DDHK. ORG – Hong Kong has now outperformed other Asian cities, with the very wealthy bestatus individuals retaining primary or secondary residency.
Based on Altrata's latest report that was launched SCMP, the population with such a classification is estimated at 15.175 residents.
For worldwide categories, Hong Kong is located in the ranking after New York, which counts 21.714 individuals with a net worth of at least US$30 million as residents, and London with 15.907 residents.
Altrata's research is based in London that tracks the whereabouts of the super-rich. Only about 400.000 people out of an estimated global population of 8 billion are members of this elite club. That's based on findings from the Wealth-X database, which calculates the number of rich people in each city according to where they live.
“The region has a total UHNW [very high net worth] footprint of 15.175 individuals,” said the report.
“It is largely made up of prime residences of the rich, attracted by its unparalleled connection to mainland China, low taxes and status as a major global financial services center.
"However, recent political developments have reduced Hong Kong's attractiveness to non-financial international companies," the Altrata report continued.
Hong Kong has been aggressively courting international companies and wealthy investors with the aim of securing their return to the city, as it seeks to regain its status as a major Asian financial center after three difficult years marked by political uncertainty, Covid-19 and containment of the pandemic. measures that are among the strictest in the world.
The city offers many incentives, such as refunding the additional stamp duty paid by non-locals when purchasing Hong Kong residential property, as long as they live in Hong Kong for seven years and obtain permanent residency.
Other perks include a new two-year visa for individuals who earned not less than HK$2,5 million (US$318.000) in the past year and graduates from the world's top 100 universities with at least three years of work experience in the previous five years.
In terms of density, Hong Kong ranks third among non-US cities with one UHNW individual in 351 residents of the city's primary or second home.
“Hong Kong stands out among the top global cities, with one very wealthy or second resident for every 351 city dwellers, about three times the UHNW density of New York and Los Angeles,” said Altrata.
Monaco tops this table, leading by some margin with one UHNW home owner for every 39 residents. The report cites the appeal of small but wealthy kingdoms such as climate and location, low-tax neighborhoods, and high levels of security to attract wealthy individuals.
"Demand for real estate far exceeds the limited supply in the coastal kingdom, adding to its exclusivity," the report said.
Geneva comes in second with one for every 213 residents. [DDHK News]
