King of The Ultra Wealthy:  Hong Kong, China

King of The Ultra Wealthy: Hong Kong, China

Just recently, Hong Kong was awarded the coveted title of the city with the most ultra wealthy people in the world reside. Summarized in their 2018 annual report, Wealth-X, an intelligence and data company, reached this data by tracking the growth of multi-millionaires and billionaires globally. This year Hong Kong hit its stride with 10,010 ultra high net worth residents versus New York City that fell to second with just over 8800 individuals.

This metropolitan city has perfectly embraced Western culture, while still honoring hundreds of years of Chinese traditions. This semi- island city is surrounded by the South China Sea except for the northern border and it takes approximately 30 minutes of travel to reach the mainland of China. Known for its majestic skyscrapers, designed to accommodate both commercial and residence use, tightly built like sardines in a can. The design of these looming, massively concentrated structures has a surreal look as the towers have little daylight space between, yet is arguably one of the most beautiful skylines in the world.

7.4 million “Hong Kongers” reside within 1,064 square miles with its world renowned skyline yet over 70% is considered countryside with beaches, waterfalls and lush terrain for lovers of hiking. Cantonese, a dialect of Chinese and English are the official languages. Demographically, the Chinese ethnic group is the largest population at 92 % with the remaining groups made up of Filipino, Indonesians, White and others ethnicities.

As a free market economy, Hong Kong is highly dependent on international trade and finance, has a superior rated health care system and boasts one of the most sophisticated and exceptionally developed transport networks in the world with a fusion of the Hong Kong International Airport, public railways, trams, buses, private taxes, and water ferries.

Hong Kong has a bustling and thriving cultural, social and philanthropic scene. Entertainment and art offerings rival her peer cities; lovers of food are offered eateries and restaurants ranging from inexpensive street food to MIchelin Starred fine dining. Shopping fulfills any level of desire from the local vendors to high end designers.

Christie’s International Real Estate Luxury Index awarded Hong Kong for the second year in a row as the world’s top prime property market. Demand, along with limited offerings and shrinking space are driving up the price of luxury properties. It must be noted that because of the number of foreigners rushing to invest over the last decade, the Hong Kong government levied a 30 percent tax on purchases by nonpermanent residents to slow the increase of exorbitant housing prices. Expats seeking permanent residency are required to live in the city for seven years; at that point the stamp duty levy on residences is 4.25 percent

Realtors who specialize in Hong Kong Luxury property, from detached homes to luxury apartments, provide listings in these particular exclusive sections of Hong Kong:

1. Considered the highest point in Hong Kong Island, The Peak, that offers views of both the city and coast of the South China Sea, with townhomes and single family residences

2. Happy Valley, a fast emerging upper income residential area famous for its celebrated Wednesday night horse races

3. Mid Level neighborhood populated with luxury high rises for breathtaking views of the city

4. Stanley Beach considered a more tourist visited locale but extraordinary secluded properties are available

5. Repulse Bay offers a wealth of impressive coastal homes

6. Tai Tam is one of the most secluded sections of Hong Kong coastline

7. Deep Water Bay, one of the wealthiest residential neighborhoods on the Hong Kong Island

Auction Houses such as Sothersby, Christie’s and high end Realtors list luxury properties with average home prices hover around $2,000,000 US dollars, however in more exclusive areas, single homes have sold at record prices in the triple digit millions.

Hong Kong offers for those who desire a cosmopolitan lifestyle (it is affectionately known as the New York Asia) along with a coastline experience. Without a doubt, it has earned its place to become the top city where many of the super wealthy call home. -AJ

It was a joy learning and writing about Hong Kong. Please share your thoughts here in the comment section or on Twitter about your own travels to Hong Kong.

Thank you to the following for content resources.

Wealthx – https://www.wealthx.com/report/world-ultra-wealth-report-2018/

Bloomberg – https://www.bloomberg.com/news/articles/2018-01-17/an-expat-s-guide-to-hong-kong-luxury-real-estate-rentals

Wikipedia – https://en.wikipedia.org/wiki/Hong_Kong

Sothebys – https://www.sothebysrealty.com/extraordinary-living-blog/oceanfront-living-the-best-of-hong-kongs-hidden-beaches/

Pictures Courtesy of Unsplash.

Hermes Hong Kong flagship store photo by Modern.Affliction

Tian Tan Buddha photo by Jason Cooper

Pictures Courtesy of Pixabay

Hong Kong at Night photo by Skeeze

Skyscrapers photo by DEZALB

Hong Kong Flag photo by RonnyK

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