• Thu
  • Dec 18, 2014
  • Updated: 1:56pm
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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16

This article is now closed to comments

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?
honkiepanky
How much of that wealth reflects the fact that HK is also the least affordable housing market on the planet? The wealth of the few reflects the fact that the rest of the population must pay them through the nose for the privilege of having a place to live.
chaz_hen
Hey! Something to brag about, Hong Kong! Asia's World City!!
Well...only 2.9% can brag but the rest of you should be a strong and supporting Silent Majority to ensure they live comfortably and that those evil Occupy people don't make HK's economy come to a TOTAL stand still and have the foreign bankers lose confidence in HK and run away to Singapore...
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.
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.
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?
virokick
HK business community worships the Heritage Foundation and use it as a mantra to justify economic freedom.
I call it economic oppression of the poor.
BabyMan
Singapore has too many rules they won't run.
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

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