The study compiled a list of the top 30 cities globally that have the most number of individuals with assets worth at least $30m (£23.5m, €26.7m).
Globally, Hong Kong ranked second just after New York as one of the top 30 cities.
Top Asian cities (2016)
|
Global Ranking |
City |
UHNW Population |
Year-on-year change |
|
2 |
Hong Kong |
7,650 |
4.10% |
|
3 |
Tokyo |
6,040 |
17.50% |
|
9 |
Osaka-Kyoto |
2,390 |
16.60% |
|
13 |
Singapore |
2,170 |
-0.50% |
|
21 |
Nagoya |
1,410 |
16.50% |
|
26 |
Taipei |
1,110 |
2.80% |
|
27 |
Seoul |
1,080 |
3.80% |
|
30 |
Shanghai |
960 |
9.10% |
Source: Wealth-X
Nine Asian countries were included on the global list of 30, with Japan, China and Hong Kong leading the region in both UHNW population and total wealth. The US had the highest totals in the world, with 73,110 UHNW individuals who collectively have $8.72trn in wealth.
Breaking out emerging Asia (excluding Japan, Hong Kong and Singapore), this region has around 33,290 UHNW individuals with $4trn of wealth, according to the study. Most of those individuals are from China (48%), India (14%) and Korea (13%).
Top Asian countries (2016)
|
Global Rank |
Country |
Population |
Wealth |
Year-on-year change in population |
Year-on-year change in wealth |
|
2 |
Japan |
16,740 |
$1.55trn |
14.70% |
13.80% |
|
3 |
China |
16,040 |
$1.95trn |
3.60% |
2.20% |
|
8 |
Hong Kong |
7,650 |
$986bn |
4.10% |
-2.40% |
|
11 |
India |
4,510 |
$604bn |
8.90% |
4.70% |
|
12 |
South Korea |
4,230 |
$409bn |
1.70% |
-0.70% |
|
16 |
Taiwan |
3,000 |
$322bn |
2.00% |
1.70% |
|
21 |
Singapore |
2,170 |
$273bn |
-0.50% |
-0.90% |
|
22 |
Indonesia |
1,950 |
$230bn |
9.60% |
4.00% |
|
26 |
Thailand |
1,250 |
$174bn |
4.20% |
0.30% |
Source: Wealth-X
According to the study, only Asia and North America recorded significant rises in wealth in 2016.
The increase in wealth in Asia was driven by gains coming from Japan, India and Indonesia.
The main drivers of wealth gains across the region were economic growth and supportive currency movements, the report said. In addition, investor fears of a major slowdown in China were largely unfounded and ongoing reforms in India supported economic activity, despite the disruption caused by demonetisation in November.
Overall performance of the region’s equity markets was also positive.
Asia recorded the fastest growth in ultra wealthy population, outpacing the growth seen in the US. The region’s market share of the global UHNW population accounted for around 26% in 2016, which is higher than 18% a decade earlier, according to the report.
UHNW population and wealth by region
|
Region |
Population |
Wealth |
Year-on-year change in population |
Year-on-year change in wealth |
|
North America |
81,700 |
$9.6trn |
5.70% |
5.10% |
|
Asia |
59,850 |
$6.77trn |
6.60% |
3.50% |
|
Europe |
64,370 |
$7.72trn |
-0.20% |
-2.40% |
|
Pacific |
3,130 |
$308bn |
3% |
0.30% |
|
Middle East |
8,380 |
$1.44trn |
-0.10% |
0.10% |
|
Latin America and the Caribbean |
6,850 |
$945bn |
-3.40% |
-10.20% |
|
Africa |
2,170 |
$212bn |
-4.00% |
-4.70% |
Source: Wealth-X
