Forbes The good news is that Hong Kong is a great place to become a multimillionaire. The not-so-good news is that many of the super-rich plan to leave. by Johan Nylander
'Citibank’s new Hong Kong Affluent Study, conducted by the University
of Hong Kong, showed that the city is home to some 56,000 individuals
with at least HK$10 million ($1.8 million) each in liquid assets,
representing roughly 1% of the adult population.
'It also showed that 12% of the city’s adult population are
millionaires, with HK$1 million or more in liquid assets, such as stocks
'Most of Hong Kong’s super-rich earned his or her first million at the age of 33.
'“Hong Kong’s multimillionaires can be portrayed as a group of people
who made a fortune here in a down-to-earth way,” Citibank’s head of
retail banking Angel Ng told China Daily.
investment-savvy people, with diversified investment portfolios, regard
stocks as the most preferred investment vehicle and are willing to take
relatively bigger risks than those in the lower tier of affluence”.
'However, the report brought worrying news for the policy makers of
the former British colony. Many of the city’s super-rich are planning to
move to another country, mainly due to worries about their children’s education.'