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Posted 9/6/2023, 12:00:10 PM

Hong Kong’s uber-rich population shrinks 23% as New York, Singapore close gap

Hong Kong's ultra-wealthy population decreased by 23% in 2022, while New York and Singapore saw growth, according to a report by Altrata, with China's Covid-19 restrictions, economic slowdown, geopolitical issues, and equities slump cited as reasons for the decline. However, Altrata predicts that the global super-rich population will rebound by 2027, reaching 528,100 individuals with a net worth of $60.3 trillion.

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Relevant topic timeline:

8/22/2023

Hong Kong exchange has room to grow as city marks 30 years of H- share listings

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8/24/2023

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8/31/2023

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9/3/2023

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9/4/2023

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9/5/2023

Calls to tax the superrich grow as economic inequality surges

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9/8/2023

India Only Top 10 Country With Rising Ultra-Wealthy Population in 2022 While Asia's Falls Due to Lockdowns and War

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9/11/2023

Asia Overtakes Europe in Number of Ultra Wealthy, With Strong Growth Forecast Through 2027

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9/19/2023

Hong Kong's Wealth Gap Widens to Worst in Decade, Richest Households Earn Nearly 60 Times More Than Poorest

Hong Kong's wealth gap has widened to its worst in over a decade, with the poorest residents struggling to recover from the impact of the Covid-19 pandemic, according to a report by Oxfam. The wealthiest 10% of households earned 57.7 times more than the bottom 10%, up from 34.3 times in 2019, and 20% of the population was living below the poverty line. The report calls for an increase in the minimum wage and the creation of more flexible low-skilled jobs within public bodies to address the gap.

9/20/2023

Australia Set to Regain Top Spot for Millionaire Growth in 2023 While China Sees Sharp Decline

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