CHINA - Hong Kong Dethrones New York in Super-Rich

Arno Froese

China’s financial center Hong Kong overtook the New York metropolitan area as the world’s largest ultra-high-net-worth city in 2017, with rapid growth in UHNW population, individuals with a net worth of $30 million or more, research company Wealth-X reports.

Hong Kong recorded a 31.5 percent increase, propelling the number of ultra wealthy individuals to just over the 10,000 mark in 2017, according to the latest edition of the Wealth-X World Ultra Wealth Report.

Hong Kong’s robust wealth gain was driven by the booming stock market and growing financial links with the broader Chinese economy, which experienced rapid development in recent decades, especially since China's reform and opening-up.

Although no single city in mainland China made it into Wealth-X’s top 10 in terms of its number of super-rich individuals, Chinese mainland accounted for 26 of the 30 fastest-growing major UHNW cities over the past five years.

China is also estimated to have more billionaires than the United States in the past four years, CNN reported citing another study by consulting firm Capgemini.

-chinadaily.com.cn, 7 September 2018

Arno's commentary

Communist China is putting a new twist on the word communism. One could call it capitalist-communism, and it’s apparently working rather well. Almost on a monthly basis, we read where China has achieved another step toward becoming world number one, and there seems to be no change in the near to distant future. While the country, as a whole, lags behind other developed countries, one cannot deny that they are catching up nonetheless. Thus, many ask: where will it lead? We repeat: to a closer union of the world’s nations, and merchandising/money as king. Here we are reminded of 1 Timothy 6:10: “For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.”

Arno Froese is the executive director of Midnight Call Ministries and editor-in-chief of the acclaimed prophetic magazines Midnight Call and News From Israel. He has authored a number of well-received books, and has sponsored many prophecy conferences in the U.S., Canada, and Israel. His extensive travels have contributed to his keen insight into Bible prophecy, as he sees it from an international perspective.

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