Hong Kong surpasses NYC as global hotspot for ultra-rich

In 2017, Hong Kong became the city with the highest number of residents with a net worth of $30m or more — surpassing New York City, according to a new report by Wealth-X.

The big picture: China has outlined strategies for 2018, 2025 and 2050 to displace the United States. Over the past 5 years, China and Hong Kong saw the largest gains in their ultra wealthy population, according to the report. 86% of the 30 fastest growing cities were in China, but the U.S. still remains firmly in first place as host to the most tens-of-millionaire and billionaires with China in third.