The number of millionaires in Hong Kong has reached a record high of 732,000 in 2013, a 22% rise compared to the previous year, according to Citi’s Hong Kong Consumer Wealth Review.
13% of Hong Kong’s adult (aged 21-79) population have liquid assets worth more than HK$1 million. The largest increase came in the wealth band between HK$1 million and HK$5 million, which increased by 99,000 individuals.
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According to the survey, which cited over 4,000 individuals, the main reason for such an increase in wealth was stock gains over the last year. The growth is not expected to stop either as almost two thirds of respondents expect their wealth to increase by up to 20% over the next five years.
In addition, international private banks have been struggling to turn a profit in Hong Kong due to the majority of millionaires’ assets being held in fixed assets. This is a major blow considering the average assets of Hong Kong millionaires are approximately HK$12 million.
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