New York might be the richest city in the world, but more ultra-high-net-worth people (UHNW) prefer to call Hong Kong home.
According to new findings by Wealth-X, Hong Kong came out on top of its 2023 World Ultra Wealth Report, which looked at the world’s total population of UHNW individuals. According to the data, there are approximately 400,000 people whose net worth exceeds $30 million, and 15 percent of them are flocking to 10 specific cities around the globe, half of which are in the United States.
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Even though Hong Kong is the UHNW leader, the city saw its ultra-wealthy population fall 23 percent to 12,615 people. Conversely, New York had a 2.3 percent increase to 11,845 UHNW individuals in that same period.
Elsewhere, the UHNW population in London fell 3.6 percent, while in Los Angeles, it grew 1 percent. The number of ultra-wealthy people also expanded in San Francisco, Chicago, and Singapore, and, in fact, the latter saw an impressive 13 percent jump, the biggest spike of all the cities. On the other hand, Paris and Tokyo fell towards the bottom of the list with sizable losses of 18.1 percent and 27 percent, respectively.
As a region, North America recorded a decline of 4 percent of UHNW residents in 2022, to 142,990, the largest annual fall in 10 years; however, it still accounts for 36 percent of this group’s total wealth. Asia, the second-largest ultra-wealth region, had its multimillionaire population drop the most; it decreased 11 percent in 2022 to 108,370, which the analysis attributed to strict COVID restrictions, supply chain disruptions, depressed stocks, and the war in Ukraine. Meanwhile, Europe, which came in third, recorded a 7.1 percent decline in its ultra-wealthy population, a direct result of Russia’s invasion of Ukraine, a slowdown in real estate markets, and a weaker U.S. dollar.
You can check out the full list of the top 10 cities with the highest ultra-high net worth population below:
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