Move over, New York City. Hong Kong is now the new richest city in the world.

The Big Apple now has some serious competition at the top with the rise in Hong Kong’s economy. Pushed by the new global wealth-creation movement across Asia, Hong Kong has surged to the top of the list by having more multimillionaires in their city than New York, as reported by Wealth-X.

According to the World Ultra Wealth Report by Wealth-X, the world saw a 13 percent growth in 2017 in the number of citizens worth $30 million or more, and with Asia surging to 19 percent. Hong Kong topped this with having more than 10,000 ultra-high-net-worth individuals worth more than $30 million, beating out New York who has an estimated 8,900 ultra-rich citizens, and Tokyo taking the third spot with 6,800 individuals.

While Hong Kong sits at the top of the richest city list, the United States still dominates the world market and still accounts for one-third of the world’s ultra-rich. About 80,000 US citizens are worth $30 million compared to China’s 17,000. But if you look at the bigger picture, the report shows that the United States exhibited the weakest economic growth among the top 7 countries in the world.

This new title of Hong Kong is precedent of the predicted strong economic growth that Asia has been experiencing in the last few years, wherein China and Hong Kong are at the forefront of. This is also a reflection of the growing fortunes of China through its enhanced trade and investment links.

It is expected that by 2022, 108,000 ultra-rich individuals will emerge from Asia, which shows a 50 percent growth. This growth supports a forecast that in five years, Asia will soon close the wealth gap with other regions.

This shift of fortunes and forecasted growth in the next few years seem to be pointing to one important thing: the distribution of the global ultra wealth seems to be pointing to a more balanced one. So while the United States is still definitely at the top of the totem pole, it should not take its eyes away from Asia.