The rich get richer: Hong Kong's affluent gap widens

The affluent Hong Konger invests 17 times more than the average person.

The gap between Hong Kong’s general population and its affluent segment continues to stretch even wider in terms of property ownership, financial investments and consumption levels, according to market research firm Ipsos' Affluent Asia study.

In Hong Kong’s notoriously expensive housing market, 40% of the general population believe that the skyrocketing prices of residential properties have become increasingly out of reach as opposed to the 54% of the affluent who have declared to owing at least one property and 51% owning the properties they currently live in.

Additionally, the average person in Hong Kong has invested $94,564 over the past year as opposed to the affluent Hong Konger who invested $1.63m in a diverse portfolio which includes life insurance, stocks, securities and bonds - a whopping 17 times more than the general population’s average and up 13% YoY.

Ipsos also notes that the wide gap in investments is mirrored in the similarly vast consumption gap between the two income groups as 4 in 10 of the affluent segment have admitted to owning a car against 16% of the general population. 

Gadget ownership is also different as 63% of the affluent own a tablet (up from 60% last year) against 45% of the general population. Meanwhile 40% own a smart TV (up from 37% last year) against 34% for the general population.

Moreover, two in 10 of the general population still don’t have access to credit whilst almost all (96%) of the affluent own a credit card. 

Ipsos Affluent Asia is an industry survey for reaching the region’s affluent consumers. It provides an overview of media consumption and product usage for the top 20% by income of the APAC population.