HK slips on list of wealthiest cities

Themis Qi

Hong Kong's ranking among the world's wealthiest cities fell two notches to No 9 despite minting more millionaires as the city underperformed in the stock market and cutting-edge technologies, according to Henley & Partners report.

The number of Hongkongers with liquid investable wealth of at least US$1 million (HK$7.8 million) is estimated to reach 143,400, including 320 centimillionaires with over US$100 million and 35 billionaires.

The city recorded a net inflow of 13,900 high-net-worth individuals.

However, the growth of millionaires was much faster in the United States and Singapore, dragging Hong Kong down from seventh in 2023.

The United States has three cities among the top 10 wealthiest: New York retained first with 349,500 millionaires, the Bay Area advanced by one notch to second with 305,700 and Los Angeles' 212,100 pushed it to sixth.

The three saw their millionaire population increase by 48 percent, 82 percent and 45 percent from 2013 to 2023 respectively.

Henley & Partners said the surging US stock market contributed to the jump in wealth in the world's largest economy.

The S&P 500 gained 24 percent and Nasdaq soared 43 percent, with bitcoin gaining 155 percent.

Hong Kong's Hang Seng Index's fell nearly 13 percent during the period.

The consultant highlighted the rapid development of artificial intelligence, robotics and blockchain technology, which triggered an investment frenzy in the United States.

Singapore climbed one place to become the fourth wealthiest city with its number of high-net-worth individuals increasing to 244,800 this year, up by 64 percent in the past decade.

Shenzhen is the fastest-growing city in terms of wealth, with the number of millionaires exploding by 140 percent in the past 10 years to 50,300.

themis.qi@singtaonewscorp.com