New York is no longer the city with the biggest super-rich population. 
 
 Hong Kong overtook the Big Apple to become the top destination for the planet's wealthiest people last year, according to a study published Thursday by research firm Wealth-X. The number of ultra-high-net-worth individuals (UHNWIs) residing in the Asian financial hub rose by almost a third in 2017 to 10,000, the study said. 
 
 New York had held the top spot since Wealth-X first started ranking cities in 2011. The firm defines a UHNWI as a person worth $30 million or more. 
 
 It said the rise in the number of ultra rich in Hong Kong was propelled by its booming stock market and growing financial links with the broader Chinese economy. 
 
 China's rapid economic growth in recent decades has helped drive a dramatic increase in the number of ultra-rich people in the region. 
 
 Among Hong Kong's most prominent billionaires are Li Ka-shing, whose Cheung Kong (CKHUY) empire controls ports, telecommunications networks and energy companies across the globe. 
 
 No single city in mainland China made it into Wealth-X's top 10 in terms of its number of super-rich individuals. 
 
 It said that was because Chinese wealth was not concentrated in any one area, but distributed around the country. Its wealthiest citizens include tech tycoons Jack Ma and Pony Ma who founded internet juggernauts Alibaba (BABA) and Tencent (TCEHY), respectively. 
 
 "The dynamism of wealth creation across China's vast landscape is nevertheless staggering," the report read. 
 
 Overall, the United States remains the preferred country for the world's richest and is home to almost a third of the world's ultra-high-net-worth individuals. 
 
 But Asia, and China in particular, are catching up. Last year the number of ultra-rich people in Asia rose by 20%. Rising Asian wealth has been helped by increasing consumer spending, more investment in infrastructure and economic reforms, among other factors, Wealth-X said. 
 
 "Asia-Pacific is forecast to close the ultra-wealth gap with other regions over the next five years," the report added. 
 
 For the past four years, the region's tally of people with $1 million in investable assets has been higher than anywhere else in the world, according to another study by consulting firm Capgemini. And by one estimate, China alone already has more billionaires than the United States. 
 
 But things could get tougher in 2018. China faces headwinds from its trade war with the United States and the huge levels of debt in its financial system. Chinese stocks entered a bear market this year, while its currency has plunged versus the dollar. 
 
 Globally, the number of ultra-rich individuals rose by 13% last year to more than 250,000. Their combined total wealth hit $31.5 trillion, boosted by an upturn in the global economy and good performances of stock markets. 
 
 Other cities in the top 10 for global wealth included Tokyo, Los Angeles, Paris and London. ||||| The globe’s richest 1% own half the world’s wealth, according to a new report highlighting the growing gap between the super-rich and everyone else. 
 
 The world’s richest people have seen their share of the globe’s total wealth increase from 42.5% at the height of the 2008 financial crisis to 50.1% in 2017, or $140tn (£106tn), according to Credit Suisse’s global wealth report published on Tuesday. 
 
 “The share of the top 1% has been on an upward path ever since [the crisis], passing the 2000 level in 2013 and achieving new peaks every year thereafter,” the annual report said. The bank said “global wealth inequality has certainly been high and rising in the post-crisis period”. 
 
 The increase in wealth among the already very rich led to the creation of 2.3 million new dollar millionaires over the past year, taking the total to 36 million. “The number of millionaires, which fell in 2008, recovered fast after the financial crisis, and is now nearly three times the 2000 figure,” Credit Suisse said. 
 
 These millionaires – who account for 0.7% of the world’s adult population – control 46% of total global wealth that now stands at $280tn. 
 
 At the other end of the spectrum, the world’s 3.5 billion poorest adults each have assets of less than $10,000 (£7,600). Collectively these people, who account for 70% of the world’s working age population, account for just 2.7% of global wealth. 
 
 The report said the poor are mostly found in developing countries, with more than 90% of adults in India and Africa having less than $10,000. “In some low-income countries in Africa, the percentage of the population in this wealth group is close to 100%,” the report said. “For many residents of low-income countries, life membership of the base tier is the norm rather than the exception.” 
 
 Meanwhile at the top of what Credit Suisse calls the “global wealth pyramid”, the 36 million people with at least $1m of wealth are collectively worth $128.7tn. More than two-fifths of the world’s millionaires live in the US, followed by Japan with 7% and the UK with 6%. 
 
 However, the collapse in the value of the pound since the Brexit vote meant the total number of dollar millionaires in the UK fell by 34,000 to 2.19 million. Just over half of the UK’s 51 million adults have wealth in excess of $100,000. The mean average wealth of a UK adult is $278,038, but the median is $102,641. 
 
 While the global population of millionaires has grown considerably, the number of ultra-high net worth individuals (UHNWIs) – those with a net worth of $50m or more – has increased even faster. “The number of millionaires has increased by 170% [since 2000], while the number of UHNWIs has risen five-fold, making them by far the fastest-growing group of wealth-holders,” the report said. 
 
 Most of the new UHNWIs have been created in the US, but 22% come from emerging economies, notably China. 
 
 The biggest losers, the report says, are young people who should not expect to become as rich as their parents. “Those with low wealth tend to be disproportionately found among the younger age groups, who have had little chance to accumulate assets,” Urs Rohner, Credit Suisse’s chairman, said. “But we find that millennials face particularly challenging circumstances.” 
 
 Feeling the pinch? The super-rich certainly aren’t Read more 
 
 Rohner, who is paid SFr4m (£3m), said millennials have been dealt a series of blows including high unemployment, tighter mortgage rules, increased income inequality and reduced pensions. “With baby boomers occupying most of the top jobs and much of the housing, millennials are doing less well than their parents at the same age, especially in relation to income, home ownership and other dimensions of well-being assessed in this report.” 
 
 He said that millennials are much more educated than their parents. But he added: “We expect only a minority of high achievers and those in high demand sectors such a s technology or finance to effectively overcome the ‘millennial disadvantage’.” 
 
 Oxfam said Credit Suisse’s research showed that politicians need to do more to tackle the “huge gulf between the haves and the have-nots”. 
 
 “In the UK, the wealthiest 1% have seen their share increase to nearly a quarter of all the country’s wealth, while the poorest half have less than 5%,” Oxfam’s head of advocacy, Katy Chakrabortty, said. “This divide matters hugely at a time when millions of people across the UK face a daily struggle to make ends meet and the numbers living in poverty are the highest for almost 20 years. 
 
 “The recent Paradise Papers revelations laid bare one of the main drivers of inequality – tax-dodging by rich individuals and multinationals. Governments should act to tackle extreme inequality that is undermining economies around the world, dividing societies and making it harder than ever for the poorest to improve their lives. 
 
 “In the UK, the chancellor should use next week’s budget to prioritise tough action to tackle tax avoidance to help provide funds to fight poverty in both the UK and developing countries.” 
 
 •Follow Guardian Business on Twitter at @BusinessDesk, or sign up to the daily Business Today email here. ||||| Enlarge image Leung Chun-ying Jerome Favre/Bloomberg Leung Chun-ying speaks during a news conference after winning the election for chief executive in Hong Kong. Play Video Attachment: Ranking of Best Countries for Business Enlarge image Leung Chun-ying Jerome Favre/Bloomberg Leung Chun-ying gestures after winning the election for chief executive in Hong Kong. Enlarge image Leung Chun-ying and Henry Tang Jerome Favre/Bloomberg Leung Chun-ying, right, waves as Henry Tang looks on after Leung won the election in Hong Kong. Enlarge image Hong Kong Billionaire Li Ka-shing Jerome Favre/Bloomberg Hong Kong billionaire Li Ka-shing leaves a polling station for the chief executive election in Hong Kong. Enlarge image Protesters Demonstrate Jerome Favre/Bloomberg Protesters demonstrate outside the Hong Kong Exhibition and Convention Center, venue for the chief executive election, in Hong Kong. Enlarge image Election committee workers place ballot boxes on a table Jerome Favre/Bloomberg Election committee workers place ballot boxes on a table before the start of the counting process of the chief executive election in Hong Kong. 
 
 Leung Chun-ying, a former property surveyor, pledged to address Hong Kong’s wealth gap and demands for universal suffrage as the city’s next chief executive after winning a poll in which only one in 5,900 people could vote. 
 
 A 1,193-member panel of Hong Kong billionaires, academics and professionals chose Leung over two other candidates to lead the city for the next five years. Crowds outside the election venue protested the lack of democracy in the former British colony, with one waving the colonial-era flag and others holding signs opposing China’s ruling Communist Party. 
 
 Leung, 57, will help shape the city’s economy and relationship with China through 2017, when Beijing has pledged to allow Hong Kong to elect its own leaders. He must also address anger over rising living costs spawned by an influx of money from mainland China and surging property prices that have made Hong Kong the world’s most expensive place to buy a home. 
 
 “Rule of law, human rights, integrity, lack of corruption and press freedom are all part of our life,” Leung told reporters after his selection. “This election has helped build a foundation for universal suffrage in 2017.” 
 
 While the city’s 7.1 million people couldn’t vote, public opinion helped shape yesterday’s selection, with some committee members saying they had to heed opinion polls that put Leung 17 percentage points ahead of his main rival, Henry Tang. Tang was seen as the front-runner and Beijing’s favored candidate until an admission of an extra-marital affair and a basement built without proper permits damaged his poll numbers. 
 
 Switched to Leung 
 
 As the vote neared, Hong Kong media including the South China Morning Post reported that Beijing had switched to backing Leung. China may want to keep Hong Kong stable as the ruling Communist Party begins its own leadership transition later this year, a process that was complicated by the removal of Chongqing party secretary Bo Xilai on March 15. 
 
 China’s leaders also want a prosperous Hong Kong because the city, which has a fully convertible currency, is used as a way to internationalize the yuan. Companies are issuing more bonds denominated in yuan in Hong Kong, and cross-border yuan flows have surged. 
 
 “Leung has strong backing from China,” said Vasu Menon, a vice president of wealth management at Oversea-Chinese Banking Corp. in Singapore. “China is quite committed to ensuring that Hong Kong thrives because it is going to help the mainland get plugged into the global financial system in a bigger way. Leung is going to be a conduit for change.” 
 
 Positive for Markets 
 
 Menon said Leung’s selection should be “modestly positive” for Hong Kong stocks. The Hang Seng Index (HSI) has gained 12.1 percent this year after falling 20 percent in 2011. The benchmark was little changed at 10:50 a.m. 
 
 Hong Kong’s economy is at risk of contracting should exports fail to improve, Financial Secretary John Tsang said in February. Growth will be between 1 percent and 3 percent in 2012, down from 5 percent last year, according to government estimates. 
 
 Prior to the vote, Leung was dogged by claims that he is a secret member of the Chinese Communist Party. Martin Lee, the co-founder of Hong Kong’s Democratic Party, wrote an article published in Next Magazine last week saying he believed Leung has been an underground party member, an allegation that Leung denied. The Basic Law, Hong Kong’s mini-constitution, bans its leader from having any party affiliations. 
 
 Party Voice 
 
 “I think CY is part of the communist party,” said protester Gary Cheung, 33, who works at a trading company, using Leung’s initials. “His behavior and attitude is well documented to be in line with the communists. This is not a guess. He will be a voice for the party and not for the Hong Kong people.” 
 
 An estimated 2,000 people turned out to protest yesterday’s selection, according Candice Siu, an officer at the Hong Kong Police public relations branch. Leung, speaking at a press conference in Cantonese, pledged to maintain “harmonious stability,” echoing his two predecessors as chief executive in using phrases that are staples of the Chinese Communist Party. 
 
 Leung, a former government adviser who advocates closer ties with mainland China to boost growth, has pledged to build more public housing, increase land supply and provide residents with tax-breaks to help them buy homes. He also promised to speed up public projects like expanding the city railway system and encourage the use of electric and hybrid cars. 
 
 689 Votes 
 
 The election committee chose Leung with 689 votes, or 61 percent of ballots cast. Tang garnered 285 votes while Democratic Party lawmaker Albert Ho got 76 votes. Leung succeeds Donald Tsang, who has led Hong Kong since 2005. 
 
 Leung must restore confidence in the city’s leadership and build trust between political parties, newspapers including the Apple Daily and Hong Kong Economic Times said today in editorials. 
 
 “You have a chief executive that doesn’t have the people’s mandate, and the integrity and credibility are in question,” lawmaker Emily Lau said today. “I think he’s really got a very, very tough task ahead.” 
 
 While looking to boost the economy, Leung must also navigate growing friction between Hong Kong residents and mainland Chinese. A Feb. 1 advertisement in the local Apple Daily newspaper portrayed mainland Chinese mothers as locusts for entering Hong Kong to give birth in local hospitals and taking up city resources. 
 
 Hong Kong residents enjoy civil liberties including a free press and freedom of assembly not available in mainland China under the “one country, two systems” formula that returned Hong Kong to China in 1997. 
 
 Best for Business 
 
 One of Leung’s tasks will be retaining Hong Kong’s spot as the best place in the world to do business. The city, which serves as the main gateway to China, placed top in the Bloomberg Rankings index based on six factors including economic integration and the costs of setting up business. 
 
 Leung, a graduate of the Hong Kong Polytechnic, founded his own surveying company in 1993. He became Asia chairman and a director for London-based DTZ Holdings Ltd. in 2006 following a merger between the two companies. Leung resigned last year to run in the election. 
 
 At age 31, Leung was appointed by Beijing as a member of the committee to help draft the city’s basic law, which would become Hong Kong’s de-facto constitution after its handover to China in 1997. Speaking yesterday, he said that Hong Kong “does not need major reform.” 
 
 Leung must battle a public perception that he is stiff and uncomfortable in the spotlight. 
 
 “Bill Clinton, he’ll make you think he’s your best friend inside of 10 minutes,” said Ronnie Chan, chairman of developer Hang Lung Properties Ltd. (101) who has known Leung for 30 years and is one of his most vocal supporters. “For CY, you may not feel that even after knowing him for 10 years.” 
 
 To contact the reporters on this story: Kelvin Wong in Hong Kong at kwong40@bloomberg.net; Stephanie Tong in Hong Kong at stong17@bloomberg.net; Natasha Khan in Hong Kong at nkhan51@bloomberg.net 
 
 To contact the editors responsible for this story: Hwee Ann Tan at hatan@bloomberg.net; Peter Hirschberg at phirschberg@bloomberg.net
– Looking to hobnob with the rich but not necessarily famous? Although New York City used to be where you'd be find the largest population of super-rich people in the world, Hong Kong has taken over the top spot this year, CNNMoney notes. That's per a new report from research firm Wealth-X, which looked for how many UHNWIs (ultra-high-net-worth individuals) reside in cities around the globe. To qualify as an UHNWI for this study, an individual had to be worth $30 million or more, and thanks to its robust stock market and ties to a burgeoning Chinese economy, Hong Kong now claims more than 10,000 of these super-rich residents. The Big Apple falls to second place with nearly 8,900. Here, the top 10 cities and the number of UHNWIs in each: