HK is 3rd leading global city for the wealthy

There are 15,175 UHNW individuals with primary or secondary residence in HK.

Hong Kong ranked as the top city in Asia, and third globally for ultra-high-net-worth (UHNW) individuals, data from Altrata’s Residential Real Estate 2023 showed.

According to the report, there are 15,175 UHNW individuals with primary or secondary residence in Hong Kong.

“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,” Altrata commented.

Excluding US cities, Hong Kong ranked as the fourth leading UHNW city by secondary homeowners, with 2,630 individuals having at least one secondary home in Asia’s world city.

In terms of density or the number of general residents per ultra-wealthy resident or second-homer, Singapore ranked 6th, with 992 city residents per UHNW primary resident or secondary homeowner. 

Altrata said Hong Kong, alongside Paris, are notable for its low proportions of ultra-wealthy second homeowners. 

“While the size and status of the two cities still deliver a fairly large footprint of UHNW second-homers, their share relative to owners of primary residences is considerably lower than in other major global centres. Hong Kong has the lowest ratio of all the cities in our study, with second homers accounting for just 20% of its total UHNW footprint,” Altrata reported.

In terms of density or the number of general residents per ultra-wealthy resident or second-homer, Hong Kong ranked 3rd, with 351 city residents per UHNW primary resident or secondary homeowner. 

“Hong Kong…has higher levels of UHNW density than the premier wealth markets in the US. Hong Kong stands out among the top-tier global cities, with one ultra-wealthy resident or second-homer for every 351 city residents, around three times the UHNW density level of New York and Los Angeles,” Altrata reported.