There's rich, and then there's Hong Kong rich

It's no secret Hong Kong has more than its fair share of wealthy people - more than 9,000 joined the ranks of its US-dollar millionaires last year - but it is also home to some 1,330 'ultra-millionaires' with net assets of more than US$30 million, a survey shows.

The mainland, with a population 185 times as big as the city's, has 4,900 ultra-millionaires, the annual survey by professional services group Capgemini and investment bank Merrill Lynch found.

Gregory Smith, vice-president for wealth management of Capgemini Australia, said the region had seen a sharp rise in the number of ultra-millionaires. 'This is particularly evident in China, where that country's phenomenal economic growth is reflected in a high concentration of ultra-high-net-worth individuals,' Mr Smith said.

According to the report, the mainland accounted for some 28 per cent of the 17,500 individuals in the region with more than US$30 million.

The mainland also has 340,000 people with net assets of US$1 million or more. In Hong Kong, 87,000, or 14 in every 1,000 people, is a US dollar millionaire - one of the highest concentrations of high-net-worth people - and their average net assets are the highest in the region, at US$5.4 million. The average millionaire in the Asia-Pacific region held US$3.3 million, compared with a global average of US$3.9 million.

The survey defines a US-dollar millionaire as an individual with more than US$1 million in net assets, excluding his or her primary residence and consumables.