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Hong Kong’s dollar millionaires swell at the slowest pace since 2014, as trade war-induced bear market crimped fortunes

The ranks of Hong Kong’s US dollar-denominated millionaires grew at their slowest pace since 2014, as the US-China trade war weighed on financial markets and depressed stock values all over Asia, according to a report by Citibank.The number of Hong Kong residents with at least HK$10 million (US$1.27 million) in assets, including property holdings, rose 3 per cent last year to a record 511,000, based on Citibank’s telephone survey and interviews with 4,192 respondents. Of these, the number of… Source link

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China’s young tech millionaires just the right demographic for British supercar maker McLaren as it zips past rivals

Last year was disappointing to say the least about the mass car market in China. Sales declined 2.8 per cent – the first drop since the early 1990s – as an escalating trade war and slowing economy preyed on ordinary consumers.But unlike the turmoil in the mass market segment, sales of supercars tore through the roof, despite the stock market rout in China that erased hundreds of billions of dollars in wealth of the country’s super-rich.Three of the big marques – Lamborghini, Ferrari and McLaren… Source link

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Singapore 

Newly-minted en bloc millionaires offer rich pickings for banks, Singapore, Business News

Banks have been homing in on residents who have sold homes through an en bloc sale, a property transaction process which is throwing up a uniquely Singapore species of freshly minted millionaires who are collectively worth billions of dollars. Last Monday, 11 United Overseas Bank bankers descended on the residents of Dunearn Gardens as they got their cheques for the sale of the 114-unit freehold residential development located off Newton Road. The sale was made in April to a fully-owned unit of EL Development – the property arm of building…

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Hong Kong has more millionaires than ever before but loses out to rival Singapore on average wealth

Hong Kong now has more millionaires than ever before but still lags behind its traditional rival Singapore in terms of individual wealth, according to a survey by the Credit Suisse Research Institute. The number of Hongkongers worth more than US$1 million stood at 179,000 by the middle of 2018, up 9 per cent from a year ago. But there was little improvement in terms of the average worth of a Hongkonger, with the city remaining in 14th place globally. Rival finance hub Singapore crept into the top 10, the only…

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Singapore 

There are 183,737 millionaires in Singapore, and 1,000 who are ‘crazy rich’: Credit Suisse, Singapore, Business News

SINGAPORE – The number of millionaires in Singapore grew 11.2 per cent in the 12 months to mid-2018 to 183,737 as wealth per adult rose 5.3 per cent to over US$283,000, the ninth highest in the world. This is according to Credit Suisse Research Institute’s 2018 Global Wealth Report released on Thursday (Oct 18), which found that household wealth in Singapore grew strongly at 7.4 per cent to around US$1.3 trillion. Those who may be considered “crazy rich” – ultra high net worth individuals who hold more than US$50 million…

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