The report said how extreme wealth in Asia has seen Hong Kong surpass New York and take over its crown of “ultra-rich city”. That is because the number of people in the “ultra-high net-worth” category, that is, with at least US$30 million in wealth, increased 31 per cent last year to 10,000 in Hong Kong. All these statistics are surely proof that Hongkongers are becoming wealthier and the economy is seeing decent development.

Hong Kong’s working poor choose streets over dismal housing

The label “ultra-rich” seems to be a compliment, but it hides an indictment of the wide disparity between the poor and rich in Hong Kong, and the government’s half-hearted attempts at alleviating poverty while largely ignoring the destitute.