HK ranks 2nd for home of the ultra-rich

The global population of people worth at least US$30 million (HK$234 million) grew 8 percent last year, with Hong Kong ranking second in having such ultra-rich people in terms of cities, CNBC reported citing a new report by Altrata.

Hong Kong is home to 12,546 individuals worth US$30 million or more, known as ultra-high-net-worth individuals, according to Altrata's World Ultra Wealth Report 2024. Meanwhile, New York topped the list, counting 16,630 such residents.

Los Angeles ranked third, with 8,955 such residents, followed by Tokyo with 6,445.

Overall, there are 426,330 individuals globally worth US$30 million or more, with their total wealth rising by 7 percent to US$49 trillion in 2023, driven by a stock rally by the year-end.

The report expects the UHNW population to increase by 38 percent to 587,650 over the next five years, with their combined fortunes climbing by US$19 trillion.