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Saturday, Jul 24, 2021

Assets drop but super weathy locals increase to 515,000

Assets drop but super weathy locals increase to 515,000

The number of multimillionaires in Hong Kong hit a new high in the second half of last year, despite the coronavirus disease pandemic and the worst recession in years, a bank survey shows.
There were nearly 515,000 multimillionaires in Hong Kong with net assets of HK$10 million or above in the second half, an increase of 2.18 percent from 504,000 in the first half, according to a survey by Citibank Hong Kong.

Relief measures by governments to tackle the disease pandemic have helped propel gains in assets such as stocks, bonds and foreign currencies, and multimillionaires diversify their investments, said Josephine Lee Kwai-chong, head of retail banking at Citibank Hong Kong.

The “Hong Kong Affluent Study 2020,” was done in November 2020 and January 2021. More than 4,000 Hong Kong residents aged 21-79 years were interviewed by telephone at random.

But the average net assets of the multimillionaires was HK$15.5 million, down from HK$17 million in the previous survey.

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