Hong Kong ranks 7th globally in drawing next wealthy class – trailing Singapore: study

Hong Kong has been ranked as the seventh most attractive destination for affluent individuals globally, trailing Singapore, according to a study by Savills. The report highlights that both city-states are competing to become key wealth-management hubs in the Asia-Pacific region as a significant global transfer of wealth is underway.

Savills' Next-Generation Wealth Hubs Index reveals that Hong Kong offers many advantages, such as low taxation, financial sophistication, safety, and connectivity, which reinforce its position as a leading hub for wealth preservation and family offices in Asia. New York, Miami, and London preceded Hong Kong in the global rankings, with Tokyo, Shanghai, and Bangkok following in the Asia-Pacific region.

Residential real estate must evolve to cater to the diverse needs of wealth holders, including living, working, traveling, connecting, and planning for the future, according to Kelcie Sellers, an associate director at Savills World Research. The study also highlights that Hong Kong has the 12th-largest concentration of high-net-worth individuals (HNWIs) under 40 with assets of at least US$5 million, making it the largest in Asia-Pacific. Singapore follows in 13th place with 70 HNWIs in the same category.

The report attributes Hong Kong's growing appeal to a shift in demographics, with more wealthy individuals from mainland China drawn to the city's high quality of life and ease of access. Hong Kong is also a gateway to international markets with one of the most active IPO markets in the world and the highest per capita millionaires in the Asia-Pacific region.

Additionally, the city's strong wealth-hub status is bolstered by government investments in top-end medical facilities and yachting infrastructure, as well as its lifestyle appeal, which includes 287 Michelin-listed restaurants and regular prestigious sporting events.