{"id":16918,"date":"2018-09-07T08:09:17","date_gmt":"2018-09-07T15:09:17","guid":{"rendered":"https:\/\/www.exoplatform.com\/blog\/?p=16918"},"modified":"2018-09-07T08:09:17","modified_gmt":"2018-09-07T15:09:17","slug":"cartoon-of-the-week-crazy-rich-asians","status":"publish","type":"post","link":"https:\/\/www.exoplatform.com\/blog\/cartoon-of-the-week-crazy-rich-asians\/","title":{"rendered":"Cartoon of the Week: Crazy Rich Asians"},"content":{"rendered":"

This is not \u2018Crazy Rich Asians<\/strong>\u2019 this summer\u2019s box office hit, but rather the performance of Asia and Asian wealthy people<\/strong>.<\/p>\n

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New York is losing its crown as the city with the biggest super-rich population<\/strong> to the extreme wealth rising up in Asia.<\/p>\n

According to Wealth-X<\/strong>, a research firm that studies the world\u2019s wealthiest people, Hong Kong<\/strong> has surpassed the Big Apple<\/strong> as the city with the highest population of people worth at least $30 million. This is equivalent to a 31 per cent jump from 2016 to 2017. The combined riches of Asia\u2019s ultra-wealthy is now $8.365 trillion, based on the same report.<\/p>\n

This is mainly due to China\u2019s rapid economic growth in recent decades. The Chinese economy has grown by more than 6 per cent compared to 2 per cent in the US<\/strong>. China\u2019s per capita income has more than quadrupled over the last decade.<\/p>\n

\u2018The Chinese workforce<\/strong> is bigger and more educated than ever before and it\u2019s been a huge boost to their economy,\u2019 said Maeen Shaban, a senior analyst at Wealth-X<\/strong>. \u2018And Hong Kong<\/strong> is the main financial hub connecting this Chinese market to the rest of Asia and Southeast Asia.\u2019<\/p>\n

Asia\u2019s dramatic uptick has also been helped by a wave of crazy rich entrepreneurs who are capitalising more and more on the tech industries.<\/p>\n

Among Hong Kong<\/strong>\u2019s most prominent billionaires is Li Ka-shing<\/a>, whose Cheung Kong (CKHUY<\/a>) empire controls ports, telecommunications networks and energy companies across the globe.<\/p>\n

Not to mention the wealthiest Asian citizens<\/strong> like tech tycoons Jack Ma<\/strong> and Pony<\/strong> Ma<\/strong>, who founded Alibaba<\/a> and Tencent <\/strong>respectively.<\/p>\n

Over the coming years, many Asian countries<\/strong> will continue to grow at a very fast pace. And although the majority of wealth is coming from China<\/strong>, a significant proportion is from countries like Vietnam, Indonesia, Bangladesh, Tokyo and Singapore.<\/p>\n

At this rate, the scale is leaning to the right and we will be seeing more and more Asian cities<\/strong> among the list of the super-rich<\/strong> and super-wealthy<\/strong>.<\/p>\n

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