A report released by Knight Frank LLP earlier this week says that the number of China’s super-rich, those who own more than 30 million USD in assets, will grow as much as 80 percent in the next decade, according to the Global Times.
The report claims that by 2023, China will be home to 14,213 ultra-wealthy individuals, making China 13th among all countries and regions with the most multi-millionaires. It would further place Hong Kong, Shanghai and Beijing third, fifth and sixth, respectively, as the cities with the most ultra-wealthy people in 2024.
Note that in 2014, Shanghai ranked sixth, Beijing ranked ninth and Hong Kong ranked fourth on the list.
The ultra-wealthy, as define by Knight Frank, are those who own more than 30 million USD in net assets excluding their main residence:
The Chinese mainland will have a growing presence on the list. And Hong Kong will enjoy the advantage of being the unofficial bridge that connects the Chinese mainland and the rest of the world in the next decade,” Thomas Lam, head of research and consultancy for Knight Frank in China, said at a press conference Monday.
The surge of China’s ultra-wealthy population has made Beijing and Shanghai the key markets for high-end residential properties and pushed up home prices, the report said. The price of prime residential units in Beijing, for example, soared by 17 percent to reach $17,100 per square meter in 2013, compared with a modest 2.3 percent growth in 2012.
Nicolas Holt, Knight Frank’s head of Asia-Pacific research, said that buyers of China’s luxury homes, mostly in Beijing, Shanghai and Guangzhou, capital of South China’s Guangdong Province, usually pay the majority of their new homes in cash.
“In such an equity-driven market, the demand and prices of high-end residential units will continue to grow,” he said.
Previously Forbe’s reported that a 24-year-old Hong Kong woman beat out Facebook cofounder Dustin Moskovitz to become the world’s youngest billionaire.
China is now home to 348 billionaires, 41 more than than last year, and South China Morning Post previously reported that seven of the world’s “Top 10 Property Tycoons” were from China.
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