Chinese cities add millionaires at fastest pace globally as Hong Kong falls behind Singapore
- Chinese and US cities dominate the top 10 list of cities with the fastest growing millionaire pools over the past decade
- Hong Kong’s decline pushes its millionaire ranking behind Singapore as the city’s pool of ultra-rich residents shrinks by over a quarter
Chinese cities added millionaires at the fastest pace in the world over the last decade, with Hangzhou, home to Alibaba, topping the list as its millionaire population more than doubled, according to a report from Henley & Partners.
Hong Kong’s millionaire community shrank, falling behind rival Singapore as the pool of ultra-rich residents in the city shrank by over a quarter, according to the London-based migration consultancy. The two cities have unveiled various incentives to attract investments in their competing bids to be the region’s asset and wealth management hubs.
Hong Kong’s seventh-place position among the cities with the biggest population of high net worth individuals (HNWIs) – those owning investible assets exceeding US$1 million – is lower than the fourth place it occupied in 2021. Singapore, which ranks fifth “is widely regarded as the most business-friendly city in the world and is one of the top destinations for migrating millionaires – approximately 2,800 high-net-worth individuals moved there in 2022”, the report said.
Beijing with 128,200 HNWIs and Shanghai with 127,200 HNWIs occupy the eighth and ninth spots, respectively, with the two cities improving their rankings over the past decade.
London, ranks fourth, the highest among European cities, driven by its 258,000 resident HNWIs, including 36 billionaires.