China will have the second largest population of ultra-wealthy individuals, people with a net worth of over $30 million excluding their principal residence, for the next decade, according to The Wealth Report 2017, released by independent global property consultancy Knight Frank on May 11.
The report, which tracks the growing super-rich population in 125 cities across 89 countries, suggests that Asian cities are taking an increasingly leading role in the world's wealth landscape.
Five Asian cities are in the top 10 cities in the City Wealth Index, that measures current wealth, investment, connectivity and future wealth, to identify the cities that matter to the wealthy. North America has four cities, and Europe has one.
While London and New York occupy the two top slots on the list, Chinese cities hold three positions in the top eight. Hong Kong ranked third, followed by Shanghai in the fourth position and Beijing in eighth place.