Hong Kong: Uhnw People and M M

hong kong: A testament to the auspicious economic climate, the ultra wealthy population and its total net worth increased in all seven major regions, according to The Guardian. The fastest growing region was Asia, with China and Hong Kong becoming particularly wealthy. The global population of UHNW people, classed as those with more than 30m 23m in assets, increased by 12.9% last year to a record 255,810 people, according to a report by research firm Wealth-X. The Wealth-X World Ultra Wealth 2018 report, published on Wednesday, said there had been a sharp acceleration in the number of UHNW people due to significantly more favourable conditions for wealth creation, despite still volatile geopolitics . The rate of growth of the UHNW population was far faster than in 2016, when it grew by 3.5%. Collectively, the quarter-of-a-million UHNW people have a combined fortune of 31.5tn almost double the GDP of the US. Buoyed by a synchronised upturn in the world economy, rising asset markets and robust corporate earnings, the combined net worth of the ultra-wealthy population increased by 16.3% to 31.5tn, the report said. Hong Kong overtook New York as the city home to the most ultra-rich people, with the new total of 10,010 UHNW individuals representing a 31% increase on the previous year. The Hong Kong dollar is pegged to the US currency so domestic rates largely followed the upward path set by the US central bank. The broad upturn in global financial markets and the reflation trade from higher interest rates were among the drivers of robust wealth gains, the report said. (news.financializer.com). As reported in the news.