Hong Kong now has more of world’s richest people than New York City

Fireworks
explode over Victoria Harbour to celebrate the National Day on
October 1, 2017 in Hong Kong, China. China is celebrating the
68th anniversary of the founding of the People’s Republic of
China.
VCG via Getty
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• Hong Kong has officially surpassed New York City as the
  place with the highest concentration of super-wealthy
  people. 
• Hong Kong has seen a 31% increase in the number of
  ultra-rich residents worth at least $30 million, according to a
  new report
  from the data firm, Wealth-X.
• Tokyo, Los Angeles, and Paris were among the top-ranked
  cities, but major US cities largely dominated the
  list. 
• Property prices in Hong Kong have increased to reflect
  the growing wealth of its residents, though the country is in
  the midst of a housing crisis with limited zoning allocated for
  residential development.  

Hong Kong has officially surpassed New York City as the place
with the highest concentration of super wealthy people. 

Hong Kong has seen a 31% increase in the number of ultra-rich
residents worth at least $30 million, according to a
report released Thursday from the data firm, Wealth-X.
The region had just over 10,000 residents who fall into the 
“ultra-high net-worth” category,
compared to roughly 9,000 ultra-high net-worth people in New York
City.

Tokyo, Los Angeles, London, and Paris were also among the top 10
cities on the list.

Globally, the number of ultra-wealthy people rose by 13% in 2017,
totaling over 250,000. According to the data, that cohort has a
combined net worth of $31.5 trillion.

A majority of the super-rich made between $30-$100 million, while
more than 2,700 people — or roughly one percent —
made $1 billion or more last year. Women accounted for nearly 14%
of ultra-high net-worth individuals, a record high for the
group.

Asia saw the fastest growth of mega-millionaires, driven mainly
by Hong Kong and mainland China. According to 2017 estimates,

one in seven people in Hong Kong is a millionaire. 

And property prices in the country have increased to reflect the
growing wealth of its inhabitants. 

Hong Kong has broken several property records over the last year.
It was there in November 2017 that the
most expensive apartments in Asia sold for a combined $149
million.

And in June, a single parking space in Hong Kong that was
originally purchased for $430,000 resold
for nearly double the price.

Hong Kong is currently
suffering from a housing crisis, where a fraction
of its land area is zoned for residential property
development.