world's most stringent.

The city is offering a slew of incentives, such as a refund of the extra stamp duty that non-locals pay when buying Hong Kong residential properties, as long as they remain in Hong Kong for seven years and obtain permanent residence. Other perks include a new two-year visa for individuals who earned no less than HK$2.5 million (US$318,000) in the past year and graduates of the world's top 100 universities with at least three years' work experience in the previous five years.

Beijing, meanwhile, has overtaken Singapore as the Asian city with the second highest concentration of well-heeled individuals, with 8,923 super-rich residents compared to Singapore's 7,471. Globally, the Chinese capital ranked seventh, while Singapore came in at eighth place.

Hong Kong top Asian city for ultra-wealthy individuals, Beijing snatches second spot from Singapore, Altrata study shows

Hong Kong has topped other Asian cities where ultra-wealthy individuals maintain primary or secondary residences, with an estimated 15,175 such residents, according to the latest report by Altrata. Ranking third overall, Hong Kong trailed New York, which counted 21,714 individuals with net...

finance.yahoo.com

 

[beijingwalker]

Chinese city of Hong kong​

Chinese city of Beijing

 

[beijingwalker]

Tokyo used to be the top in Asia, now it probably can't even make it up to top 5

 

[S10]

That's not a point of pride. It means severe wealth inequality.

 

[Mista]

That's not a point of pride. It means severe wealth inequality.

That's right. Wealth in Japan is more evenly spread. Among major cities, Tokyo has among the least number of billionaires but among the most number of millionaires.

 

[TheNoob]

I don't get why people celebrate millionaires lol it's just a huge coping mechanism for not making past poverty because the system keeps you down

 

[beijingwalker]

It's just the general trend of global wealth redistribution , 20 years ago no Chinese cities can even make to top 50 and Japanese cities dominated all wealth lists, but you can't say today's Japan is better than it was 20-30 years ago when it comes wealth distribution and today's China is far worse than it was 20-30 years ago in this case.

 

[beijingwalker]

Asia's Richest Families​

by Katharina Buchholz,
Mar 20, 2023

According to a ranking published by Bloomberg last week, the Ambanis remain the wealthiest among Asia’s families despite recent losses, owing their riches to the Reliance Industries conglomerate headquartered in Mumbai. The rest of the ranking’s top 10 is a mix of different industries, countries and also some global household names.

The Ambanis’ wealth is still more than double that of the next clan in the ranking of Asia's richest families, the Hartonos of Indonesia's Djarum brand. It also earns them rank 6 among the world’s wealthiest families. Two Thai families are also among the top 10, with Red Bull inventors, the Yoovidhyas, in rank 6. The Lee family behind South Korean electronics maker Samsung made it into rank 10.

Chinese emigrants are quite common among the list of Asia’s most wealthy families. Chearavanont patriarch Chia Ek Chor came to Thailand from Southern China in 1921 and started out importing and exporting seeds, vegetables and animal products between Bangkok, China and Hong Kong. The Pao/Woo family and the inventors of Oyster Sauce, the Lee family (rank 11), made their fortunes in Hong Kong after emigrating from Mainland China, as did Singapore real estate tycoons, the Ngs (rank 12). The story is similar with the Png brothers (rank 13) and the Sy family (rank 14), conglomerate owners in Singapore and the Philippines, respectively.

Infographic: Asia's Richest Families

This chart shows the richest families in Asia as of 2023.

www.statista.com