Tokyo, Singapore and Hong Kong had the largest population of ultra-high-net-worth (UHNWI) individuals in Asia in 2018, the latest Wealth Report by Knight Frank showed.
Around 3,732 ultra-wealthy individuals called the Japanese capital home last year, the consultancy noted. Singapore was home to 3,598 UHNWIs, while 3,010 resided in Hong Kong.
Beijing was home to 1,673 UHNWIs while Shanghai harboured 1,263. Seoul had 1,594 ultra-affluent individuals.
Knight Frank defines UHNWI as those with a net worth of over USD30 million, excluding their primary residence, and high-net-worth individuals (HNWI) as those with a net worth of over USD1 million, also excluding their primary home.
Tokyo had the highest HNWI populace in the world with 488,582.
“Growth in Asia is noticeable, with Asian cities holding six of the top ten spots in the wealth category,” Flora Harley, senior analyst for Knight Frank Research, wrote.
London had an ultra-wealthy populace of 4,944 though, the most of any city. While New York City had just 3,378 UHNWIs, it had the highest concentration of billionaires with 94.
The number of UHNWIs worldwide is likely to rise by 22 percent over the next five years, according to the consultancy. “Some 42,711 people, roughly equal to the number of runners in the London marathon, will see their wealth rise to USD30 million or more between 2019 and the end of 2023,” said Gráinne Gilmore, head of UK residential research for Knight Frank.
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