Hong Kong No Longer Among Top 10 Cities With Most Millionaires

HONG KONG – Research by London-based investment company Henley & Partners showed that the Chinese territory has been knocked off the 10 top cities with the most number of millionaires in the world, reported The Standard on Thursday (15 September, SGT).

According to the recently published Henley Global Citizens Report Q3 2022, the number of millionaires in Hong Kong fell 14 percent year-on-year to around 125,100. Consequently, its rank dropped to the 12th place.

“Hong Kong is the biggest faller, crashing down four places from 8th place last year,” stated the report.

Henley & Partners defines a millionaire as an individual with at least US$1 million (about HK$7.8 million) in liquid financial assets.

On the other hand, Hong Kong’s rival Singapore was ranked 5th with 249,800 millionaires, after recording a 1 percent year-on-year uptick in the number of millionaires. The city-state is also home to billionaires with liquid assets of at least US$1 billion.

Meanwhile, New York, Tokyo, and San Francisco were named as the world’s top three cities with the greatest number of millionaires.

London was ranked 4th, while Los Angeles and Malibu were tied at the 6th spot. Chicago was ranked 7th, while Houston, Beijing, and Shanghai completed the top 10.

Henley & Partners’ Chief Executive Juerg Steffen highlighted that 14 of the top 20 cities with the most number of millionaires are located in countries that introduced investment migration schemes, in addition to actively encouraging foreign direct investment (FDI) in return for residence or citizenship rights.

“The right to live, work, study, and invest in leading international wealth hubs such as New York, London, Singapore, Sydney, and Toronto can be secured via residence by investment,” he added.