Tokyo and Osaka Among World’s Top 10 Cities for Superrich Individuals
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Japan is second only to the United States in the number of ultra-wealthy individuals living in the country. The World Ultra Wealth Report, released on September 3, 2018, by the US research company Wealth-X, shows that due to economic growth and stock price rises, the number of people worldwide with assets of more than $30 million in 2017 increased 12.9% to 255,810. Their combined net worth rose to $31.5 trillion. In addition to Japan’s number-two ranking, both Tokyo and Osaka placed in the top 10 cities.
According to the report, Asia has overtaken North America with the highest number of ultra-wealthy individuals. The steady growth of China’s economy has led to double-digit growth of the superrich, while the increase in the US has remained in the single digits.
By city, Hong Kong saw a 31% increase compared to the previous year with approximately 10,000 individuals, overtaking New York (8,900 individuals) in the ranking for the first time. Tokyo came third with 6,800 people. Like Hong Kong and New York, Tokyo is positioned as an international financial hub and, bolstered by the effects of a domestic ultra-loose monetary policy, achieved a 12% increase. The top European city was Paris with 4,000 individuals.Top 10 Cities for Ultra High Net Worth Individuals in 2017
| Ranking | City | Number of People | Year-on-Year Growth (%) |
|---|---|---|---|
| 1 | Hong Kong | 10,010 | 31.0 |
| 2 | New York | 8,865 | 7.0 |
| 3 | Tokyo | 6,785 | 11.9 |
| 4 | Los Angeles | 5,250 | 8.6 |
| 5 | Paris | 3,950 | 17.3 |
| 6 | London | 3,830 | 10.1 |
| 7 | Chicago | 3,255 | 7.1 |
| 8 | San Francisco | 2,820 | 10.6 |
| 9 | Washington DC | 2,735 | 7.7 |
| 10 | Osaka | 2,730 | 11.7 |
Highlights indicate Asian cities. Compiled by Nippon.com based on the Wealth-X World Ultra Wealth Report.
By country and region, Japan, with 17,915 individuals, remained in second place after the US. However, it scored the lowest among the top 10 countries on the average net worth of its superrich individuals. The same report notes some unfavorable economic circumstances in Japan, including the depreciation of the yen against the dollar. Although Abenomics brought about only modest growth, asset portfolios bolstered net worth, with the Nikkei stock average index having risen 19% from the previous year.Top 10 Countries/Regions for Ultra High Net Worth Individuals in 2017
| Ranking | Country/Region | Number of People | Combined Net Worth ($ billion) |
|---|---|---|---|
| 1 | United States | 79,595 | 9,845 |
| 2 | Japan | 17,915 | 1,685 |
| 3 | China | 16,875 | 2,421 |
| 4 | Germany | 15,080 | 1,815 |
| 5 | Canada | 10,840 | 1,153 |
| 6 | France | 10,120 | 1,077 |
| 7 | Hong Kong | 10,010 | 1,295 |
| 8 | Britain | 9,370 | 1,035 |
| 9 | Switzerland | 6,400 | 877 |
| 10 | Italy | 5,960 | 692 |
Highlighted indicate Asian countries/regions. Compiled by Nippon.com based on the Wealth-X World Ultra Wealth Report.
(Translated from Japanese. Banner photo © Pixta.)