Rivals top east rich list

Business | Daisy Wu 2 Aug 2016

Hong Kong and Singapore are the top Asian and Middle East cities in density of rich people, with about three in every 100 inhabitants classed as millionaires, a survey showed yesterday.

The survey, commissioned by Spear's Magazine and conducted by London wealth consultancy WealthInsight, based on its database of more than 100,000 high net worth individuals globally, said 2.7 percent of people of millionaires.

The millionaires have net assets of US$1 million (HK$7.8 million) or more, excluding their primary residences.

"For years, Singapore and Hong Kong have coaxed Asia's millionaires to their city-states. Today they are very much rivals, with both promising the same financial might and quality of life," said Oliver Williams, head of WealthInsight.

Hong Kong saw a 5.7 percent increase in its millionaire population, while that of Singapore fell 5.2 percent.

"While many millionaires throughout Asia are attracted to these global cities, many more remain in their local regions," said Williams. "Cities such as Hangzhou and Kyoto have a higher density of millionaires than their respective capitals."

Hangzhou, a new entrant on the list, is the highest-ranking mainland city, with 1.4 percent of the population wealthy. It is placed seventh.

Beijing, at 12, saw a 2.5 percent drop in number of millionaires, and Shanghai, 14, a 2.2 percent fall. Shenzhen and Guangzhou, both listed newly, were ranked 15 and 18 with a density of millionaires of 0.6 percent and 0.5 percent.

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