KUALA LUMPUR: Singapore has passed Hong Kong as Asia's wealthiest city, a report from Capgemini and RBC Wealth Management said on Thursday. It said Hong Kong dropped from the top of the list as a result of declining stock market valuation in the former British territory. Hong Kong, whose stock market capitalization slumped 16.7 percent last year, saw a sharper drop in the ranks of people with more than $1 million to invest as a larger proportion of that wealth was locked in equity. Southeast Asia also shows stronger signs of resilience to global turbulence than the rest of Asia as buoyant domestic spending offsets struggling exports. Hong Kong had leapfrogged Singapore in 2010 after falling behind in 2008. Faster-growing Asia had for the first time more millionaires than North America last year, according to Capgemini and RBC Wealth's latest world wealth report released on Tuesday. The report did not provide estimates on the number of wealthy people in Singapore and Hong Kong. Singapore, home to more Indonesian millionaires than Jakarta, has in recent years also attracted many rich people from around the world, including Facebook co-founder Eduardo Saverin who earlier this year gave up his American citizenship.
