Hong Kong ranks second globally in ultra-high-net-worth individuals, reports Altrata

23rd July 2024 – (Hong Kong) According to Altrata’s World Ultra Wealth Report 2024, Hong Kong holds the second-highest number of ultra-high-net-worth individuals, with 12,546 residents worth at least US$30 million. New York secures the top spot, followed by Los Angeles and Tokyo.

The report predicts a significant surge in the global UHNW population over the next five years, with their combined fortunes expected to rise by US$19 trillion.

Hong Kong stands as a prominent hub for ultra-high-net-worth individuals (UHNWIs), as revealed by Altrata’s World Ultra Wealth Report 2024. With 12,546 residents holding a net worth of at least US$30 million, the city secures the second position globally in terms of UHNWIs. New York takes the lead with 16,630 such residents, while Los Angeles and Tokyo follow closely with 8,955 and 6,445 UHNWIs, respectively.

The report highlights the remarkable growth of the UHNWI population, which reached a total of 426,330 individuals worldwide in 2023. Their collective wealth experienced a 7 per cent increase, amounting to an impressive US$49 trillion, primarily driven by a year-end stock rally.

Looking ahead, the report predicts a significant expansion in the UHNWI population over the next five years. It anticipates a remarkable 38 per cent increase, bringing the global count to 587,650 individuals, with their combined fortunes expected to surge by an astounding US$19 trillion.