Want to Be a Millionaire? Move to Hong Kong

A luxury car parks at an old district area in Hong Kong Wednesday Jan. 15, 2014. Associated Press

A luxury car parks at an old district area in Hong Kong Wednesday Jan. 15, 2014. Associated Press

For China Real Time ReportJason Chow writes: Hong Kong mints millionaires faster than any of the world’s other top 25 economic powerhouses, according to a new survey on the rich by Capgemini and RBC Wealth Management.

“Hong Kong is a particularly fertile place for millionaires.”

Tis the season of wealth reports – the new 2014 World Wealth Report is the second global survey of the world’s rich in as many weeks (Boston Consulting Group released its wealth tome last week). And again, the latest survey confirmed an obvious outcome of Asia’s economic boom: The region is home to more millionaires than ever.

“The city’s booming real-estate market, along with its ties to China, were cited as reasons for the huge surge in the wealthy ranks.”

But the Capgemini/RBC report says Hong Kong is a particularly fertile place for millionaires. In the past five years, the total number of high-net-worth individuals—those with more than US$1 million in investable assets, not including primary residence, collectibles or consumer goods—grew at an annual rate of 27%.

That growth rate of wealthy individuals is by far the fastest, above the global 10% average and far higher than the growth rates for Singapore and China, which sat around 12% and 16%, respectively. Read the rest of this entry »