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Study Shows One In Seven People In Hong Kong Is A Millionaire

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Study Shows One In Seven People In Hong Kong Is A Millionaire

While many people dream of being in the top 0.01 percent of wealth in the world, in Hong Kong that dream is far more likely to be a reality.

According to a recent Citibank study, statistics showed the city's population in 2017 was 7.36 million and it had a million millionaires in the same year. In other words, one in seven people in Hong Kong are millionaires.

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So yeah, things are looking pretty damn affluent in Asia's World City right now. The wealth is defined as residents with liquid assets (i.e. deposits, mutual funds, and stocks and bonds).

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This is great and all, but it's probably worth noting one million Hong Kong dollars doesn't quite mean the same thing in UK currency. In fact, it amounts to around £91,000.

Still, you can't argue with that amount of money - it's more than a lot of people have lying around in the UK. Apparently the sharp spike in wealth was a result of the rising stock and property markets last year.

The Hang Seng Index rose 36 percent in 2017 while property prices rose 14 percent, creating more rich citizens in Hong Kong.

Credit: AhmedArdity/Pixabay
Credit: AhmedArdity/Pixabay
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Lawrence Lam - the head of retail banking at Citibank Hong Kong - said: "Looking ahead, the number of millionaires will increase in 2018

"The stock market sentiment is strong while property prices will keep rising even with the interest rate rises."

However, it's probably also worth noting that one million Hong Kong dollars doesn't buy much in regards to property in the city.

A pedestrian walks past a board showing the Hang Seng Index in Hong Kong, December 2017. Credit: PA
A pedestrian walks past a board showing the Hang Seng Index in Hong Kong, December 2017. Credit: PA
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Last week, a 209-square-foot apartment, only slightly bigger than a standard shipping container, was bought for 37,651 Hong Kong dollars per square foot - a record price for the so-called 'micro-apartments' in the city. Yeowch.

You might also remember back in June last year, a Hong Konger actually paid nearly six million Hong Kong dollars (£521,500) for a parking space. That's right. Not even a house. Or a 'micro-apartment'. A freakin' parking space.

So yeah, while it might sound ace to be an official millionaire, the reality of it in Hong Kong doesn't quite live up to the fantasy.

Featured Image Credit: Pixabay

Topics: World News, Money, Hong Kong, Millionaire

Daisy Phillipson
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