Hong Kong's Ultra-Wealthy Population Surges

In a dazzling showcase of affluence, Hong Kong boasts over 19,400 ultra-high-net-worth (UHNW) homeowners, placing it firmly in third position globally. This striking number follows New York's impressive tally of 33,222 and Los Angeles with 19,781, as revealed by the latest report from the prestigious U.S.-based group, Altrata.

Why the Rich Flock to Hong Kong?

So, what makes Hong Kong a magnet for ultra-rich individuals? According to Maya Imberg, the study's author, the city's alluring blend of "cultural heritage, an iconic waterfront skyline, low taxes, and its strategic position as a financial hub connecting China to the world" makes it irresistible.

Asia's Wealth Capital: A Stellar Density of UHNW Individuals

Hong Kong isn't just rich in numbers; it excels in density, boasting a UHNW individual ratio that is approximately one and a half times that of New York and more than twice that of London, solidifying its status as "Asia’s largest wealth center." Global rankings show Monaco leading in density, with one in 22 homeowners classified as ultra-wealthy, while Geneva follows at one in 225.

Business or Pleasure? The Purpose Behind Luxury

Interestingly, Hong Kong serves primarily as a main residence and business hub for the UHNW, rather than merely a leisure destination. The report states, "As global luxury real estate markets fluctuate due to changing wealth dynamics and regional factors, Hong Kong is projected to remain a vital epicenter for luxury living and investment.”

Asia's Rising Ultra-Wealthy: A Broader View

Turning the gaze to Asia, Singapore ranks eighth with over 9,000 UHNW homeowners, and Beijing follows closely in 12th with nearly 7,800. Moreover, Hong Kong and the U.K. are notable sources of ultra-wealthy homeowners investing in Abu Dhabi, an emerging hotspot boasting over 1,100 UHNW individuals poised to flourish by 2024.

The Ultra-Wealthy Lifestyle: Multiple Homes and Luxury Living

The ultra-wealthy often own multiple residences across varied locales. In fact, the study reveals that on average, UHNW individuals possess three luxury homes—be it in picturesque mountainous retreats, luxurious seaside villas, or near their favorite cultural destinations. Predictions suggest that the number of UHNW individuals owning homes globally will surge by a significant 33%, soaring to 654,900 by 2030, up from 483,500 last year.

Defining Luxury Living: Primary and Secondary Homes

To clarify, the report defines a primary residence as one that is privately owned (not through a company) where the owner spends the majority of their annual time, while secondary homes are also owned individually.