Staff reporter
Hong Kong has 320 centi-millionaires, the eighth largest number among global cities behind Beijing, Singapore and Shanghai in Asia, a new report shows.
Centi-millionaires are people with investable wealth of more than US$100 million (HK$780 million).
Beijing ranked fifth with 347 centi-millionaires, followed by Singapore at sixth with 336 such super-rich individuals. And Shanghai ranked seventh with 322 centi-millionaires, according to the report by investment migration advisors Henley & Partners and wealth intelligence firm New World Wealth.
Both Singapore and Hong Kong are forecast to enjoy over 100 percent of the growth in centi-millionaire population by 2040, the report said.
In addition, Asian and Middle Eastern cities such as Hangzhou, Shenzhen, Taipei, Dubai, and Abu Dhabi, are projected to see increases of over 150 percent in their centi-millionaire communities during the period.
The report also found China saw its population of centi-millionaires expand by 108 percent over the past 10 years - outpacing even the stellar performance of the US, whose super-wealthy ranks swelled by 81 percent over the same period. Despite this, the US continues to dominate the centi-millionaires, claiming the top three spots in the latest ranking of cities.
New York City reigns supreme with 744 resident centi-millionaires, followed by the Bay Area (which includes San Francisco and Silicon Valley) with 675, and Los Angeles with 496 super-rich residents.
David Young, president of the committee for economic development at the US think tank The Conference Board, however, noted that the US centi-millionaire growth and migration trends will depend largely on the upcoming US presidential elections, which could lead to drastic differences in fiscal, monetary, economic and social policies.
Meanwhile, Europe's centi-millionaire growth has been anemic, increasing by only 26 percent over the past decade.
Juerg Steffen, chief executive of Henley & Partners, said the lethargic performance in Europe can be attributed to the slow growth of major markets such as the UK, Germany and France.
The city has as many as 320 centi-millionaires. Reuters
