Hong Kong most popular city in Asia for super rich, according to report

Last year, Hong Kong had 3,854 ultra high net worth individuals. — Reuters pic
Last year, Hong Kong had 3,854 ultra high net worth individuals. — Reuters pic

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SINGAPORE — Singapore fell behind Hong Kong to emerge as the second most popular Asian city among the super rich in 2015, and the club is expected to grow further in size in the next 10 years, a report by property consultancy Knight Frank showed today.

Last year, Singapore was home to 2,360 ultra high net worth individuals and placed second behind Hong Kong which has 3,854 of these individuals with US$30 million (RM125 million) or more in net assets.

Globally, Hong Kong is ranked third and Singapore sixth, the report found.

“The attributes that Singapore has built over the decades — a conducive business environment, clear regulatory framework and a progressive ecosystem of financial and business services — have augmented its status amongst the wealthy as a preferred location to live and do business in Asia,” said Alice Tan, head of consultancy and research at Knight Frank Singapore.

In the next 10 years, Singapore is expected to see a 48 per cent, or 1,133, increase in the super rich individuals.

Asia is projected to be the region that will experience the biggest jump in the number of the wealthy population from 41,072 in 2015 to 67,999 in 2025. — TODAY

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