Sep 9, 2018

Hong Kong surpasses NYC as global hotspot for ultra-rich

Photo: Philip Fong/AFP via Getty Images

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.

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Coronavirus kills 2 Diamond Princess passengers and South Korea sees first death

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. U.S. numbers include Americans extracted from Princess Cruise ship.

Two elderly Diamond Princess passengers have been killed by the novel coronavirus — the first deaths confirmed among the more than 600 infected aboard the cruise ship. South Korea also announced its first death Thursday.

The big picture: COVID-19 has now killed more than 2,200 people and infected over 75,465 others, mostly in mainland China, where the National Health Commission announced 118 new deaths since Thursday.

Go deeperArrowUpdated 7 hours ago - Health

SoftBank to cut its stake to get T-Mobile's Sprint deal done

Illustration: Rebecca Zisser/Axios

T-Mobile and Sprint announced a revised merger agreement that will see SoftBank getting a smaller share of the combined company, while most shareholders will receive the previously agreed upon exchange rate. The companies said they hope to get the deal as early as April 1.

Why it matters: The amended deal reflects the decline in Sprint's business, while leaving most shareholders' stake intact and removing another hurdle to the deal's closure.