Hong Kong is the Asian metropolis with the very best variety of ultra-wealthy property house owners, based on a report launched on Tuesday.
Utilizing a wealth intelligence database known as Wealth-X, London-based knowledge agency Altrata discovered {that a} complete of 15,175 ultra-high-net-worth (UHNW) people — these with a internet value of not less than $30 million — had main or secondary residences in Hong Kong.
Hong Kong, which has lengthy been thought to be the Asian monetary hub, has a historical past of political unrest as a consequence of its standing as a particular administrative area of China.
Additionally it is nonetheless recovering from the impacts introduced on by the pandemic.
In response to the report, these components have been detrimental to town’s attraction:
This contains principally main residences of the rich, attracted by its unrivalled hyperlinks to mainland China, low taxation and standing as a significant international monetary providers hub. Nonetheless, latest political developments have diminished Hong Kong’s attractiveness to non-financial worldwide firms.
Regardless of its political uncertainties, Hong Kong stays one of many cities with the highest concentration of rich residents.
“Hong Kong stands out amongst top-tier international cities, with one extremely rich resident or second-homer for each 351 metropolis residents, round thrice the UHNW density stage of New York and Los Angeles,” the report reads.
In an effort to proceed attracting rich people, Hong Kong provides tax incentives for non-local property house owners who stay within the metropolis for not less than seven years and acquire everlasting residence. These incomes greater than 2.5 million Hong Kong {dollars} (roughly $318,000) and graduates from prime universities around the globe with not less than three years of labor expertise are additionally eligible for a brand new two-year visa.
New York topped the listing with 21,714 millionaires and billionaires, adopted by London with 15,907.
The U.S. dominated the listing with six out of the highest 10 cities with essentially the most ultra-wealthy residents. Apart from New York, Los Angeles, Miami, San Francisco, Chicago and Washington D.C. have been additionally among the many prime 10.
Beijing and Singapore ranked seventh and eighth, respectively.
The report added that Tokyo would “virtually definitely” be among the many prime 5 cities, however {that a} lack of information on the actual property market in Japan made it not possible to rank.
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