• Mon
  • Sep 22, 2014
  • Updated: 10:25pm
NewsHong Kong
WEALTH

Hong Kong is multimillionaire capital of the world, says new study

PUBLISHED : Wednesday, 06 August, 2014, 10:23am
UPDATED : Thursday, 07 August, 2014, 5:13am

At 15,400, Hong Kong has more multimillionaires - those with at least US$10 million in net assets - than any other city in the world, a study has found.

It is also fifth on the millionaire list, with 2.9 per cent of the population, or 211,700, having net assets of at least US$1 million. Together these wealthy and super wealthy residents hold net assets totalling a minimum of some US$350 billion.

Andrew Amoils, senior analyst at New World Wealth, which conducted the study, said the wealth of millionaires in Hong Kong accounts for about 45 per cent of the total individual wealth in the city. This was above the global average of 30 per cent.

The report said: "Interestingly, over the past 10 years, worldwide millionaire and multimillionaire numbers have grown at vastly different rates. Millionaire numbers worldwide have gone up by 58 per cent during this period, whilst multimillionaire numbers have gone up by 71 per cent."

The Johannesburg-based consultancy said New York came second and London third with 14,300 and 9,700 multimillionaires respectively. Just outside the top 10 were Beijing with 4,900 multimillionaires, Taipei with 4,800, and Shanghai with 3,600.

The consultancy used numerous sources to determine wealth, including public director and company databases and luxury-goods databases with a focus on owners of prime property, yachts, art and private jets. It excludes primary residences, but includes other property assets.

London topped the millionaire list with 376,600, above New York with 319,700, Tokyo with 265,800 and Singapore with 223,800.

Lawmaker Dr Fernando Cheung Chiu-hung, a lecturer in applied social sciences at Polytechnic University, said there was a need to redistribute wealth.

"There is a huge income disparity here. The government needs to get the rich people to pay more tax, and redistribute the money for the poor through a sound retirement system," said Cheung, of the Labour Party.

Some 19.6 per cent of the population is classified as poor since they fall below the government's poverty line of 50 per cent of median household income.

Wong Hung, assistant professor of social work at Chinese University, said one reason for income disparity was that the city put too much emphasis on the financial industry. He said economic diversity was important because there had to be more job opportunities for people who were not interested in or capable of working in finance.

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This article is now closed to comments

m2leung
Many of Hong Kong's millionaires are dumb as a brick yet they earned their wealth by gambling on "real estate" and the "stock market". They grow their bank account by selling assets to each other at higher and higher values, but besides adding a zero to the end of the transaction, there is no real economic growth. They play right into the hands of the 4 or 5 tycoons that runs the city. Unfortunately, all of our politicians are playing this game too. That's why we have witnessed the disappearance of the middle class as they maintain policies that benefits only 5% of Hong Kongers such as keeping the dollar peg and welcoming the influx of mainland cash. Worse, they are oblivious to the fact that they are responsible for destroying Hong Kong.
pslhk
No city may survive, let alone prosper
without a supporting and productive hinterland
-
Japanese are industrious but Tokyo isn’t listed
because Japan’s economic hinterland is restricted by ethnocentrism
The country isn’t economically more equalitarian than USK and Switzerland
-
Tung Ch is right:
HK will do well if China is well
-
Occupy began and failed in Wall Street
despite the US’ long tradition of “democracy”
because brainless physical usurpation is futile and destructive
as a means to improve or overthrow
the prevailing paradigm of economic structure
-
Which part of culture survives in museums and theatres
to impress future generations?
Aristocratic and not the average mundane also-rans
Every city needs its aristocrats to inspire and to deride
-
Awed by foreign aristocrats
local fools are biased against their own

jerrychanson
Why people always having the celebrating mood for such kind of news, increasing number of millionaires in HK? When there are much more millionaires or multimillionaires in HK, that we could also seeing much more underprivileged in our city.
It is easy to anticipate that where the worth came from. People in HK like to speculating in the property market. Wealthy people, such as millionaires or multimillionaires, like to buy flats and rent those out as their secured saving, or sell it out at a higher price. They'll also use any other methods to put up their housing investments' return, such as renting the flat as cube-flats. It is just plundering from the ordinary people, who were hardworking to earn a living, but pillaged by the rich! And it is only one example, how our unjust society run.
Increasing number of millionaires or multimillionaires may not be an good news for our society, if their worth are not receieved in an appropriate way.
kongshan2047
How do you define "appropriate way". Under our common law system which HK is so proud of, an activity is either lawful or unlawful. Once we start using moral values to judge someone, then it could bring more harm than benefit to a society. If you think speculative activities ought to be outlawed then it is up to you to lobby the govt or Legco members to make it illegal. Otherwise any money made via this method is proper and legal.
johnyuan
Why Hong Kong won’t has the most number of multimillionaires among many cities when most people in Hong Kong focus on accumulation of wealth. Furthermore, there is great and enduring obstacle set allowing growing wealth within Hong Kong by obstructing a fair minimum wage and cutting working hours.
.
The multimillionaires in Hong Kong are not equal within such group. There is the real one and there are the one exist on market value of their property they possess. While the former group has real cash to spend but it is not for the latter group. In fact, the latter group – the middle class is not secured when in essence market value of their property has too many depending factors outside of their control. For the most, this group is more like at the mercy of a pyramid game whose ‘wealth’ must be supported by a larger expanding bottom group only.
.
Knowing how all the multimillionaires are made in Hong Kong, it calls for no celebration of the finding that this city has the most of multimillionaires. More, it is most disgusting and alarming.
caractacus
This means very little. One has only to own a modest flat to qualify as a US$ millionnaire, so inflated are property prices. As for those with at least US$10 m, is this not mainly a reflection of a distorted economy where Govt. policies have rigged the system in favour of business cronies, especially the property tycoons?
mh0908
Since colonial times, Hong Kong people have been working hard to accumulate wealth. Hong Kong industrialists not only invested locally but also internationally. From factories to real estate to technology to telecommunications to pharmaceuticals, many have been successful and made millions in the process. Some started with a humble cosmetic shop and grew into regional chain stores and was listed on the stock exchange. Hong Kong is no doubt a pressure cooker. But Hong Kong is also about hard work, opportunity and a positive business environment (until Occupy Central emerged).
-
Wealth gap is an issue in every capitalistic society. People who made it to the millionaires row did not cause the welth gap problem. The wealth gap is a social issue that can only be minimised by appropriate government policies and initiatives which our legislators have no time to discuss. They are too busy in taking one man's money and doing only one thing for that man.
sunnymedina
This is a testament to how unequal HK has well and truly become. I'm surprised the number isn't even higher, we have a taxation system which favours the wealthy. A government that squeezes Hong Kongers by making them buy overvalued property, which in turn enriches property developers, whom are in bed with the Government. Its a vicious cycle.
Oh, and businesses are concerned about raising minimum wage from 30 HKD/hour to 33 HKD/hour?
Hollander323
read between the lines, this simply means today's HK has become more and more unlivable for the ordinary HK people.
BabyMan
Also number one as the unhappiest rich city on the planet.

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