Despite headline worries about its future as a wealth hub, Hong Kong is still Asia’s top city by ultra-high net worth footprint, according to a study by London-based data firm Altrata.
Hong Kong was the leading city in Asia in terms of footprint from the uber-rich with 15,175 ultra-high net worth individuals (UHNWI) owning a primary residence or secondary home in the location, according to a study by Altrata.
«This comprises mostly primary residences of the wealthy, attracted by its unrivalled links to mainland China, low taxation and status as a major global financial services hub. However, recent political developments have diminished Hong Kong’s attractiveness to nonfinancial international companies,» the study added.
Globally, Hong Kong ranked third in UHNW footprint behind New York (21,714) and London (15,907).
Beijing, Singapore
Beijing (8,923) and Singapore (7,471) were the two remaining Asia leaders in seventh and eighth place, respectively, with the Chinese capital overtaking the city-state in 2023.
Beijing has seen significant growth in recent years due to strong demand for second homes. Globally, it has the second highest ratio of secondary homes to primary residences for UHNWIs, behind Miami.
Altrata’s report, sponsored by REALM, presents snapshots of where the wealthy choose to live, work and play, with a focus on UHNW wealth, a group made up of around 400,000 individuals.
