One in every 13 people in Hong Kong is a multi-millionaire, a 15% decrease from the previous year. An organization recently conducted the “Hong Kong Multimillionaire Survey 2021” and found that there are 434,000 “millionaires” with net assets of HK$10 million or more in Hong Kong, accounting for regarding 7.4% of the relevant age population in Hong Kong, that is, every 13 people have 1, while the median net worth was HK$15.7 million.
The survey was conducted from October last year to January this year. It randomly interviewed 3,786 Hong Kong residents aged 21 to 79 by telephone and found that despite the decrease in the population of multi-millionaires, the net worth of the millionaires increased slightly from the previous year’s HK$15.5 million. Median current assets also increased from HK$3.5 million to HK$4 million. Equities remained the most penetrated investment vehicle over the past three months at 80%, followed by foreign currencies (62%), funds (52%) and bonds (34%).
Li Guizhuang, head of retail banking at Citibank in Hong Kong, said that most multi-millionaires have nearly 50% of their liquid assets in cash, nearly 30% in stocks, and more than 20% in funds and bonds. Net assets are mainly distributed in properties (71%), similar to 2020. Even following two years of the epidemic, more than 70% of multi-millionaires said their total assets had returned to pre-epidemic levels, including nearly 25% who said their total assets had even increased compared to before the epidemic, showing that many millionaires have ” Get used to wind and waves.”
