New York Is No Longer Home to the Most Ultra-Rich People

Sep 7, 2018 at 2:03 p.m. ET
Hong Kong
Image: Phung Huynh Vu Qui/Moment/Getty Images.

Thought New York was the No. 1 home for the most wealthy people in the world? Think again.

Hong Kong beat out the Big Apple as the place with the highest population of ultra-rich people. Hong Kong saw a 31 percent increase last year, with the population of people worth at least $30 million according to Wealth-X’s annual World Ultra Wealth Report

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To compare, Hong Kong’s ultra-wealthy population in 2017 tallied around 10,000, while New York has 8,900.

Overall, Asia saw the fastest growth, with the number of wealthy people increasing 19 percent — twice the growth rate of North America.

"Asia-Pacific is forecast to close the ultra-wealth gap with other regions over the next five years, but is expected to remain behind Europe, the Middle East and Africa in absolute terms," the report’s authors wrote. 

Tokyo is also on the top-10 list, with 6,800. Paris placed fifth with 4,000.

Now, New York may not be No. 1, but the U.S. does make up half of the top 10. Los Angeles, Chicago, San Francisco and Washington, D.C. also made the cut.

However, if you take a look at the list of the top 30 fastest-growing cities for multimillionaires, 26 of them are in China.

Here are the top 10 cities with the highest ultra-high net worth population in 2017:

  1. Hong Kong: 10,000
  2. New York: 8,900
  3. Tokyo: 6,800
  4. Los Angeles: 5,300
  5. Paris: 4,000
  6. London: 3,800
  7. Chicago: 3,300
  8. San Francisco: 2,800
  9. Washington, D.C.: 2,700
  10. Osaka: 2,700

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In the end, the report found that there are now over 255,000 ultra-wealthy people worldwide. Their combined worth is over $31.5 billion.

But, wait; here’s the best news: Women accounted for about 35,000 of the incredibly wealthy in 2017. According to the report, this is equivalent to a record-high share of nearly 14 percent.

Who run the world?

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