Proving 'Crazy Rich Asians' is true, Hong Kong is now the home of the ultra-rich people by replacing New York City. According to the research firm Wealth-X, Beijing beats the Big Apple with the "rising tide of extreme wealth" in Asia.
Wealth-X found the figure of the ultra-rich people all over the world increased by 15 percent in 2017. It was about 256,000 people with combined assets of US$31.5 trillion.
Hong Kong managed to beat New York as the city with the highest number of people with a net worth of at least US$30 million, per the South China Morning Post. The country's rich populace increased 31 percent in 2017 or about 10,000 people. The numbers showed it outgrew the United States' largest city that only has 9,000 wealthy citizens.
Tokyo named as the third country that had the wealthiest populace while Paris came fourth and beat London as Brexit pulled down the UK capital.
The study's author revealed Asia experienced the fastest growth that is controlled by mainland China and Hong Kong. Its ultra-rich people with at least US$30 million net worth was just over one-fourth. It saw a significant 18 percent increase in 10 years.
Wealth-X predicted Asia-Pacific would come close to break the ultra-wealthy gap with other countries over the next five years. However, it could remain behind Europe, Africa, and the Middle East. The total of ultra-rich people in Asia-Pacific could rise up to 8.3 percent every year.
Although Hong Kong managed to be on the top of the city rankings, not a single place from the mainland China made it to the top 10. According to Bloomberg, it is because China's riches are generally scattered. It is the home of 26 out of the 30 fastest-growing cities with the ultra-rich populace.
"The dynamism of wealth creation across China's vast landscape is nevertheless staggering," Wealth-X authors' explained.
Hong Kong's new honor also shows China's growing fortune. The authors also added the country's connection with China's enriched "trade and investments" supported its position as the home of the ultra-rich populace today.
The "relative struggles of commodity markets" was the reason the Middle East placed the weakest global growth. Its assets grew to 4.8 percent while its individuals increased by 4.4 percent. But with 2017's benign market, every region experienced gains.
With the economic and financial markets' roller-coaster ride in 2017, its benefit surprised everyone. Compared to the annual growth, the world real GDP saw its fastest pace since 2011.
