New York has lost its crown as home to the most ultra-rich people, beaten out by the rising tide of extreme wealth in Asia.

Hong Kong surpassed the Big Apple as the city with the highest population of people worth at least $30 million, according to a new report. The former British colony saw its number of ultra-wealthy increase 31 percent last year, to about 10,000, research firm Wealth-X found, higher than the nearly 9,000-strong population of the U.S.’s largest city. Tokyo came third, while Paris beat out London to take the European crown as Brexit weighed down the U.K. capital.