China, Hong Kong pools of ultra-rich shrink and Asia’s wealth engine cools, Altrata says

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China, Hong Kong pools of ultra-rich shrink and Asia’s wealth engine cools, Altrata says - SCMP

Quick Summary:

The number of ultra-wealthy individuals in China fell for the second straight year in 2023 as a sluggish economy and a deepening real-estate downturn took their toll.

That wealth pile was driven by “tech-led capital market gains and a stand-out economic performance among its developed-market peers, overshadowing slight currency weakness and heightened political instability,” Altrata said.

However, the report said Asia’s wealth creation catch-up process has “largely played out”.“Asian growth is settling at a level below its pre-pandemic trend, although the broad outlook for wealth creation remains positive,” it said.