As published on finews.asia, Thursday 18 May, 2023.
Hong Kong and mainland China’s ultra-high net worth population fell in 2022 while their counterparts in Southeast Asia saw a rise, according to property consultancy Knight Frank.
The number of ultra-high net worth individuals (UHNWI) in Hong Kong and mainland China fell 6 percent to 5,686 and 5.9 percent to 88,024, respectively, according to a Knight Frank report.
Globally, the population of UHNWIs decreased by 3.8 percent in 2022 following a record increase of 9.3 percent in 2021.
In contrast, Southeast Asian nations saw a boost in their ultra-rich populations.
Rival financial hub Singapore, for example, saw a 6.9 percent increase in its UHNW population. Malaysia and Indonesia's UHNW populations also grew 9.4 percent and 9 percent, respectively.
"The fall last year in the total number of UHNWIs globally was due in large part to the weak performing equities and bond markets," said Knight Frank global head of research Liam Bailey, adding that prime properties and luxury investments helped partly offset the decline.