Hong Kong now has more multimillionaires than New York, as the world’s wealth-creation machine moves East and China’s big cities are minting millionaires at a record pace, according to a new report.

The number of people worth $30 million or more grew 13 percent in 2017, to 255,810 worldwide, according to the World Ultra Wealth Report from Wealth-X. Their total wealth surged even more, helped by soaring stock markets and economic growth, to top $31.5 trillion.

But global wealth-creation is quickly moving to Asia from the U.S., as economies in the region grow faster and wealth becomes more concentrated. The growth in the number of people worth $30 million or more – known as ultra-high-net-worth individuals – surged 19 percent in Asia, twice the growth rate of North America, Wealth-X said. China was the big driver, with multimillionaires growing by 14 percent.

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