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Foreign Exchange Rates
Thursday, 17 May 2018
HONG KONG COULD OVERTAKE NEW YORK AS THE WORLD'S BILLIONAIRE CAPITAL VERY SOON
The world's billionaire population grew to an all-time high of 2,754 people in 2017.
Three Asian countries had the strongest growth in total net worth in 2017: China, India, and Hong Kong.
As a city, Hong Kong added more billionaires than any other major city in 2017, bringing its total count to 93 — just 10 fewer billionaires than New York City.
In 2017, Hong Kong added 21 billionaires, bringing its total count to 93 — just 10 billionaires behind New York City, according to Wealth-X's latest Billionaire Census. That's the city-state's largest annual billionaire gain to date. New York added just one billionaire in 2017.
While Hong Kong's billionaire count as a country still pales in comparison to the United States — 93 people to 680 people, respectively — it probably won't be long before Hong Kong overtakes New York as the world's billionaire capital city.
According to Wealth-X research, Hong Kong's surge in wealth was "driven by a strong domestic economic performance, the upturn in global financial markets (reflecting the region's status as one of the world's largest financial centers), and enhanced trade and investment links with mainland China."