Hong Kong had one million millionaires in 2017, with 68,000 people worth at least USD 1.27 million, according to a Citibank survey. This number rose by 15 percent from 2016.
Hong Kong’s population in 2017 was 7.36 million.
According to the study, millionaires are those with liquid assets—deposits, mutual funds, stocks and bonds—of at least a million HK dollars. The report was compiled from September to November in 2016, involving 4,139 people living in Hong Kong and 2,000 in mainland China.
The 15 percent growth in the number of millionaires in Hong Kong was attributed by the report to the increasing stock and property markets in 2017. The Hang Seng Index, Hong Kong’s stock market exchange, rose by 36 percent last year, while property prices increased by 14 percent.
The major share of investment for millionaires from Hong Kong and the mainland was property, with 70 percent assets in real estate. This was followed by stocks and cash. Millionaires of the city had 14 percent in cash and 9 percent in stocks; millionaires in China had 12 percent in cash and 7 percent in stocks.
Lawrence Lam, head of retail banking at Citibank Hong Kong said, “Looking ahead, the number of millionaires will increase in 2018. The stock market sentiment is strong while property prices will keep rising even with the interest rate rises.”
Millionaires sourced their millions through different means. 55 percent of the money generated by Hong Kong millionaires was through their salary, only 21 percent millionaires owned their own business, and the rest were through investments and inheritance from their families.
Around 17 percent of the millionaires in Hong Kong are likely to move to another country and the first preference for them was seen to be Australia in the report. The rich of Hong Kong also came across as unsatisfied about the living environment of the city and the education system.