March 26, 2015

"More than 76,000 Chinese millionaires emigrated or acquired citizenship of another country in the decade through 2013."

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 and bonds.

'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.

'“These 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.'

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