Hong Kong Overtakes New York as City With Most Super-Rich People

https://www.thetrumpet.com/files/W1siZiIsIjIwMTgvMDkvMTEvNjYybzlmYXlteF8xODA5MTFfSG9uZ19Lb25nX2lTdG9ja182Mjk2MDQxMjIuanBnIl1d/3f4021c59f18e7ae/180911-Hong%20Kong-iStock-629604122.jpg

 

More proof that the Hong Kong transfer was a colossal loss for Great Britain, and a massive gain for China

Hong Kong has overtaken New York City to become the city home to more super-rich people than any other metropolis on the planet, according to a study published on September 6 by the Wealth X research firm.

The study tallies the number of individuals worth $30 million or more, labeling them ultra-high net worth individuals. In recent years, the number of these individuals living in Hong Kong has risen to about 10,000. Continue reading

Russian companies withdraw billions from west, say Moscow bankers

Russian companies are pulling billions out of western banks, fearful that any US sanctions over the Crimean crisis could lead to an asset freeze, according to bankers in Moscow.

Sberbank and VTB, Russia’s giant partly state-owned banks, as well as industrial companies, such as energy group Lukoil, are among those repatriating cash from western lenders with operations in the US. VTB has also cancelled a planned US investor summit next month, according to bankers. Continue reading