1 in 388 Hong Kong homeowners has a net worth of more than US$30 million

One in 388 homeowners in Hong Kong has a net worth of more than US$30 million, making the city No 3 in terms of ultra-wealthy residents among urban centres outside the US, according to a study released on Wednesday by Altrata.

Overall, Hong Kong also had the third highest number of ultra-high-net-worth individuals (UHNWIs) owning homes in the city, with 19,439, trailing New York’s 33,222 and Los Angeles with 19,781, according to the US-based group that tracks the world’s affluent.

The UHNWs who own homes in Hong Kong were mainly attracted by the city’s “cultural heritage, iconic waterfront skyline, low taxation and its regional status as a nexus for financial flows between China and the global economy”, said study author Maya Imberg.

She added that Hong Kong “stands out among the top-tier global cities for its high UHNWI density”, making it “Asia’s largest wealth centre”.

The number of ultra-wealthy residents and second-home owners in Hong Kong was around one and a half times the UHNWI density of New York and more than twice that of London.

In terms of UHNWI density, Monaco took the top spot with one in 22 homeowners classified as ultra-wealthy, followed by Geneva with one in 225.