ECONOMY | Staff Reporter, Hong Kong

Hong Kong millionaires to grow by 6.2% per annum to 156,000 in 2021

There were 115,000 millionaires in 2016.

According to Credit Suisse, Hong Kong’s household wealth grew by an estimated 8.1% in 2016 to reach USD 1.2 trillion, partially thanks to the currency link to the USD. It is projected to increase by 5.9% per year in the next five years to reach USD 1.5 trillion in 2021.

However, both China and Hong Kong saw strong growth in wealth among the ultra-high-net-worth individuals. China has the second highest number of ultra-high-net-worth individuals globally after the US, having grown by 6.2% to 11,000 in 2016, representing a 100-fold rise since 2000, while in Hong Kong, there are close to 1,800 ultra-high-net-worth individuals in Hong Kong, a growth of 14.7% in 2016.

Hong Kong has an estimated 115,000 millionaires in 2016, a growth of 5.5%, owning USD 715 billion. The number of millionaires is forecast to grow by 6.2% per annum to 156,000 in 2021.

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