Search

IN FOCUS
ECONOMY | Staff Reporter, Hong Kong
Published: 01 Mar 12
850 views


Somewhat fewer millionaires in Hong Kong last year

The number of millionaires in the city seems to have dwindled somewhat due to the tough times.

Hong Kong lost 30,000 millionaires last year, said the latest Hong Kong Consumer Wealth Review released by Citibank. The survey defined a millionaire as someone with liquid assets of more than HK$1 million (US$129,000).

That brought the number of millionaires down to 527,000 persons compared to 558,000 millionaires in 2010, a reduction of almost 6%. The largest number of wealthy people lives in Wan Chai.

Hong Kong’s equity markets lost 20% of their value in 2010 and this is being cited as one reason for the disappearance of so many millionaires. Most of the wealthy made their money on equity and real estate investments, the survey found out.

The survey also showed that net assets held by the wealthy fell to an average of HK$9.3 million from HK$9.8 million in 2010. Of this total, only HK$2.2 million was in liquid assets compared to HK$3.3 million a year ago.

"The drop was related to the undesirable investment environment as the Hang Seng Index fell a lot last year," said Christine Lam Yuk- wah, deputy country business manager and head of retail banking at Citibank Global Consumer Group.

The bank asked the University of Hong Kong Social Sciences Research Centre to interview 4,066 adults aged from 21 to 79 between November last year and January.

From property, Hong Kong’s millionaires have shifted their investments to equities, the yuan, forex, mutual funds and time deposits.



Sign up for our newsletter

 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.

Tags: Hong Kong Consumer Wealth Review, Citibank

LATEST ECONOMY JOBS »
  • No jobs posted on this category.
    PRINT ISSUE »

    Available at news stands now 

    Subscribe Now
    Cash-flush tourists in HK

    69 views

    Is Central Hong Kong a ghost town in the making?

    130 views

    As goes Singapore, so goes Hong Kong?

    111 views

    MOST READ EXCLUSIVES

    Hong Kong’s 10 most expensive hotel suites

    Hong Kong’s 10 most expensive hotel suites

    Guess which tops the list at HKD158,000 a night.

    by KRISANA GALLEZO
    26 May 2014 | 5421 views
     

    See how this fashion startup aims to fill the gap where Pinterest has failed

    See how this fashion startup aims to fill the gap where Pinterest has failed

    It plans to be the go-to site for future brides.

    by
    13 May 2014 | 421 views

    See how Zyppos allows you to hire travel experts for worry-free flights

    See how Zyppos allows you to hire travel experts for worry-free flights

    It helps you find the best flights and lowest fares.

    by KRISANA GALLEZO
    29 May 2014 | 94 views
     
    close Don't Show Again

    STAY INFORMED! Get our free weekly newsletter