Wealth Report ranks HK third in Asia

Business | Janice Huang and Samantha Wong 9 Mar 2018

Hong Kong ranked third in Asia for ultra-wealthy people in 2017, with 5,140 qualifying, behind Japan and mainland China, says a report by Knight Frank.

In The Wealth Report 2018, the global property consultancy says Asia overtook Europe as home to the second-largest population of ultra-wealthy people last year.

Japan was tops in Asia with 9,960 individuals, followed by 8,800 in the mainland.

The report also predicts that mainland China is expected to see the strongest growth in ultra-wealthy population between 2017 and 2022.

Although the SAR is not the city with the largest population of ultra-wealthy people, it has the second-highest density of ultra-wealthy in the world, with 70 individuals per 100,000 people.

Meanwhile, Hong Kong's luxury homes remain the second most expensive in the world for the sixth year in a row.

David Ji, head of research and consultancy in greater China at Knight Frank, forecast that luxury residential prices in Hong Kong will increase between 7 and 8 percent in 2018, the second strongest growth in prices this year.

Recently, a luxury house in Kowloon Tong was sold for HK$212 million, or about HK$68,200 per sellable square foot, according to the Land Registry.

The 3,241-sellable-sq-ft house at Eden Gate was built by Chinachem Group, with a 2,100-sq-ft garden and an 828-sq-ft rooftop deck.

A 1,232 ssf flat at Peninsula Heights in Kowloon Tong was sold for HK$22.8 million, or about HK$18,500 per ssf, according to Centaline Property.

The owner bought the flat at 63 Broadcast Drive for about HK$9 million in 2007.

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