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Thursday, Aug 11, 2022

One out of every 13 Hongkongers is a multimillionaire

One out of every 13 Hongkongers is a multimillionaire

Hong Kong is home to 434,000 multimillionaires, making up 7.4 percent of adult residents aged 21 to 79, meaning that one out of every 13 people living in the city is a multimillionaire, according to a Citibank study.
Citibank on Tuesday announced the results of its “Hong Kong Affluent Study 2021”, aka the multimillionaire survey.

The bank randomly interviewed 3,786 Hong Kong residents aged 21 to 79 via phone between October 2020 and January 2022.

The results found that there are 434,000 multimillionaires in the city with net assets of HK$10 million or more, accounting for 7.4 percent of the corresponding population, 15 percent lower than the previous year.

The median net asset value of multimillionaires slightly increased to HK$15.7 million from HK$15.5 million last year, while the median of their liquid assets increased from HK$3.5 million to HK$4 million.

The survey also showed that after two years of the Covid-19 pandemic, more than 70 percent of millionaires said their total assets have returned to the level before, of which 25 percent even saw an increase.

In addition, more than one-third said that the pandemic has changed their investment measures, which are; holding more cash and fewer stocks, cutting new investments, and choosing products with fewer risks.

As for the properties, the number of multimillionaires who are optimistic about the market prospects over the next 12 months rose to 24 percent, while 60 percent were prone to sit on the fence about it.

Citi Hong Kong head of retail bank Josephine Lee Kwai-chong said, “Most millionaires have nearly 50 percent of their liquid assets in cash, nearly 30 percent in stocks, and more than 20 percent in funds and bonds. Net assets are mainly distributed in property, accounting for 71 percent, similar to 2020.”
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