According to the 2019 Global Wealth Report by Credit Suisse Group, China has hit a global milestone this year with 99.9 million Chinese people in the top 10 per cent of global wealth distribution. With that, China surpassed the U.S. for the first time, with 98.8 million people in the top 10 per cent of global wealth distribution.
With 4.4 million millionaires in the country, China is the has the second-most millionaires in the world behind the U.S., which still houses 40 per cent of the world’s 47 million millionaires.
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The 15 cities with the most billionaires
If you’re searching for a city full of billionaires, look no further than New York City.
The Big Apple is where you will find the most billionaires, according to Wealth-X’s 2019 Billionaire Census. In 2018, there were 105 living in the city. And, the census states, New York City is “home to more billionaires than in almost every country in the world, with the exception of China and Germany.”
Undoubtedly the city’s status as a global financial capital attracted many of the billionaires who now call it home.
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Singapore's Richest 2019
With global trade tensions showing no signs of abating, Singapore’s economy has flatlined. A recent government forecast projects virtually no growth for the island-nation in 2019, citing potential risks such as a deepening slowdown in China, uncertainties in Hong Kong and further afield, the fallout from a no-deal Brexit. Despite these looming headwinds and a stock market that declined 3.5% since we last measured fortunes in July 2018, the collective wealth of the top 50 richest was up more than 12% to $130 billion.
A good part of that boost is due to the debut of hot-pot billionaire Zhang Yong, founder of Hong Kong-listed Haidilao International. A naturalized Singapore citizen and resident, Zhang, who was featured previously among China’s richest, is the new number one this year with a net worth of $13.8 billion. His company is also increasingly global in its expansion.
Zhang replaces real estate siblings Robert and Philip Ng, who had occupied the top spot every year this decade; they are now at No. 2 with $12.1 billion. The biggest dollar gainer this year is another property tycoon, Kwek Leng Beng, chairman of the Hong Leong Group. Kwek added $1.2 billion to his wealth partly on the back of an overseas expansion of flagship City Developments, which acquired two London office properties for $690 million in 2018. Paint tycoon Goh Cheng Liang also got a billion-dollar boost, thanks partly to new information about his holdings.
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