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Sep 06

Hong Kong bypasses New York City as home to the most super rich

New York City’s famed Wall Street produced thousands of millionaires during the era of American capitalism and freedom.

But years of socialistic government, regulation, and taxation have taken their toll on the Big Apple. Many multi-millionaires have fled New York City for freer shores and states. And New York’s high rates of taxation and business regulation prevent the poor from rising into prosperity like in generations past.

Now Hong Kong has surpassed New York City as home to the most ‘super rich’ business owners. Some 10,000 billionaires with net worths of at least $30 billion now make their home in Hong Kong, while New York City is home to only 9,000 such persons. See here.