New York is no longer home to the most ultra-rich people, having been beaten out by the rising tide of extreme wealth in Asia.
Hong Kong surpassed New York City as the city with the highest population of people worth at least $30 million, according to a new report. The former British colony saw its number of ultra high net-worth earners increase 31% last year, to about 10,000, research firm Wealth-X found, higher than the nearly 9,000 people of the U.S.’s largest city. Tokyo rounded out the top 3 and Paris triumphed over London to take the European title as Brexit weighed down the U.K. capital.
The number of ultra-rich worldwide climbed 13% last year, according to Wealth-X, totaling approximately 256,000 people with combined assets of $31.5 trillion. Asia saw the fastest growth, driven by mainland China and Hong Kong. Reflecting the region’s rise, its share of the global population of people with at least $30 million rose to just over one-fourth, up from around 18% a decade ago.
The study also found that women accounted for about 35,000 of the ultra-rich last year, a record-high share of nearly 14%.
Wealth-X’s research noted that the ultra-rich held more of their wealth, roughly 35%, in liquid assets such as cash than anything else. Private holdings accounted for about 32%, while public holdings were 26%. Alternative investments such as real estate, art, and yachts made up 6.6% of total assets.