1 in 7 People in Hong Kong is a Millionaire
A study conducted by Citibank revealed that one in seven people living in Hong Kong is a millionaire, up fifteen percent from last year. The study also revealed that 68,000 of these millionaires have at least HK$10 million – equal to US$1.27 million. As of 2017, Hong Kong was home to a million millionaires, with Hong Kong’s population in 2017 sitting at 7.36 million.
The number of millionaires has gone up due to the rising prices of stocks and properties, as the Hang Seng Index rose 36 percent while the property market rose 14 percent in 2017. The average Hong Kong millionaire has 70% of their assets in real estate and owns 3.2 properties; while the mainland millionaire has 3.7. Hong Kongers have 1.3 overseas properties, while mainland millionaires have 0.7.
Surprisingly, HK$1 million doesn’t buy you much in the city – just last week a 209 sq. foot property in the Pok Fu Lam area sold for over HK$37,500 per square foot – that’s more than three times the price per square foot in New York City.
